Introducing Atomics on N1

Atomics is now live on N1, starting with 01.

Atomics lets traders bundle multiple actions into a single transaction. On 01, one atomic call can include up to 10 coordinated place and cancel actions. The system executes them in order and checks validity and risk after each step. If any step fails, the whole transaction is rejected and nothing lands in a partial state. On a live perp orderbook, that means a basket entry, hedge adjustment, or quote refresh can be sent as one instruction set instead of being broken into separate transactions while the book keeps moving.

Traditional derivatives venues solved this years ago. Cboe operates a Complex Order Book and Complex Order Auction for packaged options flow. Eurex supports strategy books. CME lists spreads as tradable instruments and links spread books to outrights through implied functionality. In those markets, the spread or hedge is the trade. The venue executes the structure directly.

Crypto went the other way; shared smart contract environments made all-or-nothing execution common, but they do not run live orderbooks well at scale. Matching, cancels, account checks, and margin updates have to keep pace under load. SVM and EVM environments were not built for that. So high-throughput venues moved orderbooks into isolated systems tuned for trading flow. That fixed performance, but it broke the old atomic guarantee around the book itself. One environment gave traders composition; the other gave them a live orderbook.

N1 closes that gap. Applications run in isolated environments with dedicated compute, and execution is asynchronous by default. The orderbook gets the speed it needs, and atomic coordination stays available at the transaction layer. Effectively on 01, traders get both.

Several workflows improve immediately. Pair trades can be entered and exited with less drift between target and fill. Market makers can refresh quotes without leaving stale inventory exposed between transactions. Multi-market hedges and rebalances can be adjusted without splitting the portfolio transition into separate legs. The venue can accept the risk transition the strategy actually requires. The initial limit is 10 actions. That is enough for entries, exits, cancels, and quote updates across multiple markets. It gives traders a cleaner way to express baskets, spread adjustments, and inventory changes on the same book they already use, instead of forcing the flow into manual legging or separate packaged products.

As the limit rises, the primitive does more than handle larger baskets, tighter hedge sets, cleaner pairing across derivatives, and index-style exposure built on shared underlying liquidity. It starts to determine what kind of market structure can exist on crypto infrastructure.

Today, most crypto venues still push structure outside the venue. Traders build spreads, hedges, rebalances, and basis trades by legging separate orders through a moving book. The package is not quoted, margined, or executed as one object.

On N1, Atomics gives the venue a way to bring coordination and efficiency. Basis trades, delta-neutral entries, basket rebalances, and index-style exposure can sit on shared underlying liquidity instead of separate wrapper books. Future applications can add strategy books, auction flows, and RFQ-style workflows that transfer risk as a package.

Matching and margin can now follow portfolio intent instead of isolated legs; liquidity can remain in the underlying markets instead of being split across duplicate packaged products; market makers can price the transfer of risk, not just the instrument. Mature derivatives venues already work this way, it’s time for crypto to catch up and innovate.

01 is the first application on N1 to expose Atomics in production. Future applications on N1 will inherit the same primitive and push it further, from larger baskets and denser hedges to cross-application workflows where execution, hedging, and rebalancing happen in one step.

Our goal remains to build the best financial platform for everything and everyone, and this is only one of the first steps in that direction. Stay tuned.