Execution Modes
Each perpetual market uses one execution mode: central limit order book (CLOB) or request for quote (RFQ). The two modes are not active concurrently for the same market.
CLOB
CLOB markets match incoming orders against resting liquidity using price-time priority. Traders may submit limit, post-only, immediate-or-cancel, and fill-or-kill orders. See Order Book and Matching and Order Types for execution details.
CLOB markets normally operate in the Normal regime, where all supported order types are accepted.
In exceptional circumstances, a market may be placed in a more restrictive regime:
- Post-only: only post-only orders may be added.
- Trade-only: immediate orders may consume existing liquidity, but no new resting orders may be placed.
RFQ
RFQ markets execute against designated market makers rather than resting order-book liquidity.
- The requester specifies the market, side, base size, price bound, and optional timeout.
- RFQ makers may return a price for the full requested size.
- The request and returned quote must both remain within their validity periods.
- A valid response executes the entire request or does not execute.
The requester's price is a private execution bound and is not shown to responding makers. The maker's price must satisfy that bound.
RFQ requests reserve account margin while open. They may be canceled and expire automatically. An executed RFQ updates the trader's position, PnL, funding, and fees in the same way as other perpetual trades.