Trade at the
Speed of Solana.

Archer Exchange is a fully on-chain spot exchange built on Solana. It uses a proprietary micro order book architecture to provide the deepest liquidity and tightest spreads for traders, while giving market makers a deterministic and profitable environment. Every order is matched and settled directly on-chain — fully transparent and verifiable by anyone.

Unlike AMM (Automated Market Maker) exchanges where liquidity sits in pools, Archer uses a central limit order book (CLOB) model. This means real market makers provide liquidity through discrete orders at specific prices, resulting in tighter spreads, better price discovery, and significantly lower slippage — especially for larger trades. The order book model is the same used by every major traditional exchange.

Micro order books are Archer's proprietary innovation — a dedicated order book primitive assigned to each individual market maker. Instead of all makers competing for write access to a single shared order book (which causes contention and failed transactions), each maker operates their own isolated book. All books are aggregated at the matching layer. This architecture eliminates write contention, allows parallel quote updates, and dramatically reduces operational costs for active market makers — resulting in tighter spreads for everyone.

Archer Exchange executes trades within Solana's 400ms block time. Orders are matched and settled atomically in a single on-chain transaction. There is no off-chain matching queue, no batching delay, and no multi-step settlement process. From the moment your order is submitted to when your assets arrive — the entire process takes under one second.

Taker fees start at 2 basis points (0.02%) per trade — among the lowest of any exchange on Solana. Maker fees are kept minimal and are designed to incentivize tight quotes. Some markets may have adjustable fee multipliers for synchronous swaps. There are no hidden fees, no withdrawal fees, no deposit fees, and no account management fees. Solana network fees (fractions of a cent per transaction) are paid separately. All fees are displayed transparently before you confirm any trade.

Simple mode provides a streamlined swap interface — select two assets, enter an amount, and execute. It automatically finds the best available price across all micro order books. Pro mode unlocks the full trading interface with live order book depth, limit orders, advanced order types, customizable slippage, and detailed market analytics. You can toggle between modes at any time using the switch at the bottom of the interface.

Archer Exchange supports all major Solana wallets including Phantom, Solflare, Backpack, and any wallet compatible with the Wallet Adapter standard. Mobile wallets are fully supported — the interface is optimized for any screen size. No account creation, email, or personal information is required. Connect and trade immediately.

When you submit an order, it is sent as a Solana transaction to the Archer protocol's on-chain programs. The matching engine — which is a set of program instructions deployed on Solana — evaluates all available micro order books for the requested market, identifies the best price across all makers, and executes the match. Settlement happens atomically within the same transaction. The entire process is deterministic, publicly recorded, and can be independently verified by anyone using a Solana explorer.

Yes, completely. Archer Exchange never takes custody of your assets at any point. You sign every transaction with your own private keys. Funds move directly between your wallet and the on-chain settlement program. There are no intermediary accounts, no pooled funds, and no admin access to user assets. You can withdraw or stop trading at any moment without permission from anyone.

Archer Exchange supports all SPL tokens on Solana. Major markets include SOL/USDC, ETH/USDC, BTC/USDC, BONK/SOL, JUP/USDC, JTO/USDC, WIF/USDC, PYTH/USDC, and many more. New markets can be created permissionlessly by anyone — if a market maker provides liquidity for a pair, it becomes tradable. Over 50 trading pairs are currently active.

Archer Exchange allows you to set custom slippage tolerance (default is 0.50%). If the execution price moves beyond your tolerance before your transaction confirms, the trade automatically reverts and your funds remain in your wallet. In Pro mode, you can use limit orders to guarantee exact execution prices. The order book model naturally provides better slippage characteristics than AMM pools for most trade sizes.

Yes. Archer Exchange is a fully permissionless protocol. No KYC, no account creation, no email address, no personal information is required. Connect any compatible Solana wallet and start trading immediately. Access is available to anyone with a compatible wallet, subject to applicable regional restrictions.

Adverse selection is when market makers consistently trade against informed counterparties who know the price is about to move — it is the biggest risk for market makers on any venue. Archer includes built-in mechanisms to differentiate between informed and uninformed order flow, protecting makers from systematic losses. Because makers face less toxic flow on Archer, they can quote tighter spreads, which directly benefits all traders with better prices.

Market makers can get started by creating a MakerBook for their target market using Archer's SDK or CLI tools. Once your MakerBook is deployed, you can immediately start posting and updating quotes. To receive aggregator volume from Jupiter and other routing engines, register your MakerBook in the market's MakerRegistry. Full documentation, API references, and integration guides are available at docs.archer-exchange.com. For direct support, contact the team via Telegram.

Every market on Archer has an associated Maker Registry — a permissioned list of valid MakerBook addresses for that market. Aggregator integrations (such as Jupiter) use the registry to discover which MakerBooks to include in swap routing. If your MakerBook is registered, aggregator order flow will be routed through your quotes. Archer's own trading applications monitor all MakerBooks regardless of registry status, so you always receive order flow from the Archer interface itself.

Yes. Archer is designed for composability with Solana's aggregator ecosystem. Aggregators can integrate synchronous swap instructions and immediately earn 50% of taker fees as revenue share — deposited directly to their wallet in the same transaction. The Maker Registry system provides a standardized way for aggregators to discover and route through all active MakerBooks without complex state management.

Archer's micro order book architecture eliminates the write contention problem that plagued earlier on-chain order books like Serum and OpenBook. Previous designs used a single shared order book where all makers competed for write access — causing failed transactions, high priority fees, and wider spreads. Archer solves this with isolated, parallel order books per maker, combined with adverse selection protection. The result is tighter quotes, cheaper operations for makers, and better fills for traders than any previous on-chain order book implementation.

Yes. Archer Exchange is fully optimized for mobile browsers and works seamlessly with Phantom Mobile, Solflare Mobile, and any WalletConnect-compatible mobile wallet. The interface adapts to any screen size with the same Simple and Pro mode functionality available on desktop.

If a transaction fails for any reason — network congestion, slippage exceeded, or insufficient balance — your assets remain safely in your wallet. You are not charged any fees for failed transactions (only the minimal Solana network fee for the attempted transaction). You can immediately retry with adjusted parameters. The atomic nature of on-chain settlement means trades either complete fully or revert entirely — there are no partial states or stuck funds.

Full documentation is available at docs.archer-exchange.com, including architecture overviews, SDK integration guides, API references, and market maker onboarding tutorials. The Archer SDK is published on npm as @archer/sdk. Source code and developer tools are hosted on GitHub at github.com/archer-exchange. For direct support, join the Archer Telegram community or reach out via the Discord server. A bug bounty program is active for security researchers.

Archer Exchange is built and operated by Square Root Labs, Inc. The team consists of engineers with deep experience in high-frequency trading systems, protocol design, and Solana program development. The protocol is designed to be progressively decentralized, with the matching engine code planned for open-source release so that the community can independently verify and audit every aspect of trade execution.