Reya Network

Reya Network is a perpetual futures exchange that rethinks the entire trading stack from the ground up. Built as a based rollup on Arbitrum Orbit and transitioning toward a full ZK-rollup architecture secured by Ethereum validators, Reya is making bold architectural choices that prioritize fairness, security, and capital efficiency. We spent several weeks testing the platform in 2026 and found a technically ambitious exchange that delivers on its core promises - though it is still growing into its potential.

What is Reya Network?

Reya Network is a perpetual futures exchange built on Reya Chain, a trading-focused based rollup on Arbitrum Orbit. The term "based rollup" is significant: unlike traditional rollups that rely on a centralized sequencer to order transactions, a based rollup uses Ethereum's own validators for transaction sequencing. This means the same 950,000+ validators that secure Ethereum also sequence transactions on Reya, inheriting Ethereum's security and decentralization properties directly.

The protocol launched in 2024 and has grown steadily since. As of early 2026, Reya supports over 70 markets including major cryptocurrencies, altcoins, and real-world assets (RWAs), with a TVL of approximately $150 million and daily trading volume around $350 million. These numbers place it as a growing mid-tier DEX in the perpetual futures space.

What makes Reya technically interesting is its layered approach to solving the problems that plague most decentralized exchanges. The platform delivers sub-millisecond execution - faster than most centralized exchanges, let alone DEXes. All trading is gas-free, with the rollup architecture absorbing gas costs so traders never pay for transaction fees beyond the trading fee itself. And the FIFO (first-in, first-out) ordering system prevents front-running and MEV extraction, a persistent problem on many blockchain-based exchanges.

The team behind Reya has not been publicly profiled as extensively as some competitors, but the protocol's technical documentation and audit history suggest deep expertise in both financial infrastructure and blockchain engineering. The open-source codebase (available on GitHub) allows anyone to verify the protocol's logic, and the project has attracted audits from three top-tier security firms.

Reya is currently in an active transition phase. The current deployment runs as an L2 on Arbitrum Orbit, but the team is building toward what they call "Reya Evolution" - described as the first trading venue enshrined in Ethereum L1. This evolution incorporates based rollup architecture, delegated sequencing, and ZK finality, targeting millisecond execution with zero maker and taker fees on the application layer, and full Ethereum decentralization guarantees. The roadmap for Evolution includes perpetual futures, spot trading, staking, and RWA markets in one permissionless venue.

The REYA governance token has a total supply of 1 billion tokens and provides governance rights, trading rewards, fee discounts, and staking utility. Token distribution is still in its early phases, which is both an opportunity (potential future airdrops and incentives) and a risk (tokens are not yet widely distributed).

Features and Functionality

Trading Interface

Reya's trading interface follows the standard professional trading layout: orderbook on one side, TradingView-powered charts in the center, and order entry on the other. The design is clean and functional, though perhaps not quite as polished as Aevo or Hyperliquid in terms of visual refinement. It gets the job done well.

Order types include market, limit, stop-loss, and take-profit. In our testing, the execution speed was genuinely impressive. Orders were confirmed in what felt like an instant - the sub-millisecond claim is not marketing exaggeration. We placed market orders on BTC-PERP during volatile conditions and received fills with minimal slippage. Limit orders were matched quickly when the market reached our price levels.

The position management view shows all open positions with real-time PnL, margin usage, and liquidation prices. The cross-margin system evaluates your entire portfolio holistically, recognizing when positions offset each other's risk, which reduces total margin requirements. We found this to be well-implemented and clearly displayed in the interface.

One feature we particularly appreciated is the FIFO ordering indicator. The platform makes it transparent that your orders are processed in the exact sequence they are submitted, which gives confidence that you are not being front-run by bots or validators. This is a meaningful trust signal that most other DEXes cannot offer.

Supported Markets

Reya supports over 70 markets, which places it between Vertex (50 pairs) and platforms like Hyperliquid (100+) or dYdX (200+). The market selection includes all major cryptocurrencies (BTC, ETH, SOL, AVAX, etc.), a solid range of altcoins, and notably, real-world assets (RWAs).

The inclusion of RWA perpetual markets is forward-thinking and positions Reya for the growing trend of bringing traditional financial assets on-chain. While the RWA selection is still limited, it signals the team's ambition to be more than just another crypto perps exchange.

All markets are traded as perpetual futures with shared liquidity drawn from passive liquidity pools. This pool-based liquidity model means that even less popular pairs benefit from the protocol's total liquidity, rather than having thin isolated orderbooks. In practice, this translated to reasonable spreads even on mid-cap altcoin perps during our testing.

Liquidity and Order Book Depth

With $150 million in TVL and $350 million in daily volume, Reya is still building its liquidity base. These numbers are respectable for a protocol that launched in 2024 but are well below the market leaders. Hyperliquid processes over $10 billion daily, and dYdX handles $2 billion+.

The passive liquidity pool model helps distribute liquidity across all 70+ markets, which is an advantage for less popular pairs. In our testing, BTC and ETH perp spreads were tight - generally under 0.02 percent during active hours. Mid-cap altcoin spreads were wider, typically 0.05 to 0.15 percent, which is expected for this volume level.

The FIFO ordering and MEV protection likely help attract sophisticated traders and market makers who are concerned about adverse selection on other platforms. Over time, this fairness advantage could become a meaningful liquidity moat - market makers are more willing to quote tight spreads when they know they are not being front-run.

Advanced Features

Reya's most distinctive feature is yield-bearing collateral. The platform accepts srUSD and wstETH as trading margin. srUSD is Reya's native yield-bearing stablecoin - when you stake rUSD, you receive srUSD that earns passive yield from trading fees and liquidity activity. wstETH (wrapped staked ETH) continues to earn Ethereum staking yield even while being used as margin.

This means your collateral is working double duty: providing margin for your trading positions while simultaneously earning yield. In traditional exchanges - both centralized and decentralized - margin capital sits idle, earning nothing. On Reya, that same capital generates returns. We found srUSD yields fluctuated based on protocol activity, but the concept is sound and the execution is transparent.

The ZK-proofs for transaction verification add another layer of trust. Every transaction on Reya can be verified through zero-knowledge proofs, providing cryptographic assurance that trades were executed correctly and in the proper order. Combined with the FIFO sequencing, this creates what is arguably the most verifiably fair execution environment among decentralized perpetual exchanges.

Reya also supports farming and staking for users who want to earn additional yield beyond trading. Liquidity providers can contribute to the passive liquidity pools and earn a share of trading fees, creating an attractive opportunity for passive capital.

Fees and Pricing

Fee Structure

Reya charges approximately 0.04 percent per trade as its total fee, split between a 0.02 percent LP fee (paid to liquidity providers) and a 0.02 percent protocol fee. There are zero gas fees - the based rollup architecture absorbs all gas costs, so traders never pay anything beyond the trading fee.

The upcoming Reya Evolution promises to take this even further with zero maker and taker fees on the application layer, though the timeline for this transition is not yet confirmed. If realized, this would make Reya one of the most cost-effective perpetual exchanges in existence.

REYA token holders receive fee discounts and trading rewards, adding an incentive for frequent users to participate in the token ecosystem. The exact discount tiers are determined by the amount of REYA staked and the duration of the stake.

There are no deposit or withdrawal fees from Reya itself, though bridging to the Reya Chain from other networks incurs standard gas costs on the originating chain.

How Reya Fees Compare

Here is how Reya's fee structure stacks up against its primary competitors:

Reya's 0.04 percent fee is competitive but not the lowest available. Vertex undercuts it significantly at 0.02 percent taker with maker rebates. Hyperliquid is slightly more expensive at 0.045 percent taker but offers a lower 0.015 percent maker fee. dYdX charges 0.05 percent taker.

Where Reya makes up ground is the yield-bearing collateral feature. If your srUSD earns 4 to 6 percent APY while being used as margin, that passive yield can offset or even exceed the trading fees you pay, depending on your position sizes and holding periods. No other platform except Vertex (through its integrated money market) offers comparable collateral yield, and Reya's approach is arguably more elegant since it uses purpose-built yield-bearing tokens rather than a separate lending protocol.

Real-World Cost Examples

Let us walk through some concrete trading cost scenarios on Reya:

A $10,000 market buy of BTC-PERP would cost $4.00 in trading fees with zero gas. On Vertex, the same trade costs $2.00 plus about $0.20 gas ($2.20 total). On Hyperliquid, $4.50 with no gas. On dYdX, $5.00 with no gas. Reya falls in the middle of this range.

Now factor in yield-bearing collateral. If you deposit $10,000 in srUSD as margin and it earns 5 percent APY, that generates approximately $1.37 per day in yield. A trader making one $10,000 trade per day would pay $4.00 in fees but earn $1.37 in yield, reducing the effective daily cost to $2.63. Over a month, the yield savings amount to roughly $41, which narrows the fee gap with cheaper platforms.

For a $50,000 limit order on Reya, the fee would be $20.00. The same order on Vertex would earn a rebate. On Hyperliquid, maker fee would be $7.50. On dYdX, $5.00. For larger limit orders, Reya is more expensive than these alternatives.

The bottom line on fees: Reya is not the cheapest exchange for pure trading costs, but the yield-bearing collateral feature provides a meaningful offset that other platforms (except Vertex) cannot match. For traders who maintain larger margin balances relative to their trading volume, Reya's effective costs can be very competitive.

Security and Safety

Smart Contract Audits

Reya has been audited by three highly respected security firms, which is impressive for a protocol that only launched in 2024:

1. Trail of Bits (April 2024) - Core protocol audit covering the trading engine, margin system, and settlement logic. Trail of Bits is one of the most respected security firms in the blockchain space, having audited protocols like Uniswap, Yearn Finance, and Algorand.
2. Consensys Diligence (January 2025) - Audit focused on the L2 architecture, bridge contracts, and rollup components. Consensys Diligence (now operating as Diligence Security) has audited MakerDAO, 0x, and other foundational DeFi protocols.
3. Spearbit (July 2025) - Audit specifically targeting the ZK rollup transition architecture, covering the zero-knowledge proof circuits and verification contracts.

Three audits from firms of this caliber represent a strong security posture, especially for a relatively young protocol. The progressive scope - core protocol, then L2 architecture, then ZK transition - shows the team is methodically securing each phase of their technical evolution.

Security Track Record

As of early 2026, Reya has not experienced any security exploits or loss of user funds since its launch in 2024. This clean record is encouraging, though the protocol is still relatively young and has processed less total volume than established competitors. A clean record over a longer time period and higher volumes would provide greater confidence.

The based rollup architecture itself provides structural security advantages. Because Ethereum validators handle transaction sequencing, there is no single centralized sequencer that could be attacked or compromised. The FIFO ordering prevents the entire class of MEV-related attacks that affect most other trading venues. And the ZK-proof verification means trades can be cryptographically verified rather than relying on trust.

That said, the based rollup technology is still maturing. Reya is one of the early adopters of this architecture for a trading application, and edge cases may emerge that have not been encountered yet. The transition to a full ZK-rollup adds another layer of complexity that will need to prove itself over time.

User Protection Features

Reya implements strong user protection measures:

1. $500,000 bug bounty program for identifying critical vulnerabilities
2. 48-hour timelock on protocol upgrades - longer than Vertex's 24 hours, giving users two full days to review proposed changes
3. Multisig governance preventing unilateral protocol modifications
4. Full self-custody - users retain complete control of their wallets and funds at all times
5. Open-source code published on GitHub, allowing anyone to audit the smart contracts independently
6. ZK-proof verification providing cryptographic guarantees of correct trade execution

The combination of open-source code, top-tier audits, ZK verification, and MEV protection creates one of the strongest security profiles we have seen among perpetual DEXes. The 48-hour timelock is a reasonable middle ground - long enough for community review, short enough for timely upgrades. The open-source commitment is particularly noteworthy given that competitors like Aevo keep their code closed.

Getting Started with Reya Network

Connecting Your Wallet

Visit the Reya web application at app.reya.xyz and click to connect your wallet. Reya supports MetaMask, WalletConnect, and other standard Ethereum wallets. You will be prompted to sign a message to initialize your trading account, which is free and does not require gas.

The onboarding experience is clean. First-time users are greeted with a brief walkthrough of the platform's key features, including yield-bearing collateral and the FIFO ordering system. The entire setup process from first visit to connected wallet takes under two minutes.

Making Your First Deposit

Reya accepts several collateral types, with srUSD and wstETH being the featured options due to their yield-bearing properties. To deposit srUSD, you first need to acquire rUSD and stake it to receive srUSD, or purchase srUSD directly if available on secondary markets. For wstETH, you can wrap your staked ETH through Lido and then deposit it into Reya.

For users who simply want to get started quickly, standard stablecoin deposits are also supported and can be converted to srUSD within the platform. Bridging to Reya Chain from Ethereum or Arbitrum incurs standard gas costs on the originating chain, typically $2 to $15 depending on network conditions.

Once deposited, your collateral immediately begins earning yield if you have deposited srUSD or wstETH, even before you place a single trade. This is one of the smoothest yield-on-margin implementations we have tested.

Placing Your First Trade

With funds deposited, navigate to your chosen market - BTC-PERP is a good starting point for beginners due to its deep liquidity. Select your order type (market or limit), enter the trade size, choose long or short, and confirm. The trade executes almost instantly with zero gas fees.

The interface clearly shows your margin requirement, estimated entry price, fees, and liquidation price before you confirm. For first-time users, we recommend starting with a small position to get comfortable with the execution flow and position management interface. After your first trade, check the position tab to verify your entry price, unrealized PnL, and margin health.

If you deposited yield-bearing collateral, you can monitor your yield accrual in the portfolio view alongside your trading positions - a nice touch that reinforces the dual-purpose nature of your capital on Reya.

User Experience

Desktop Platform

The desktop web application is functional and well-laid-out, with all the essential components of a professional trading interface. Charts are responsive, orderbook updates are real-time, and order placement is fast. The dark theme is easy on the eyes for extended sessions.

Compared to the most polished DEX interfaces (Aevo, Hyperliquid), Reya's design is slightly more utilitarian - it prioritizes function over aesthetics. This is not a criticism, just an observation. Everything works well, and the unique features (yield display, FIFO indicators, cross-margin health) are clearly surfaced in the interface.

The portfolio view is a highlight, showing your total collateral, active positions, yield accrual, and cross-margin health in a single dashboard. This holistic view is valuable for traders managing multiple positions with yield-bearing collateral.

Mobile Experience

Reya does not have a dedicated mobile app. The web interface is responsive on mobile browsers and works better than some competitors for basic tasks like checking positions and placing simple orders. However, like most desktop-optimized trading platforms, the full experience is best on a larger screen.

For the type of serious perpetual futures trading that Reya targets, mobile is typically a secondary interface anyway. But a dedicated mobile app would be a welcome addition to the platform's feature set.

Customer Support

Reya's support is community-driven through Discord, where team members and moderators respond to questions. In our experience, response times were reasonable - basic queries answered within hours, more technical questions within a day. The team is also active on Twitter/X with regular updates.

Documentation at docs.reya.xyz is thorough and well-organized, covering everything from the based rollup architecture to srUSD mechanics to the FIFO ordering system. The technical documentation is notably good, with clear explanations of complex concepts like based rollups and ZK-proofs that make these topics accessible to traders who may not have deep blockchain engineering knowledge.

Reya vs Competitors

Here is a comprehensive comparison of Reya against its primary competitors:

Reya vs Hyperliquid: Hyperliquid is the clear volume leader, processing roughly 30 times Reya's daily volume. For maximum liquidity and the widest market selection, Hyperliquid wins. But Reya offers meaningful structural advantages: true MEV protection through FIFO ordering (Hyperliquid uses its own sequencer), yield-bearing collateral (your margin earns returns on Reya, but sits idle on Hyperliquid), and Ethereum-native security through the based rollup architecture. Reya's 0.04 percent fee is also slightly cheaper than Hyperliquid's 0.045 percent taker fee.

Reya vs dYdX: dYdX offers more markets (200+ vs 70+), higher maximum leverage, and greater volume. Its Cosmos-based appchain provides good performance but sacrifices Ethereum's validator security. Reya counters with MEV protection, yield-bearing collateral, and the security guarantee of being secured by Ethereum's 950,000+ validators rather than dYdX's separate validator set. For traders who value execution fairness and Ethereum-native security, Reya has a structural edge.

Reya vs Vertex: These two protocols share similarities - both offer yield on collateral, both operate on Arbitrum-related infrastructure, and both have similar TVL. Vertex wins on fees (0.02 percent vs 0.04 percent) and offers more diverse product types (spot + perps + lending). Reya wins on MEV protection, ZK verification, zero gas fees, and a stronger security audit profile. Vertex also deploys across more chains, while Reya focuses on its single purpose-built chain. The choice between them depends on whether you prioritize the lowest fees (Vertex) or the fairest execution environment (Reya).

Reya vs EdgeX: EdgeX is another newer entrant focused on high-performance perps. Both platforms target similar user bases, but Reya's based rollup architecture and yield-bearing collateral give it stronger differentiation. EdgeX offers competitive speed but lacks Reya's unique MEV protection and collateral yield features.

Who Should Use Reya Network?

Reya Network is best suited for these trader profiles:

Fairness-focused traders who are concerned about front-running and MEV extraction will find Reya's FIFO ordering and ZK verification genuinely valuable. If you have experienced slippage on other platforms that felt like more than just normal market movement, Reya's fair execution model is worth trying.

Capital-efficient traders who want their margin to earn yield will appreciate srUSD and wstETH as collateral. If you typically hold significant margin balances, the passive yield from Reya's yield-bearing tokens can meaningfully reduce your effective trading costs.

Security-conscious DeFi users who prioritize Ethereum-native security, open-source code, and strong audit coverage. Reya's triple-audit profile, based rollup architecture, and open-source commitment represent one of the strongest security postures in the perp DEX space.

RWA-curious traders who want to explore real-world asset perpetual markets alongside traditional crypto pairs.

Reya may not be ideal for:

1. Volume and liquidity seekers - with $350 million daily volume, it is significantly behind Hyperliquid and dYdX
2. Fee minimizers - Vertex offers lower taker fees at 0.02 percent
3. Options traders - Reya only offers perpetual futures; Aevo is the better choice for options
4. Multi-chain users - Reya operates on a single chain, while Vertex supports 5+ networks

Frequently Asked Questions

What is yield-bearing collateral on Reya?

Yield-bearing collateral means you can deposit tokens like srUSD and wstETH as trading margin, and those tokens continue to earn yield while serving as collateral for your perpetual positions. Your capital works twice - earning staking or lending returns while simultaneously backing your trades.

What is a based rollup and why does it matter?

A based rollup is a Layer 2 network that uses Ethereum's own validators to sequence transactions instead of a centralized sequencer. This means Reya inherits Ethereum's full security and decentralization, with over 950,000 validators ordering transactions. It matters because it eliminates the single point of failure that centralized sequencers represent on most other L2 networks.

Does Reya charge gas fees?

No. Reya offers completely gas-free trading. The based rollup architecture absorbs all gas costs. You only pay the trading fee of approximately 0.04 percent per transaction. This zero-gas model makes frequent trading and smaller positions significantly more economical.

How does Reya prevent front-running?

Reya uses FIFO (first-in, first-out) transaction ordering, meaning trades are processed in the exact order they are submitted. This prevents validators and MEV bots from reordering transactions to extract value. Combined with ZK-proofs for transparent verification, all traders receive fair execution regardless of their size.

Is Reya Network safe?

Reya has been audited by Trail of Bits, Consensys Diligence, and Spearbit - three of the most respected security firms in blockchain. The code is open source, and the protocol uses a $500,000 bug bounty, 48-hour timelock, and multisig governance. As of 2026, Reya has not experienced any security exploits or loss of user funds.

What markets can I trade on Reya?

Reya supports over 70 markets including major cryptocurrencies (BTC, ETH, SOL), altcoins, and real-world assets (RWAs). All markets are perpetual futures with deep shared liquidity from passive liquidity pools, ensuring competitive spreads even on less popular pairs.

What is srUSD?

srUSD is Reya's native yield-bearing stablecoin. When you stake rUSD, you receive srUSD that earns passive yield automatically from protocol fees and liquidity activity. srUSD can simultaneously serve as trading margin, meaning your collateral generates returns while backing your positions. Your srUSD balance remains stable while its value increases through yield accrual.

How does Reya compare to Hyperliquid?

Hyperliquid handles roughly 30 times more daily volume and offers 100+ markets versus Reya's 70+. Hyperliquid wins on liquidity and market selection. However, Reya offers true MEV protection through FIFO ordering, yield-bearing collateral, Ethereum-native security through its based rollup, and slightly lower fees (0.04 percent vs 0.045 percent taker). Choose Hyperliquid for maximum liquidity; choose Reya for fair execution and capital efficiency.

Final Verdict

Reya Network earns an 8.7 out of 10 in our assessment. The platform makes genuinely innovative architectural choices - based rollup security, FIFO ordering for MEV protection, yield-bearing collateral, and ZK-proof verification - that together create one of the most technically principled perpetual exchanges in DeFi in 2026. The security profile, anchored by audits from Trail of Bits, Consensys Diligence, and Spearbit, is among the strongest we have reviewed.

The limitations are primarily around scale and maturity. With $350 million in daily volume and $150 million in TVL, Reya is still a fraction of the size of Hyperliquid or dYdX. The based rollup technology, while promising, is still maturing and has not been battle-tested at the scale of established platforms. And the REYA token is not yet widely distributed, which means the governance and incentive structures are still developing.

Our recommendation: if you care deeply about execution fairness, Ethereum-native security, and making your collateral work for you through yield-bearing tokens, Reya is a compelling choice that deserves a place in your DEX toolkit. For traders who need maximum liquidity on every possible pair, Hyperliquid or dYdX remain stronger options. But Reya is building something genuinely different, and as the based rollup architecture matures and volume grows, it could become one of the defining perpetual exchanges of this cycle.