🟪ORDER
BONDDEX
Order Types
BONDDEX s matching engine Will supports a wide range of order types.
Market
A market order is an order to buy or sell a quantity of an asset at the prevailing prices.
Market orders execute immediately, never rest on an order book, and only take liquidity from an order book. Market orders have no pricing guarantees but quantities may be specified in base or quote terms. For example, a market buy order for BND-BUSD may either specify 10 BND as the quantity, instructing the matching engine to buy 10 BND, or 3000 BUSD as the quantity, instructing the matching engine to buy 3000 BUSD worth of BND.
Limit
A limit order is an order to buy or sell a quantity of an asset at or better than a specified price.
Limit orders require specifying both a quantity in base terms and a price in quote terms. The matching engine only fills limit buy orders up to the specified quantity at or lower than the specified price; it fills limit sell orders up to the specified quantity at or higher than the specified price.
Limit orders specified with a price that crosses the spread are immediately matched and take liquidity from an order book. Any portion of a limit order that cannot be matched immediately is added to the order book, subject to time in force rules and the maker trade minimum.
Limit Maker
A limit Maker order is a limit order that can only add liquidity to the order book.
If a limit Maker order price crosses the spread and matches with an existing order on the books, the limit Maker order is rejected by the matching engine without generating any fills. Limit Maker orders are sometimes referred to as "post-only" orders in other systems.
Stop Loss
A market order that is only processed by the matching engine when the most recent fill in a market crosses the specified stop price.
Stop Loss Limit
A limit order that is only processed by the matching engine when the most recent fill in a market crosses the specified stop price.
Take up Profit
A market order that is only processed by the matching engine when the most recent fill in a market crosses the specified stop price.
Take Profit Limit
A limit order that is only processed by the matching engine when the most recent fill in a market crosses the specified stop price.
Stop Mechanics
Stop Loss and Take up Profit orders are similar, but have opposite stop trigger criteria.
Stop Loss
Sell
Last fill price <= stop price
Take Profit
Sell
Last fill price >= stop price
Stop Loss
Buy
Last fill price >= stop price
Take Profit
Buy
Last fill price <= stop price
Stop and Take orders do not appear in any public data until the stop is triggered and the order is added to the order book.
Very Important, these orders are not guaranteed to execute immediately when the stop is triggered. Like all other orders, they are processed with price-time priority where the time of the order is the stop trigger time.
Funds for stop Loss Limit or take up Profit Limit orders are held immediately at the time of placement, not when the stop is triggered. Funds for stop Loss and take Profit orders are never held.
Order States & Lifecycle
BONDDEX Orders take on various states throughout the order execution lifecycle.
Active: Stop limit or market order in force but not yet triggered or listed on an order book
Open: Limit order resting on an order book without any fills
Partially Filled: Limit order resting on an order book with fills but with remaining open quantity
Filled: Limit order completely filled and no longer on an order book; market order filled
Canceled: Limit order canceled prior to being completely filled but may be partially filled; may be the result of a self-trade prevention cancellation
Rejected: Order rejected by the matching engine without generating fills
Order state is included in all order endpoint responses. Orders are not guaranteed to enter the open state before reporting as another state. For example, a limit order that is completely filled on execution first reports in the filled state in endpoint responses.
Last updated