🎡Orderbook Rotation

The quarterly recycling cycle that keeps gas costs bounded

At the full standard configuration, each currency runs 9 order books (8 active + 1 inactive) inside a single lending market contract; a market with less liquidity may keep fewer maturities open. Rather than creating new order books each quarter, matured ones are recycled — a design that both avoids deployment costs and caps the data volume that lazy evaluation must handle.

The cycle

1. The inactive order book opens a 7-day pre-order period for the next new maturity (2 years out), ending 1 hour before the nearest active book matures.

2. At maturity: the Itayose auction runs and the new book activates; the matured book's positions auto-roll; the matured book itself moves to the end of the queue and becomes the new inactive book.

3. The cycle repeats every quarter.

Example (ETH): active books MAR2026…DEC2027, inactive book preparing MAR2028. When MAR2026 matures, MAR2028 opens via Itayose, MAR2026's positions roll into JUN2026 (nearest 3-month), and the MAR2026 order book is recycled to prepare JUN2028.

Market Life Cycle

Why exactly 9?

• Gas bound — order placement and matching never consider more than 8 active books' data; lazy evaluation has a fixed-size working set.

• Liquidity concentration — 8 quarterly points cover 2 years without fragmenting volume across dozens of dates.

• No deployment churn — recycling reuses order books within the same contract, so the protocol's address surface stays stable.

Related

• Fixed Maturity & Auto-Roll — the user-facing view of the same cycle

• Itayose — how the new book's opening price is set