A real on-chain order book for perps: a technical look at Margin Trade on Solana
Most perpetuals trading on-chain has run on one of two models: an AMM-style virtual pool, or an oracle-priced vault where you trade against a counterparty at a fed-in price. Both work, but both hide the thing serious traders actually want to see: a real order book, with real resting bids and asks, m










