Reya

Reya operates on its own purpose-built chain — Reya Network — designed specifically for trading and liquidity operations. Launched in April 2024, it represents one of the few perp DEXes that, like Hyperliquid and dYdX, runs on a dedicated blockchain optimized for its core function.

The platform offers 69 markets with up to 40x leverage, charging a flat 0.04% for both maker and taker fees. USDC serves as collateral with 1-hour funding intervals. Reya Network's custom architecture is designed to provide high throughput and low latency for trading operations without competing for blockspace with other applications.

The dedicated chain approach means Reya can optimize every aspect of its infrastructure for trading — from block times to state management to fee structures. This architectural choice aligns it with the thesis that trading-specific chains outperform general-purpose L1s and L2s for derivatives applications.

Reya's flat fee structure (same rate for makers and takers) is unusual in the space, where most platforms differentiate between the two to incentivize liquidity provision. This simplicity may appeal to traders who prefer straightforward, predictable costs.

Reya suits traders who believe in the dedicated trading chain thesis and want to trade on infrastructure purpose-built for derivatives, with the potential benefits of optimized throughput and no competition for blockspace.