Markets Aren’t Fair by Default. Here’s How You Design Them (Doug Colkitt)

from Proof of Story with Rob Sags · host Proof of Story

Sags and Doug Colkitt break down what actually determines “fairness” in perp exchanges once you separate execution, clearing, and settlement.Here’s what builders and traders will pull from this conversation:🔥 Why clearing and execution are treated as completely different systems🔥 How latency only matters on execution and not settlement🔥 What actually happens from order signing to matching to settlement🔥 Why batch auctions run every 40 milliseconds instead of continuous matching🔥 How oracle pegged orders replace fixed pricing assumptions🔥 Why market makers get protected with single clearing prices🔥 How quiet periods reduce toxic flow and stale quote sniping🔥 Why pro rata replaces time priority inside auctions🔥 How composability lets external protocols control margin and leverage🔥 Why execution can move globally while settlement stays anchored0:00 Intro2:04 Architecture Overview6:12 Trade Lifecycle11:13 Matching Engine & Auctions16:12 Price Formation & Market Dynamics18:18 Front-Running Protection23:52 On-Chain Settlement & Composability28:03 Future Vision & ScalingConnect with Doug Colkitt:https://x.com/0xdougConnect with Sags:https://x.com/RobertSagurton Trade without Compromise @ Fogohttps://www.fogo.io/

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This episode was published on March 25, 2026.

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