FAQ

Why sealed-bid instead of open auction?

Open auctions degenerate into minimal-increment games where makers undercut each other by fractions of a basis point. Sealed bids force each maker to submit their genuine best price, leading to better outcomes for takers.

What happens if no makers respond to an auction?

After 30 seconds with zero bids the auction ends in a "no_quotes" state. The taker is informed and can retry immediately. This is rare when makers are online and have pool inventory.

Can a quote be used more than once?

No. The quote_verifier stores a spent-quote ledger set. Once quote_id is recorded as settled, any resubmission is rejected — even if the signature is valid.

What if a maker runs out of inventory mid-auction?

The built-in engine checks the pool balance before bidding and won't submit a bid it can't fill (a custom engine should do the same). If balance drops between bid and settlement, the Soroban maker_pool.execute_swap() call fails and reverts the transaction.

Can the admin steal funds from a maker pool?

No. The admin has no function in the maker_pool contract. Admin privileges are limited to: deactivating makers in pool_registry, adjusting fee_bps in quote_verifier, and withdrawing accumulated fees from fee_distributor.

How is the exchange rate calculated?

Entirely by the market maker. HyperDex imposes no on-chain pricing model. Each maker uses their own oracle data, inventory position, and risk parameters. Competition between makers ensures the best rate wins.

What are the protocol fees?

10 basis points (0.10%) deducted from amount_out. On a 100 EURC → USDC swap at rate 1.09, the taker receives 108.891 USDC (109 × 0.999).

Is HyperDex open source?

Yes. Smart contracts, Maker SDK, and backend are open source. See the GitHub repository linked in the footer.

Is HyperDex live on mainnet?

Yes. HyperDex runs on Stellar Mainnet (Public network). Swaps move real assets and settle on-chain in ~5 seconds. Start with small amounts.