> For the complete documentation index, see [llms.txt](https://candora.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://candora.gitbook.io/whitepaper/candora-exchange.md). # Candora Exchange Trading Environment, Liquidity Marketplace, and Participant Access Layer Candora Exchange is the production trading environment built on top of [Candora Grid](/whitepaper/candora-grid.md). While Candora Grid provides the underlying infrastructure for execution, market-state synchronization, pricing, risk management, settlement, custody, and system coordination, Candora Exchange is the participant-facing marketplace where those capabilities are exposed as live trading services. The Exchange serves as the primary interaction layer of the platform. Through it, participants access markets, submit orders, manage positions, interact with liquidity infrastructure, and access the broader services supported by the Candora ecosystem. Unlike traditional trading venues that often embed economic advantages into execution pathways through volume tiers, rebate structures, preferential routing arrangements, or participant-specific matching privileges, Candora Exchange is designed around execution neutrality. Core matching treatment, queue positioning, and price discovery remain independent of account size, trading volume, CAN holdings, or participation in optional platform services. Execution outcomes are governed exclusively by the execution rules defined within [Orbit](/whitepaper/candora-grid/orbit.md). Matching behavior remains independent of subscription status, liquidity contributions, or participant classification. The Exchange therefore functions as the marketplace layer of Candora while relying on the underlying Grid infrastructure for execution, pricing, solvency management, market-state synchronization, settlement, and custody. ### Market Structure Candora Exchange provides access to trading markets supported by the broader Grid infrastructure. Market operation is coordinated across multiple subsystems: * [Orbit](/whitepaper/candora-grid/orbit.md) provides order matching and execution. * [Pulse](/whitepaper/candora-grid/pulse.md) provides market-state synchronization and market-data distribution. * [Oracle](/whitepaper/candora-grid/oracle.md) provides reference pricing and valuation. * [Risk Engine](/whitepaper/candora-grid/risk-engine.md) provides margin, exposure, and solvency controls. * [Vault](/whitepaper/candora-grid/vault.md) provides settlement, custody, and balance management. * [Connect](/whitepaper/candora-grid/connect.md) provides participant access and API connectivity. This separation allows market-facing services to evolve independently from the underlying infrastructure while preserving deterministic execution, replayability, and operational consistency. Participants interact with the Exchange through a unified trading environment while underlying infrastructure responsibilities remain distributed across the Grid. ### Execution Neutrality Candora Exchange is designed around the principle that matching treatment should remain independent of participant characteristics. Under normal operating conditions, orders are processed according to Orbit's FIFO price-time priority model. Participants submitting equivalent orders under equivalent conditions receive identical matching treatment regardless of: * account size * trading volume * CAN holdings * subscription status * participant classification During predefined systemic stress conditions, Orbit may temporarily transition into its interval-based stabilization mechanism as defined elsewhere in the execution model. When active, the stabilization framework applies uniformly to all participants and remains governed by deterministic activation and processing rules. Execution neutrality applies specifically to matching behavior and execution sequencing. Other platform services, including access controls, streaming allocation, withdrawal pacing, settlement scheduling, infrastructure protections, and emergency operating procedures, may continue to operate under independent rule-based controls where required for security, solvency, compliance, or system stability. ### Liquidity Infrastructure In addition to trading services, Candora Exchange includes liquidity infrastructure designed to support market depth, execution quality, and reserve resilience across the platform. Participants may contribute supported assets to the platform's liquidity participation framework through [Liquidity Providing](/whitepaper/candora-exchange/liquidity-provisioning.md). Liquidity contributions support: * market depth * execution stability * reserve capacity * liquidity resilience * ecosystem growth Eligible participants may receive rewards according to the policies governing the liquidity program. Liquidity participation does not alter matching priority, queue position, execution treatment, or price-discovery outcomes within Orbit. Trading activity and liquidity participation remain separate mechanisms within the platform architecture. ### Trading Fees and Access Framework Candora Exchange utilizes a uniform fee structure designed to reduce structural execution asymmetries commonly found in traditional trading venues. Trading fees are applied as transparent percentage-based charges associated with the relevant transaction activity. The platform does not rely on participant-specific matching privileges, hidden routing incentives, or rebate structures that alter execution treatment within the matching engine. Access to supported markets, trading pairs, and execution infrastructure follows the platform's open participation model, subject to applicable account requirements, security controls, sanctions screening, and operational policies defined elsewhere within the Candora framework. Trading access, settlement access, and withdrawal access remain governed by the controls implemented across Connect, Risk Engine, and Vault. ### Relationship to Candora Grid Candora Exchange represents the participant-facing marketplace built on top of Candora Grid. The Exchange provides: * market access * order entry * position management * liquidity participation * account services * trading interfaces The underlying Grid provides: * execution through [Orbit](/whitepaper/candora-grid/orbit.md) * market-state synchronization through [Pulse](/whitepaper/candora-grid/pulse.md) * valuation through [Oracle](/whitepaper/candora-grid/oracle.md) * solvency management through [Risk Engine](/whitepaper/candora-grid/risk-engine.md) * settlement and custody through [Vault](/whitepaper/candora-grid/vault.md) * access control through [Connect](/whitepaper/candora-grid/connect.md) * intelligence and automation infrastructure through [Cortex](/whitepaper/candora-grid/cortex.md) This separation allows Candora Exchange to function as a trading venue while Candora Grid remains the underlying infrastructure platform responsible for maintaining execution integrity, market consistency, solvency controls, settlement finality, and operational resilience. ### System role summary Candora Exchange serves as: * the participant-facing trading venue * the marketplace layer of Candora Grid * the market-access framework * the liquidity participation environment * the account and trading interface layer * the ecosystem trading platform All participant interaction with Candora's trading markets occurs through Candora Exchange. The underlying execution, pricing, risk, settlement, custody, and coordination functions remain provided by the infrastructure layers of Candora Grid. This makes Candora Exchange the primary marketplace and access layer of the Candora ecosystem.