Order Types and Matching
Order Types and Matching
The platform operates on a limit-order basis. Clients can buy options to open positions and sell options to close positions. All orders are GTC (Good Till Canceled).
Order Types
BBO (Best Bid Offer) Order
A limit order placed at the current best available price.
If the market price changes while the order is being processed, the order is placed at the requested price as a limit order.
Orders execute for the available volume. Any unfilled contracts remain in the order book as a limit order.
Example – BTC Call (BBO Buy)
Instrument:
BTC-250926-115000-CCurrent Order Book: Bid 425 / Ask 428
Scenario A – No price change
User places a BBO buy order for 10 contracts at 428.
Ask remains 428 with only 7 contracts available.
Result: 7 contracts execute immediately at 428, and the remaining 3 contracts rest in the order book as a limit order at 428.
Scenario B – Price change
User places a BBO buy order at 428.
Ask moves to 431 during processing.
Result: A limit order at 428 is placed in the order book for the full amount (pending fill).
Close Order
Using the Close button submits a sell BBO order for the open position.
If the market drops while processing, the order is placed at the requested price as a limit order.
Orders execute for the available volume; any remaining contracts rest in the book.
Example – BTC Call (Close)
Open Position: Long 0.05 contracts
BTC-250926-115000-CCurrent Order Book: Bid 422 / Ask 426
Scenario A – No price change
User clicks Close.
Bid remains at 422, with full size available.
Result: All 0.05 contracts are sold immediately at 422.
Scenario B – Partial fill
User clicks Close to sell 10 contracts at Bid 422.
Only 6 contracts are available at 422.
Result: 6 contracts sell immediately at 422, and the remaining 4 contracts rest in the order book at 422.
Scenario C – Price change
User clicks Close.
Bid falls to 419 during processing.
Result: A sell limit order at 422 is placed in the order book (pending fill).
Limit Order
Placed directly in the order book at the specific price requested by the user.
Remains active until matched or canceled.
Supports partial fills — executed volume reduces the open amount, with the remainder staying in the book.
Sell Limit Order (for Open Positions)
Lets users set a target exit price for their open position.
Partial fills are possible if liquidity is less than the order size.
Matching Engine
Centralized Order Book: All orders are placed in the book and matched by the engine.
Execution Rule: Price-time priority (best price first, then earliest order).
Partial Fills: Supported. Any unfilled contracts remain GTC in the book.
Order Book Visibility: At (Phase 1), the order book is not displayed to clients, though all orders still rest and match in the book.
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