Case Studies
Exchange and liquidity system pattern
A pattern for a combined exchange backend and liquidity tooling for a multi-market venue.
Context
A team running a multi-asset venue needed a clearer separation between the matching engine, wallets, risk controls and liquidity tools, while staying operational during changes. The goal was a calm crypto exchange case study-style outcome rather than another rushed migration.
Key challenges
- Tight coupling between engine and wallets made changes risky.
- No single view of venue health, risk and liquidity.
- Hard to add new markets without brittle code changes.
- Limited observability around incidents.
What we designed and built
We designed a layered architecture: matching engine, account and wallet services, risk controls, public and internal APIs, plus a separate liquidity tooling layer. Admin and monitoring views sat on top, not inside, core services, giving the team a web3 system design they could reason about.
Key design decisions
- Kept the core engine as small and deterministic as possible.
- Moved complex logic to well-bounded services around the core.
- Standardised logs and metrics for all trading components.
- Built admin tools that used the same APIs as automated clients.
Outcomes
The venue could add and adjust markets with less risk, see health and risk in a shared view, and debug incidents faster because logs, metrics and actions lined up. It reads like a liquidity platform architecture playbook instead of a one-off patch.
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Want to map your exchange or liquidity platform pattern?