Orders

Market Orders

Executes immediately at the best available prices on the book. The order walks the book until fully filled. If insufficient liquidity exists to fill the entire order, it is rejected.

• Reduce-Only ensures that changes to the position only reduce the size of the position, whether the account is long or short.

Limit Orders

Placed at a specific price. If the price crosses the spread, the order matches immediately against resting orders up to the limit price.

• Reduce-Only ensures that changes to the position only reduce the size of the position.
• Post-Only ensures that limit orders are placed as maker orders. If there are crossing orders at the time of placement of the limit order, it will be cancelled. This ensures all post-only orders only pay maker fee rates.

Time-in-force

• Good 'Til Cancelled orders will rest on the book indefinitely until they are fully filled or cancelled by the user.
• Immediate or Cancel orders will fill as much as possible at the limit price, and the unfilled remainder will be cancelled.
• Fill or Kill orders must fully fill in a single match attempt, or they are cancelled. These orders will never fill partially or rest on the book.

Stop Limit Orders

A conditional order that sits dormant until a trigger condition is met. The order specifies both a trigger price and a limit price. When the mark price crosses the trigger, the stop is activated and converted into a standard limit order at the specified price. The triggered order then follows normal limit order matching rules.

Oracle Peg Orders

A resting limit order whose effective price is defined as an offset above or below the oracle reference price rather than as an absolute value. These orders are always Post-Only and never take liquidity. A max price field caps the effective price to prevent runaway fills if the oracle price moves sharply.

Stop Loss and Take Profit

A stop-loss order closes a position when the market moves against it, limiting downside. A take-profit order closes a position when the market moves in its favor, locking in gains. Both are triggered automatically when the mark price reaches a user-specified trigger price.

Stop-loss and take-profit orders are placed as stop-limit orders, each specifies both a trigger price (when to activate) and a limit price (the worst acceptable execution price). Once triggered, the order converts into a standard limit order at the limit price and enters the active orderbook for matching.

Trigger Conditions:

Sell stop-loss / Buy take-profit:

$$\text{markPrice} \leq \text{triggerPrice}$$

Buy stop-loss / Sell take-profit:

$$\text{markPrice} \geq \text{triggerPrice}$$

Until the trigger condition is met, the order sits in a separate stop tree and is invisible to other participants. Once triggered, it behaves exactly like a regular limit order it may fill immediately if the limit price crosses the spread, or rest on the book if it does not.

Bracket Orders (OCO)

Stop-loss and take-profit orders can be linked as siblings to form a bracket around a position. When one side fills, the other is automatically cancelled. This allows a trader to set both a downside exit and an upside target.