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關於Fermi Labs
Fermi Labs builds Fermi Trade, a fully on-chain central limit order book (CLOB) perpetual futures exchange on Solana. Collateral stays in an account the trader controls, each order is signed by the wallet, and a Solana program performs matching, margin checks and liquidation. Matching follows price priority then time priority (FIFO), unlike AMM perpetuals priced against a liquidity pool. Order placement is separated from collateral custody, so market makers can quote without pre-locking funds and settle at fill time. A companion component, Continuum, is a modular sequencing layer that issues a checkable proof of ordering through Proof of Sequence.
On 28 September 2026 the trading program was deployed to Solana mainnet with SOL, ETH and BTC perpetual markets, cross margin, leverage up to 40x, a 0.06% taker fee, a 0.03% maker rebate and configurable settlement periods. The matching engine is a fork of Mango v4; orders are stamped with a serial number before matching and the on-chain program enforces that exact sequence, narrowing room for front-running. Cumulative volume reached about 5.17 million dollars within days of going live, with depth still concentrated among a few market-making accounts.
Fermi Labs opened an invite-only beta of its Solana perpetual futures venue in May 2026 and released a public SDK in June 2026 for market makers and algorithmic traders, covering programmatic order placement, cancellation and position management with fill confirmation under 5 ms at the 99th percentile. On 28 September 2026 its matching program was deployed to Solana mainnet, listing SOL, ETH and BTC perpetuals with cross margin and up to 40x leverage, a 0.06% taker fee and a 0.03% maker rebate; an independent review found the on-chain bytecode matched the hash of the public repository build. The three markets traded about $13,500 in the first week, with depth still thin.
Future strategy and roadmap: Fermi Labs is now focused on onboarding market makers and liquidity incentives, adding perpetual markets, and tightening risk and liquidation parameters while publishing verifiable matching data on-chain. The team is also pushing its Continuum ordering layer to reduce MEV and front-running on the on-chain order book, with the goal of supporting larger institutional quotes and passive liquidity on Solana.
0xAranyani — Co-founder; started Fermi Labs in 2023 to build a capital-efficient order book DEX on Solana using match-time liquidity provision.
Fermi Labs' Fermi Trade charges a 0.01% trading fee on perpetual contracts, shown directly in the order estimate panel.