Tonic Review 2026: NEAR Order Book and Perpetuals

Tonic is an open-source order-book exchange on NEAR offering limit orders and perpetual futures. Its product type is clear, but costs, market rules and audit details are not.

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By the DappsAtlas editorial team · Updated Nov 6, 2026

DappsAtlas score

4.5/10

Weak

Our verdict on Tonic

4.5/10

Tonic may suit NEAR users looking for a decentralized limit order book and perpetual futures rather than a conventional automated-market-maker DEX. Its clearest strengths are the combination of those products and its open-source positioning. The main caveat is how much traders still need to verify: fees, markets, leverage, collateral and liquidation terms are not established here, and the audit entries cannot be assessed without identifying reports. Treat it as a higher-risk venue until those details are clear, particularly before using derivatives.

Score breakdown

How Tonic scores

Security: n/a
Ease of use: n/a
Fees: n/a
Features: 5.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Tonic?

Tonic is an open-source decentralized exchange built on NEAR. It is described as combining a limit order book with perpetual futures, serving traders who want order-based spot-style trading or derivatives in a decentralized venue.

The product’s broad scope is clear, but important operating details are not: fees, supported markets, contract terms, leverage and liquidation rules are not established here. Tonic is listed on NEAR, and two audit entries are listed, but their reports are not identified.

How Tonic works

Tonic is described as a decentralized limit order book. In this kind of exchange, traders submit buy or sell orders at specified prices; compatible orders can match with one another. This differs from an automated market maker, where trades are typically priced against a liquidity pool. Tonic’s exact matching rules and order options are not established here.

The exchange also offers perpetual futures, which are derivative contracts designed to track an underlying asset without a fixed expiry. These products commonly use collateral and may involve leverage, funding payments and liquidation when a position no longer meets margin requirements. Tonic’s specific markets, leverage limits, collateral rules and liquidation process are not published here, so traders should verify those terms before opening a position.

4 features

Key features

Open-source code

Tonic is described as open source, allowing its code to be inspected. The specific repository and development activity are not established here.

Limit order book

The exchange uses a limit order book, where traders can submit orders at chosen prices rather than relying only on an automated liquidity pool.

Perpetual futures

Perpetual futures are part of the stated offering. Market availability, leverage and contract terms are not established here.

NEAR deployment

Tonic is described as built on NEAR. Users should account for the chain’s transaction and smart-contract risks.

Pros and cons

What we like

Combines limit-order-book trading and perpetual futures in one NEAR-based exchange.
Described as open source.
A limit order book gives traders a price-based alternative to automated market-maker swaps.

Watch out for

Trading fees and other costs are not published.
Details about supported markets, leverage, collateral and liquidation rules are not established.
Two audit entries are listed, but the auditors and reports are not identified here.
Perpetual futures can lead to rapid losses or liquidation, especially when leverage is involved.
NEAR smart-contract and exchange risks remain, and custody arrangements are not specified.

Tonic fees

Tonic’s trading fees and any other charges are not published here. Check the exchange’s current fee information and the order confirmation before trading; costs can affect both limit-order and perpetual-futures positions.

Is Tonic safe?

Two audit entries are listed, but the auditors, report dates, scope and findings are not identified here. That is not enough to assess the quality or coverage of the reviews. Tonic is described as open source, but code visibility does not by itself establish that contracts are safe.

The exchange’s custody model and any security incidents are not established here. Smart-contract bugs, wallet-signing mistakes, market volatility and, for perpetual futures, leverage and liquidation can all cause losses. Check the current contract and market details before trading.

5 steps

How to get started with Tonic

1
Locate Tonic’s current official app and confirm it is the NEAR-based exchange before proceeding.
2
Use a wallet compatible with NEAR and review the transaction details before connecting.
3
Check which markets and order types are currently available in the exchange.
4
Read the trading fees, collateral requirements and, for perpetual futures, leverage and liquidation rules before placing an order.
5
Start with an order size you can afford to lose, and review each wallet prompt before signing.

Who Tonic is for

Tonic is aimed at traders already comfortable using NEAR who want limit-order trading or perpetual futures in a decentralized exchange. It is a poor fit for newcomers seeking clearly documented fees, contract terms and security reports, or anyone who does not understand derivatives and liquidation risk.

Tonic FAQs

What is Tonic?

Tonic is described as an open-source decentralized exchange on NEAR. Its stated products are limit-order-book trading and perpetual futures.

Does Tonic offer perpetual futures?

Yes. Perpetual futures are among Tonic’s stated products. Public sources do not establish which markets are offered or what leverage and collateral rules apply.

Which blockchain does Tonic use?

Tonic is described as being built on NEAR. Confirm that any app or wallet prompt you use is for the NEAR-based exchange before connecting or signing transactions.

What are Tonic’s trading fees?

Tonic’s trading fees are not published here. Check the exchange’s current fee information and order confirmation before placing a trade.

Has Tonic been audited?

Two audit entries are listed, but the auditors and reports are not identified here, so their scope and findings cannot be assessed. Smart-contract and trading risks still apply.

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