LIQUATHE HYBRID ORDER-BOOK DEX · SIGNED OFF-CHAIN · SETTLED ON-CHAIN

Most DEXes pick one lane. A pool-only DEX is easy to swap on, but it has no limit orders and it leaks value from LPs when price runs. A book-only DEX prices to the tick, then goes quiet the moment makers log off. LIQUA runs both lanes and lets them trade with each other.

The secret move is the Matchmaker. When a resting order is priced past the pool's effective quote, any keeper can call executeMatch. It flash-borrows takerToken from the pool, fills the order with it, pays the pool back in makerToken and hands the remainder to the caller. No bankroll needed. The caller covers gas. If the numbers do not work, the whole call unwinds.

One rule shapes the build: settlement goes on-chain, everything else stays off. The contracts are the only piece that asks for no trust. The relayer can hide or skip an order. It can never touch funds, and every signature is checked again on-chain when a match settles.

One transaction borrows, fills and repays. If any step comes up short, the whole call reverts. This is how the pool grabs an order it can reach:

// any keeper can call this · nothing up front:
matchmaker.executeMatch(order, signature, takerFillAmount, pool)
  // 1 · flash-borrow from the pool
  pool.swap(0, takerFillAmount, matchmaker, encodedCallback)
    // the pool sends takerToken first, then rings back:
    matchmaker.infinityCall(...)
      // 2 · take the resting order: pay takerToken, collect makerToken
      exchange.fillOrder(order, signature, takerFillAmount)
      // 3 · work out what the pool is owed and pay it in makerToken
      uint need = pool.getAmountIn(takerFillAmount, takerToken)
      if (need > makerReceived) revert NotProfitable
      makerToken.transfer(pool, need)
      // any makerToken left over waits inside the matchmaker
    // on the way out the pool re-checks k · break it and everything reverts
  // 4 · send the leftover to the keeper
  makerToken.transfer(msg.sender, profit)

If the pool's price is worse than the order, need > makerReceived and the call reverts. A keeper only moves on a real gap. That is the moment the book and the pool ought to meet.

Every cell in the relayer wears a label, every commander carries a version, and every branch records the transition it took. Read it like a living thing. When something acts up, the trail names the fleet and the cell. Live hormones show the mood before you open a dashboard.

Every item below is backed by a unit test or an end-to-end check. Nothing here is decoration.

Networks wired in today: Hardhat on your own machine (31337), Base Sepolia (84532) and Arbitrum Sepolia (421614). All of them test networks. Settling on the Liqua chain is being built, and mainnet waits on an outside audit and a bug bounty.

Load the desk with a browser wallet pointed at your Hardhat chain. Step 1 prints its address, and the chainId is 31337. Import the Hardhat deployer key, which holds the seeded test tokens. Grant a permit, then rest an order or swap. Anything that crosses the pool gets scooped up by the Crosser.

• ✗ ZERO AUDITS SO FAR. Nobody should put it on mainnet before a professional review.
• ✗ The tokens are play-money ERC-20s with an open mint function, so they carry zero value.
• ✗ Fee-on-transfer or rebasing tokens wreck the pro-rata math. Every 0x-style or classic-pool DEX lives with the same catch.
• ✗ Plain wallet signatures only. EIP-1271 (contract wallets like Safe) sits on the later list.
• ✗ The desk shows one market, mWETH/mUSDC. The contracts accept any ERC-20 pair.
• ✗ The Quoter ignores its own inventory. Its spread is plain and symmetric.
• ✗ The Crosser doesn't sweep its leftovers back into one token.
• ✗ A concentrated-liquidity pool is parked for later. It was set aside when the build changed course.

This section stays. A project that shouts "production-ready" without listing what is missing is bluffing. The stamp sits in plain sight: testnet · unaudited · experimental. Real contracts, test tokens, and a door that has not opened.