Order types

There are two things a trader can send: a batch order, which goes into the next auction now, and a trigger, which waits for a price and then becomes a batch order.

Key figuresCopy Anchor Link

Batch ordersCopy Anchor Link

Every batch order is a limit. It fills at its flow's clearing price, never worse than its limit, or not at all. See The auction.

Opens escrow their collateral at submission. Unfilled collateral comes back at settlement.

Closes are reduce-only. They escrow nothing and reserve size on the position, so the same size cannot be promised to two closing orders. A close fills like any other taker: in full when the batch can match it, pro rata with its flow when it cannot. What a crowded batch does not fill is not carried over. The rest of the position stays open, and the trade screen shows how much closed. Before a close is sent, the trade screen asks to confirm it: how much to close (25, 50, 75 or 100%, or an exact amount no smaller than the minimum unless it is the whole position), the expected fill price, PnL and close fee, the share of profit paid when the market's payout is under 100%, and how long until the batch clears. It also says when the close is larger than the market fills in one batch.

Makers rest as liquidity at their own price. A maker trades only with takers, never with the pool and never with another maker. Set is_maker on submit_order, or maker: true on the devnet API's order endpoint. A maker order must carry a price.

Post onlyCopy Anchor Link

The limit tab's Post only box sends the order as a maker at the limit price.

1. It never trades with the pool and never takes.
2. It fills only when a taker in the same batch crosses it, at that flow's clearing price.
3. It lasts one batch. Unfilled, it lapses and its collateral comes back at settlement. To quote again, place it again.
4. It posts the same margin and pays the same fees as any open.
5. It cannot be reduce-only and has no time in force.

Limits that keep one wallet from filling a batchCopy Anchor Link

1. A wallet may hold at most 4 resting orders in a market's batch.
2. A reduce-only order must be at least the market's minimum position size, unless it closes everything left. Reduce-only orders post no collateral, so without a floor they would cost nothing, and enough of them priced never to cross could block every exit.
3. A wallet cannot hold opening orders on both sides of one batch.

All three apply to orders a trigger fires as well as to orders sent by hand.

Positions do not flipCopy Anchor Link

A position is long or short. An open must be on the side the position holds, and is refused at submission otherwise. To change sides, close first.

Opens are checked at submissionCopy Anchor Link

An open entering a batch must fit, as things stand then:

1. the position's side,
2. the market's maximum leverage, on collateral net of the open fee and of funding the position already owes,
3. the open interest cap, counting every open already resting on that side of the batch.

Settlement books whatever the auction filled without checking again.

TriggersCopy Anchor Link

A trigger is one object for limit, take profit and stop loss: a price, a direction to cross it from, and what to do on the other side. It is either:

• an open, which escrows its collateral when placed, or
• a close, which escrows nothing. A close of size zero closes the whole position.

A trigger fires against the oracle mark, not the fill price. What it becomes is a taker order in the market's batch. The auction sets the price, the same as for an order sent by hand.

The 1% is wide enough to cross the pool's quote in an ordinary market and narrow enough that a stop in a dislocation is not filled at any price.

Checked twiceCopy Anchor Link

When placed:

• Nothing on a paused pool. Only closes on a paused market.
• An open must fit the side, leverage and open interest cap as they stand.
• An expiry, if set, must be in the future.

When fired:

• Refused on a paused pool or a paused market.
• An open must pass the same checks as a submitted open, including the opens resting in the batch, because the position and the market may have moved.
• A close needs size still closable on the position, and keeps the reduce-only minimum: no smaller than the market's minimum, unless it is all that is left.

A trigger that fails when fired never reaches the batch, so it never moves a clearing price. It stays in place until it fires, expires or is canceled. A trigger that fires is spent: its account closes. If the batch it lands in cannot fill it, it lapses with that batch, and a fired open's collateral comes back at settlement.

An expired trigger is closed by the next attempt to fire it, and its escrow is refunded. A canceled trigger's escrow is paid back from the vault of the pool its market belongs to, and from no other.

On the siteCopy Anchor Link

• There is one take profit, one stop and one limit per market. Setting one where one already stands replaces it in the same transaction.
• Closing a whole position from the site cancels its take profit and stop in the same transaction.
• A trigger whose position is already gone, for example after a liquidation, shows as "No position" under Open Orders. Cancel it: left standing, it would act on the next position opened on that market.
• A paused market shows "Exits only" in its header.

ExecutionCopy Anchor Link

Clearing, settlement, triggers and liquidation are permissionless. None of them takes a price or a choice from the caller. On devnet the venue's server checks every trigger against the mark every 3 seconds; one that is reached but will not fire is tried again after 60 seconds.