Moonex

Native CLOB DEX on Solana, by Moonraise Labs.

Moonex is a fully on-chain central limit order book. Implemented as a Solana native program (no Anchor) — manual instruction dispatch, Borsh args, Pod (zero-copy) state, explicit account validation. Spot matching is live; perpetual extensions (funding, mark price, margin, liquidation) are planned.

Program ID (devnet): GawUJQ4vdnxeRzbnkwJsMAb1hVSh9qpXpeyvn9nXxZ72

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Repo layout

moonex/
├── programs/moonex/        # on-chain native program (Rust)
│   ├── src/
│   │   ├── lib.rs          # entrypoint
│   │   ├── instruction.rs  # MoonexInstruction enum (Borsh)
│   │   ├── processor/      # one file per instruction
│   │   ├── state.rs        # Pod state: Market, BookSide, OpenOrders, EventQueue
│   │   ├── math.rs         # order id, lock math
│   │   ├── pda.rs          # PDA seeds
│   │   ├── token.rs        # SPL transfer wrappers
│   │   └── error.rs
│   └── tests/              # cargo test (unit + property tests)
├── app/                    # Next.js 16 frontend + scripts
│   ├── src/
│   │   ├── app/            # routes
│   │   ├── components/     # Trade, Orderbook, PriceChart, …
│   │   └── lib/
│   │       ├── moonex/     # decoders + ix builders (mirrors program state)
│   │       ├── useMoonex.ts# polled subscription registry
│   │       └── tx.ts       # sendAndConfirmRetry (raw send + status poll)
│   └── scripts/
│       ├── mm-bot.ts       # synthetic market-maker
│       ├── crank.ts        # event queue drain
│       ├── init-market.ts  # bootstrap a new market
│       ├── fund-bots.ts / drain-bots.ts / mint-more.ts
│       └── deploy-program.sh
├── CONTRIBUTING.md
├── LICENSE                 # BUSL-1.1
└── README.md

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Quick start

Prereqs

• Rust + solana CLI 1.18+ (or compatible Agave) with cargo-build-sbf
• Node.js 20+ and npm
• A Solana keypair at ~/.config/solana/id.json
• Devnet RPC endpoint (Helius / QuickNode / public)

Build & deploy the program

cargo build-sbf
cargo test                            # pure-Rust unit tests
bash app/scripts/deploy-program.sh    # wraps `solana program deploy` with 429 backoff

Run the frontend

cd app
npm install
echo 'NEXT_PUBLIC_RPC_ENDPOINT=https://devnet.helius-rpc.com/?api-key=YOUR_KEY' > .env.local
npm run dev
# → http://localhost:3000

Bootstrap a market

cd app
npm run init-market    # mints test base/quote, allocates market accounts, calls InitMarket

Drive activity with the bot

cd app
npm run bot                                # 4 wallets, 700 ms cadence (defaults)
npm run bot -- --wallets=6 --interval=400  # tune at will
npm run bot:stop

Drain stuck events manually

cd app
npm run crank

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Architecture at a glance

• Instructions: InitMarket, InitOpenOrders, PlaceOrder, CancelOrder, ConsumeEvents, SettleFunds.
• Order types: Limit, PostOnly, IOC, FOK.
• State (all Pod, fixed-size):
  • Market (424 B) — params, vault refs, sub-account pubkeys
  • BookSide (18,448 B) — sorted [OrderNode; 256] per side
  • OpenOrders (1,384 B, PDA) — 32 slots + free/locked accounting
  • EventQueue (24,600 B) — ring buffer of 256 FillEvents
• PDAs: vault signer (["vault", market]), open orders (["open_orders", market, owner]).
• Settlement: taker is paid inline by PlaceOrder (≤3 SPL transfers per call). Makers are settled out-of-band via ConsumeEvents — anyone can crank.
• Matching: O(N) shift-array book, capped at 8 fills per PlaceOrder call; self-trade prevention skips own makers.

Full architecture reference: docs/architecture.md (kept as a local working doc — gitignored).

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Frontend / RPC notes

• All read paths use HTTP-polling via a shared subscription registry (src/lib/useMoonex.ts). No accountSubscribe — keeps the page well under RPC ws-subscription rate limits.
• Transactions go through src/lib/tx.ts sendAndConfirmRetry: wallet signs once, raw bytes are sent + status-polled + auto-rebroadcast until confirmed or the blockhash expires. No signatureSubscribe.
• Orderbook layout: best bid / best ask hug the spread row; cumulative total column with hover-to-spread highlight + sweep readout.

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Contributing

See CONTRIBUTING.md for branch/commit conventions, build steps, and a checklist for changing on-chain layouts.

License

Business Source License 1.1 (BUSL-1.1). Non-production use permitted; production / commercial use reserved to Moonraise Labs. Converts to GPL v2.0-or-later on 2030-05-13. See LICENSE or contact Moonraise Labs for a commercial license.

Links

• Moonraise Labs — https://moonraise.xyz