Why onchain markets need a settlement layer

Every trading firm that touches more than one venue runs into the same wall: to trade on a venue you must pre-fund it. Capital sits fragmented across exchanges, and between the moment of a trade and the moment of settlement, someone carries principal risk.

Traditional markets solved this with central counterparties and delivery-versus-payment. Onchain markets have the settlement primitive — atomic state transitions — but no neutral layer that venues and their counterparties share. That is the gap Orrery fills.

Atomic DvP, netted

A settlement obligation on Orrery carries both legs: what moves out, what comes back. The ledger releases both together or neither. Across a settlement window, obligations net multilaterally, so counterparties exchange a single position instead of gross flows. No pre-funding, no failed-leg exposure.

We are proving this on devnet with design partners now. If you run a venue or trade across several, request access.