Perp Anything: List Any Market, Own the Order Flow

Recently, we wrote about creating a perp DEX in ten minutes with no code. That solves the exchange problem: branding, frontend, matching, liquidity, chains.

It doesn't solve the market problem.

Every perp DEX in crypto trades roughly the same assets. If your community wants to trade a token that hasn't launched, a Korean chipmaker, or a long-tail asset no listing committee will touch, you've historically had two options: wait, or go build an exchange from scratch.

Perp Anything is the third option. If it has a price feed, it can be a perp, and the builder who lists it owns the fee stream on it. These markets instantly go live across 400+ perp DEXs built on Orderly

Anything You Can Price, People Can Trade

Most venues start from a whitelist and ask what they're willing to add. Perp Anything starts from the opposite end: the universe is open, and the only real question is whether you can quote the market once it exists.

Start with what's already wired up. Orderly supports price feeds from the major centralized exchanges and from oracle networks like Pyth and Stork. Anything they cover, you can list today.

Then go past it. If nothing out there prices your asset, you become the price. Orderly lets you publish your own feed and build a market on top of it - from your own index service, your own data vendor, your own model.

That opens up markets that don't exist anywhere:

• Equities: Tesla, Nvidia, Apple, Samsung, SK Hynix, Alibaba. Around the clock, no broker, open to anyone with a wallet.
• Commodities and FX: gold, crude, yen. Continuous, on-chain, with leverage.
• Indexes: S&P 500, Nasdaq 100.
• Pre-launch tokens: real price discovery before the token formally exists.
• Long-tail crypto: anything too small, too new, or too strange for a listing committee.
• Things nobody has traded before: a basket, a spread, a ratio, an index you define yourself.

That last one is the part people skip past. Your feed doesn't have to follow an asset someone else already trades. It can be something you invent. Perp markets have existed for years and the set of tradeable things has barely moved. There's no good reason for that except that nobody was allowed to try.

Markets like the New York Stock Exchange are open thirty-two hours a week. The market you launch is open 24/7.

The Economics

Two revenue streams come out of a Perp Anything market, and they work differently.

• Trading fee share: 50% of Orderly base taker fees on your market, settled daily to your DEX Admin account.

  The math is simple enough to do in your head. At a 3.00 bps base taker fee, $1,000,000 of taker notional on your market generates $300 in Orderly base fees. $150 of that is yours.

• Liquidation revenue: When leveraged traders in your market get liquidated, the IF-side portion of the liquidation fee accrues to your Insurance Fund account — the one you funded and control. It isn't split with Orderly, and it isn't part of the daily fee-share settlement. Volatile long-tail markets liquidate often, and your IF is where that lands.

Use the calculator on our Perp Anything page to estimate your earnings:

The 5 Steps to Perp Anything on Orderly

1. Create a DEX. Setup and graduate a DEX on Orderly One and select Perp Anything on the admin panel
2. Set up the Insurance Fund and its deposit. Deposit $25,000 into the insurance fund on the Perp Anything dashboard, per effective symbol. This is a deposit, not a fee. It's withdrawable if the market is delisted and obligations settle.
3. Configure and schedule. Decide the market you want to list, its parameters, its price sources, and schedule a launch.
4. Market making. Set up the market making process for your market whether its owned by you or a market making partner (feel free to contact @Orderly_C on Telegram for help)
5. Go LIVE! Once your liquidity requirements are met, your market can go live across 400+ DEXs

Who This Is For

• Token teams who want a perp on their asset, or price discovery before TGE, without waiting on a listing committee
• Trading communities and KOLs whose audience wants markets no venue offers
• Quant shops and market makers who already have the pricing and inventory management, and would rather earn the exchange's cut than pay it
• RWA and TradFi-native teams bringing equities, commodities, or FX on-chain with their own data
• Existing Orderly builders turning a DEX into a venue with markets nobody else has
• Creative builders who have grandiose ideas for long-tail markets they want to bring to the masses

The Cost of Entry

The $25,000 insurance fund is the investment required for a perp market but your IF balance at the time of closing a market also gets returned. It is not a permanent cost.

The other cost is liquidity. You are responsible for quoting your market through a market maker relationship, or with your own algos. If you need assistance here feel free to contact @Orderly_C on Telegram or @OrderlyNetwork on X.

Launch your market · Read the docs

FAQ

Who can use Perp Anything?

Everyone. There's no approval queue and no gatekeeper: create a DEX, set up the insurance fund and its deposit, configure and schedule your market, start market making, go live.

What do I need to list a perp market?

A valid price source and a $25,000 USDC Insurance Fund deposit. The deposit is refundable when the market is delisted and obligations are settled.

Can I list a market on a token that hasn't launched?

Yes. Pre-TGE Listing uses a synthetic order-book-derived oracle with 5x max leverage and no funding fee charged. You decide the ticker and a reference initial price first, then transition to a regular market after TGE.

Can I use my own oracle for creating a perp market?

Yes, either a builder-pushed WebSocket feed or a Bring Your Own Key connection to Pyth or Stork. Both can be blended with Orderly's CEX and platform oracle sources using weights that sum to 100.

How many perp markets can I list?

You can list as many perp markets as you want on Orderly as long as you have insurance funds with $25,000 per symbol

Who provides liquidity?

You do. You provide via market makers you work with or market-making algorithms you run. Community listed liquidity depends entirely on the builder's setup, which is why spreads and depth vary between these markets and standard ones.

What happens if my perp market goes bad?

Risk stays scoped to your market. Losses draw on your assigned Insurance Fund, ADL applies only to positions in that market, and Orderly can restrict or delist it if depth, funding, IF coverage, or price sources deteriorate.

Is Orderly operating these markets?

No. Every Perp Anything market is created and operated by a builder. Orderly provides the infrastructure and automated guardrails, and is not responsible for the performance, liquidity, or risk management of these markets.