💎 Pano

The global centralized exchange for anything

Overview • Features • Getting Started • API • Architecture • Contributing

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Overview

What if you could just spin up a centralized exchange for anything, not just crypto or stocks? Pano is centralized serverless exchange infrastructure built on top of Cloudflare that allows creating auto-scalable clusters of trading markets for literally anything. Built on Cloudflare's edge infrastructure, it provides global scalability and ultra-high throughput trading capabilities of up to ~330 orders/second for any asset pair.

Features

• Create Markets: Create your own assets and operate markets for any asset pair
• Centralized Ledger: Track asset balances for millions of users
• Global Scalability: Leveraging Cloudflare's global network for worldwide accessibility
• Low Latency: Built for high-performance trading at <30ms latency
• High Throughput: Handles up to ~330 orders/second
• Serverless Architecture: No servers to maintain, scale automatically with demand
• Complete Customizability: Adapt and extend to meet specific market requirements
• Isolated Markets: Each market runs in its own Durable Object for data consistency and reliability

Performance

Figure: Average order execution latency including travel time

The test was performed by running each number of concurrent orders for 10 seconds.

Technology Stack

• Cloudflare Durable Objects: For consistent, globally-distributed state management
• TypeScript: Type-safe codebase for reliability and maintainability
• Cloudflare D1: SQLite-compatible serverless database on the edge
• Cloudflare Workers: Serverless compute platform for the API layer

Getting Started

Prerequisites

• Node.js (v16 or higher)
• Wrangler CLI for Cloudflare Workers development

Installation

1. Clone the repository:

   git clone https://github.com/ephibbs/panomarket.git
   cd panomarket

2. Install dependencies:

   npm install

3. Configure your Cloudflare account with Wrangler:

   npx wrangler login

4. Deploy to Cloudflare:

   npm run deploy

Setting up D1 Database for Trades and Markets

This project uses Cloudflare D1 to store trade history and market information. Follow these steps to set up the D1 database:

1. Create a new D1 database:

npx wrangler d1 create panomarket-db

2. Take note of the database ID returned by the command and update it in wrangler.jsonc:

"d1_databases": [
    {
        "binding": "PANOMARKET_DB",
        "database_name": "panomarket-db",
        "database_id": "YOUR_DATABASE_ID"
    }
]

3. Apply the database migrations:

npx wrangler d1 migrations apply panomarket-db

4. You can test the D1 database by deploying the worker:

npx wrangler deploy

API Reference

Pano exposes RESTful APIs for interacting with markets:

Market Endpoints

Method	Endpoint	Description
GET	/markets/:market/orders	Get the full order book for a market
GET	/markets/:market/orders/:userId	Get orders for a specific user
POST	/markets/:market/orders	Place a new order (requires order details)
WS	/ws/:market	WebSocket connection for real-time market trade updates

Market Management Endpoints

Method	Endpoint	Description
GET	/markets-manage	Get all markets (use ?active=true to filter active markets)
GET	/markets-manage/:id	Get market details by ID
POST	/markets-manage	Create a new market (requires name, buy_asset, sell_asset)
PATCH	/markets-manage/:id	Update market details
POST	/markets-manage/:id/status	Update market status (active, inactive, deprecated)

Balance Endpoints

Method	Endpoint	Description
GET	/balances	Get all balances
GET	/balances/:userId	Get balances for a specific user
POST	/balances/:userId	Add balance for a user (requires { asset: string, amount: number })
POST	/balances/transfer	Transfer balance between users (requires { fromUserId, toUserId, asset, amount })

Trade Endpoints

Method	Endpoint	Description
GET	/trades	Get all trades (limited to 1000)
GET	/trades/user/:userId	Get trades for a specific user
GET	/trades/order/:orderId	Get trades for a specific order
GET	/trades/market/:buyAsset/:sellAsset	Get trades for a specific market

Try out the API using the Postman collection.

Architecture

Panomarket uses Cloudflare Durable Objects to create isolated markets. Each market is a separate Durable Object instance, allowing for:

• Strong consistency within a market
• Horizontal scaling across different markets
• Protection against data races
• Optimal global routing to minimize latency

Contributing

Contributions are welcome! Please feel free to submit a Pull Request.

1. Fork the repository
2. Create your feature branch (git checkout -b feature/amazing-feature)
3. Commit your changes (git commit -m 'Add some amazing feature')
4. Push to the branch (git push origin feature/amazing-feature)
5. Open a Pull Request

Limitations

• Currently, the API is not secured. Anyone can create a market and place orders for anyone. Add user authentication to the API to prevent this.
• Durable Objects are used for both write and read operations. Since Durable Objects are single-threaded, order reads may block order writes and slow down order execution. Similarly for balance updates.

Future Work

• Stream trades to clients via websockets
• Split sell and buy orderbooks into separate Durable Objects to effectively double the rate of orders that can be processed per second
• Persist orders and balances to D1 databases for reads
• Offload finished orders to conserve Durable Object storage
• Add user authentication options to the API
• Add ip/user rate limiting to the API

License

This project is licensed under the MIT License - see the LICENSE file for details.

Support

For support, please open an issue in the GitHub repository or contact the maintainers directly.