Reya V2 transitions from AMM to orderbook model, puts 12 markets in reduce-only mode

Reya, the decentralized exchange focused on perpetual contracts, is pulling the plug on its automated market maker model. As of 13:00 UTC on September 10, 12 markets shifted to reduce-only mode, meaning traders can close existing positions but can’t open new ones. The move is part of a broader, phased migration from an AMM-based trading system to a central limit orderbook. The transition didn’t start this week. Back in mid-August 2026, Reya began retiring markets including ZRO, JTO, and TON as early phases of the migration. Open positions in those retired markets were automatically settled, a design choice aimed at keeping the process orderly rather than leaving traders scrambling to unwind manually. Why AMMs had to go AMMs work beautifully for simple token swaps. For perpetual contracts, they introduce a well-documented problem: adverse selection. Passive liquidity providers in AMM pools tend to get picked off by faster, better-informed traders, which leads to wider spreads, worse pricing, and a liquidity environment that repels institutional players rather than attracting them. The orderbook model allows professional market makers to actively quote prices, adjust spreads in real ...