XDEX, the main exchange on the X1 blockchain, has given traders something most AMM exchanges do not have: orders that never sit on a public order book. Limit and TWAP orders on XDEX wait inside on-chain vaults, execute against XDEX liquidity when their conditions are met, and hold the proceeds until the trader withdraws them. X1 Report placed both order types on mainnet on 14 September and read every transaction back from the chain to see exactly how it works.

The result behaves much like a dark pool for everyday users. There is no visible book of resting orders for anyone to trade against, a large sell can be worked out in small slices, and filled tokens stay out of the wallet until the owner decides to pull them. That kind of infrastructure usually arrives on a chain years in. On X1 it is already live, already in heavy use, and one of four structural upgrades XDEX has shipped in a matter of weeks.

Where to find it

Both order types sit on the XDEX swap screen at app.xdex.xyz, next to the regular Swap tab, with an Orders panel to follow them.

  • Limit — in the interface's words, "Set a target price and your order executes automatically when the market reaches it." Traders set a trigger price, with quick presets relative to the market price, can add a take profit or a stop loss, and choose an expiry. Seven days is the default.
  • TWAP — "Split your order into smaller trades executed over time to reduce market impact." Traders choose the total amount, the interval between suborders and the number of rounds, and can pause or cancel a running order.

What we tested

We sold 5 XNT for USDC.X through a TWAP order: 0.5 XNT every minute over 10 rounds, routed through XDEX only. The confirmation screen summarised it as "Swap 0.5 XNT to USDC.X every 1 minute over 10 rounds (5 XNT total)". We also placed a limit take-profit order to sell 10 XNT when the price rises above $0.370037, 10% above the market price at the time, with a seven-day expiry.

What the chain shows

1. Creating an order moves your tokens into a vault. The creation transaction wraps the XNT and transfers it into a token account owned by the order, not by the trader's wallet. The TWAP order's 5 XNT and the limit order's 10 XNT both left the wallet at that moment. A second account is opened in the same transaction to receive whatever the order buys, USDC.X in both of our tests.

2. An executor fills the order, not the trader. The first TWAP slice executed five seconds after the order was created, and the second about a minute later. Neither was signed by our wallet. Each fill was signed by an XDEX executor account calling the order program's ExecuteSwap instruction, which swapped 0.5 wrapped XNT through a regular XDEX pool. The executor is paid up front: creating an order sent it 0.003 XNT per planned execution, which came to 0.03 XNT for the ten-round TWAP and 0.003 XNT for the single-fill limit order.

3. The proceeds stay in the vault. The first two slices returned 0.166879 and 0.166858 USDC.X. That USDC.X landed in the order's own output account, not in the wallet. This is why a filled order looks invisible: the wallet shows the XNT gone and nothing received until the tokens are withdrawn.

4. Withdraw brings the tokens home and closes the order. Once all ten rounds had run, the Orders panel offered a Withdraw button. A single transaction moved the full 1.667849 USDC.X to the wallet, closed the order and both of its token accounts, and refunded their rent deposits. From placing the order to having the USDC.X in the wallet took under twelve minutes, at an average of about $0.3336 per XNT sold.

The limit order was still waiting when we published. Its 10 XNT sat in its vault while XNT traded below the $0.370037 trigger, exactly as a resting take-profit should.

Is it a dark pool?

In the way that matters to most traders, it behaves like one. XDEX shows no public order book of where buyers and sellers are waiting, so nobody browsing the exchange can spot a wall of sell orders at a round number and trade ahead of it. A large position can be worked in small slices without advertising its full size, and filled tokens sit in the order's vault instead of appearing in the wallet.

It is not a sealed off-chain venue, and it is worth being precise about that. Every fill is an ordinary swap through a public XDEX pool, visible on the X1 explorer like any other trade, and the order and vault accounts are on-chain data that a determined observer could decode. What XDEX delivers is order privacy through its design, with no displayed book and vault custody until withdrawal, rather than cryptographic secrecy. On a young chain, where thin pools make every visible order a target, that is still a real edge.

Already in heavy use

The two order types run as separate on-chain programs. The TWAP program, 6kpeW1PX…PzSNxq, recorded its first transaction on 1 June 2026 and had processed 32,929 successful transactions by 14 September, counting order creations, slice executions, withdrawals and cancellations together. The limit-order program in use today, 1imtSkNu…xj8seU, went on-chain on 28 August and had 195 successful transactions, running between 11 and 42 a day since 8 September. Both are upgradeable programs, as most actively developed SVM programs are, which lets XDEX keep improving them in place.

What it costs

Beyond normal network fees, our orders paid the executor 0.003 XNT per execution, prepaid when the order was created. On each TWAP slice, about 0.5% of the USDC.X output went to a fee account before the rest reached the order's vault. The small rent deposits for the order and its token accounts came back when the order closed. The Limit tab uses a default slippage setting of 0.5%.

Four upgrades in weeks

Order vaults are one piece of a remarkable run for XDEX. TWAP has been on-chain since June. Multi-hop smart routing went live on 8 September and can build a single swap across up to six hops. On 14 September four liquidity farms opened to deepen the exchange's pools. The pieces compound: deeper pools mean better fills for limit and TWAP orders, and routing widens the paths those fills can take.

In July, XDEX founder Jason told the community limit orders were coming. They arrived with more than a trigger price: vault custody, executor fills, take profit, stop loss and expiry, next to a TWAP engine that has already processed tens of thousands of transactions.

Using it well

  • A filled order's tokens stay in the order vault until you press Withdraw in the Orders panel. Your wallet balance will not show them before that.
  • Budget the executor fee. At 0.003 XNT per execution it adds up on TWAP orders with many rounds.
  • Check the expiry on limit orders. Seven days is the default.
  • Thin pools still move. A TWAP spreads impact over time, but each slice trades against the pool as it stands at that moment.

X1 Report tested these features with its own funds. This article is not financial advice.