VordCore

VordCore is the trading engine inside the chain. It is not a contract and not an off-chain matcher: every validator runs it on every batch, so the order book, every fill and every liquidation are part of the agreed state.

Markets

Perpetual markets are quoted in USDC. The list of markets, and whether each is trading, is read from the network:

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Each market's rules — step sizes, maintenance margin, liquidation fee — are published per pair at GET /markets/specs (REST reference).

What runs when

• An order is checked at intake: signature, format, pair, price band, open-order count, request allowance.
• It is matched at the batch boundary with every other operation of the batch, in the order the batch fixes.
• Liquidations, funding and TWAP slices run at the batch boundary too.

So validators can never disagree about who traded with whom: they apply the same batch with the same rules.

Self-trade prevention

An account never trades with itself, and accounts in one self-trade group never trade with each other. When an order would meet one of its own, the chain cancels the resting order by default.

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