> For the complete documentation index, see [llms.txt](https://docs.drake.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.drake.exchange/trading/hybrid-clob-+-amm/trading-venues-split.md).

# Trading Venues Split

Every market order routes through Drake's intelligent execution system that splits flow between two venues:

**Onchain Order Book**

The order book maintains limit orders using efficient Red-Black Tree data structures organized by price level:

* **Limit Buy Orders**: Sorted from highest to lowest (best bid on top)
* **Limit Sell Orders**: Sorted from lowest to highest (best ask on top)
* **Stop Orders**: Separate trees for long and short stop-losses
* **Take-Profit Orders**: Dedicated trees for profit-taking triggers

When a market order arrives, the matching engine:

1. Finds the best available price (highest bid for sells, lowest ask for buys)
2. Matches taker volume against resting maker orders
3. Applies price-time priority (older orders at same price fill first)
4. Continues matching through price levels until order is filled
5. Charges maker rebates (negative fees) and taker fees

**AMM Vault**

The AMM vault provides continuous liquidity by quoting prices based on oracle feeds:

* **Pricing**: Oracle mid-price ± configured spread
* **Execution**: Instant fills at quoted price for allocated portion
* **Capacity**: Fills absorb residual volume when order book lacks depth
* **Counterparty**: Vault takes opposite side of trader positions


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