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Open Stock Exchange (Matching Engine) →Open URL Shortener →

Stock Exchange (Matching Engine) vs URL Shortener

Stock Exchange (Matching Engine)

Stock Exchange (Matching Engine)

Deterministic price-time-priority matching, a sequencer for total order and replay, microsecond latency, and separate market-data and reporting paths.

Components (13)

  • Trader / Algo
  • Client Gateway
  • Order Manager
  • Risk Check
  • Wallet
  • Sequencer
  • Matching Engine
  • Order Book
  • Market Data Publisher
  • Market Data Feed
  • Reporter
  • Orders & Executions DB
  • Clearing & Settlement

Headline numbers

  • Per-symbol matcher load (hot symbols)~500K orders/sec for AAPL/SPY
  • Sequencer/event-store throughput~50B events/day → ~600K/sec sustained, ~10M/sec peak
  • Market data subscribers~50,000
URL Shortener

URL Shortener

Hashing, key generation, read-heavy caching.

Components (6)

  • Client
  • API Gateway
  • Write Service
  • Read Service
  • Redis
  • Postgres

Headline numbers

  • Write QPS (avg)~1,200/sec
  • Read QPS (avg)~120,000/sec
  • Storage per year~5 TB

Key differences

Only in Stock Exchange (Matching Engine)
  • Sequencer
  • Market Data Feed
In both
  • Client
  • Api Gateway
  • Service
  • Cache
  • Database
Only in URL Shortener
None.

Flow shape

Stock Exchange (Matching Engine) flows
  • Order crosses a resting order11 steps
  • Publish market data2 steps
  • Reporting (off the hot path)2 steps
  • ⚠ Matching engine for AAPL crashes4 steps
URL Shortener flows
  • Shorten a URL3 steps
  • Resolve short URL (cache hit)3 steps
  • Resolve short URL (cache miss)4 steps
  • ⚠ Redis is down4 steps