Hybrid Liquidity Architecture (APMM + CLOB)

Signa combines two execution models rather than forcing all market activity through a single mechanism.

Two complementary layers

CLOB order book layer

This layer is intended for users who want explicit price control, passive quoting, or better handling for larger trades.

• Limit orders
• Visible depth
• Better control over execution price

APMM continuous layer

This layer is intended to provide immediate access to liquidity, especially in thinner or longer-tail markets.

• Continuous algorithmic pricing
• Immediate execution path
• Better support for markets without deep order books

Why combine both?

The two layers solve different problems:

• The APMM helps ensure that markets remain tradable even when order-book activity is light.
• The CLOB helps improve execution quality when there is enough active quoting and depth.

In practice, a hybrid model can improve market coverage while still allowing more sophisticated traders to interact through an order book.

Typical usage patterns

User Type	Preferred Mechanism	Reason
Retail Traders	APMM	Faster access to execution
Arbitrageurs	APMM	Continuous price curve
Institutional Investors	CLOB	Better price control and depth
Market Makers	CLOB	Explicit quoting strategy

Indicative efficiency claims

Metric	Value	Explanation
Capital Efficiency Boost	3.2x	Relative to fragmented multi-pool designs
Slippage Reduction	87%	Claimed benefit of the APMM base layer
Large Order Impact Resistance	95%	Claimed benefit of the CLOB layer