> For the complete documentation index, see [llms.txt](https://docs.fermilabs.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fermilabs.xyz/fermi-dex/introduction.md).
# Introduction
Fermi DEX is a high-performance, Solana-settled order-book exchange designed to bring NASDAQ-class latency (<1 ms placement/cancel) and throughput (>200 k TPS) to DeFi while preserving verifiable fairness. It combines an on-chain settlement layer with an off-chain, cryptographically enforced FIFO matching engine, allowing traders to enjoy centralized-exchange UX without sacrificing trustlessness or self-custody. Programmable liquidity primitives enable capital parked elsewhere to back orders, dramatically improving capital efficiency for LPs and market makers.
### Functionalities
* Verifiable FIFO Matching – Orders are inserted strictly in the sequence determined by Continuum’s proof-based sequencer, eliminating MEV arising from re-ordering.
* Sub-Millisecond Latency – A custom Rust matching engine and memory-mapped order book deliver sub-ms placement and cancellation even under burst load.
* Programmable Liquidity (“Promised Capital”) – Users may lock fungible collateral in vaults or yield strategies and use a cryptographic voucher to back multiple open orders, yielding ≥10× capital utilization.
* Atomic Settlement on Solana – Matched trades settle on Solana with a single CPI call, inheriting Solana’s liveness and finality guarantees.
* Cranker-Driven Event Consumption – Permissionless crankers consume order-book events, paying fees in SOL and earning rebates, ensuring decentralized liveness.
* SDK-Level Risk Controls – Built-in functions for cancel-on-disconnect, margin checks, and programmable kill-switches reduce tail-risk for HFT strategies.
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