Starbase Matching Engine, Binary APIs, and Exchange Connectivity
Summary
The document describes Starbase, Deribit’s planned high-performance matching engine, and its intended role in consolidating the exchange with Coinbase International Exchange. It outlines an architecture aimed at microsecond execution and earlier first-in-first-out order priority. The exchange also says it will standardize network paths for co-located and cross-connected participants in its London data centre. These are platform design claims; the document does not provide independent measurements of latency, spreads, or execution quality.
It lists connectivity choices and APIs for order entry, market data, and reconciliation. Existing interfaces are described as remaining supported, while new Simple Binary Encoding interfaces target lower-overhead machine communication. The article distinguishes the needs of retail users, market makers, high-frequency firms, and brokers, and notes planned options speed bumps intended to protect passive liquidity providers from latency arbitrage. It gives rollout milestones for a test environment and production, but does not explain the speed-bump design or provide comparative performance evidence. The material is most relevant to exchange infrastructure and execution planning.
Key ideas
- Starbase is presented as a matching engine designed for microsecond execution and earlier FIFO priority.
- The exchange describes plans to normalize network access for co-located and cross-connected participants.
- New binary interfaces target low-latency order entry and market data, while existing APIs are slated to remain supported.
- Different connectivity options are positioned for retail users, institutional market makers, and latency-insensitive integrations.
- Options speed bumps are described as protection for passive liquidity providers, but their mechanics are not detailed.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.