About Aftermath
Don't trust. Verify.
Aftermath is a fully onchain exchange on Sui. Matching, fills, funding, and liquidations execute inside Move contracts, so the record of what happened is the chain itself rather than an operator's export.
The thesis
The blockchain is the exchange.
Most exchanges ask you to accept a claim about what happened. Aftermath is built so the claim and the evidence are the same object.
“The blockchain is the exchange: core execution logic is on-chain, fills and liquidations are auditable, and any permissions or parameters are visible on-chain. Don't trust. Verify.”
That sentence has a concrete reading. A perpetuals order on Aftermath is a transaction against a central limit order book written in Move. It is matched by contract code on Sui, under price-time priority, with no off-chain sequencer in the path. The margin requirement that decides whether your position survives is a number stored onchain, and changing it is an onchain event that takes effect days later.
The same applies below the order book. Liquidations are permissionless — anyone can call one — and partial, reducing a position only to the market's maximum initial leverage rather than closing it out. Funding is paid peer-to-peer between longs and shorts, and Aftermath collects no fees on those payments. None of that requires you to believe an operator.
Honest comparison
Where execution actually happens.
Centralized venues and hybrid onchain venues both make real trade-offs. So does Aftermath. Here is where the three differ, without dressing it up.
| Dimension | Aftermath | Centralized exchange | Hybrid onchain venue |
|---|---|---|---|
| Order matching | A central limit order book written in Move. Matching runs in the contract, on Sui. | A private matching engine the operator runs and controls. | An off-chain sequencer matches; the result is posted onchain afterward. |
| Custody | Collateral sits in user-owned Account objects — transferable Sui objects you hold. | The exchange holds the assets and credits you a balance. | Varies by venue. |
| Liquidations | Permissionless and partial. Anyone can call one, and it only reduces a position to the market's max initial leverage. | Executed by the operator's internal risk engine. | Varies by venue. |
| Risk parameters | IMR and MMR live onchain. Changes are written onchain first and take effect on a delay of a few days. | Published in documentation and changeable at the operator's discretion. | Varies by venue. |
| Auditability | Every fill, funding payment, and liquidation is a Sui transaction you can read without asking anyone. | You audit an exported statement, or you do not audit. | Final state is onchain; the ordering that produced it is not. |
The trade-off
Onchain execution is not free. An order is a transaction, and the venue inherits Sui's throughput and finality instead of a private engine's. Aftermath's answer is to build for one chain rather than many, and to sponsor gas so users can pay it in a coin they already hold — not to move matching off-chain.
Built on Sui
One chain, deliberately.
Aftermath deploys to Sui mainnet and Sui testnet, and nowhere else. Several parts of the design only work because of what Sui provides.
Objects, not balances
Sui's object model lets a position or a staked LP share be a thing you own rather than a row in the protocol's ledger. A staked farm position is a user-owned object that only its owner can invoke — the docs put it bluntly: the vault does absolutely nothing with the funds you stake, because it cannot access them.
One signature, many venues
Programmable Transaction Blocks let the Smart-Order Router split a single swap across several pools and DEXes, and a hot-potato object enforces slippage across the whole route. Routes always require the end user to sign just one transaction.
Validator since genesis
Aftermath is one of the 95 genesis validators on Sui, and has operated the validator since the network launched. That is infrastructure work, not marketing surface — it is also why the liquid staking design was built from the validator's side of the problem.
SIP-6 and Concurrent Research
Aftermath authored SIP-6, the Sui framework change that made a fully decentralized liquid staking token possible. Concurrent Research is Aftermath's MEV and research arm, working on the ordering and execution problems that a fully onchain exchange runs into first.
Time-delayed parameters
Margin requirements are not a config file on a server. IMR and MMR changes are stored onchain before they apply and are time-delayed by a few days, so a parameter change is something you can see coming.
No privileged seat
There is no designated market maker program, no special rebates, and no latency advantages. Makers get the same atomic cancel-and-place PTB every other participant gets.
Live today
What you can use right now.
Six protocols share one deployment, one account, and one router. Each has a page with its own parameters, fees, and limits.
Not live
What is still ahead.
Two things appear in the documentation as work in progress. Neither is deployed, and this site will not describe them as if they were.
Lending
Not liveNamed in the documentation as something Aftermath is building. It is not deployed, and nothing on this site should be read as if it were.
Structured products
Not liveAlso on the roadmap in the docs, also not deployed. When it ships it will get a product page like everything else.
FAQ
Frequently asked questions
Check the work.
Contract addresses, published audits, the trust model, and the vocabulary — everything needed to check the claims on this page rather than take them.