Order Book and Matching

CLOB markets use price-time priority.

Incoming bids match the lowest available asks at or below the bid limit. Incoming asks match the highest available bids at or above the ask limit. Matching proceeds from best price to worse prices until an order's price, base-size, or quote-size constraint is reached.

Within one price level, resting orders execute first in, first out.

Maker and taker

• A maker is the resting order already on the book.
• A taker is the incoming order that consumes resting liquidity.

A limit order may act as taker for its immediately executable portion and maker for any remainder that posts.

Order constraints

Orders may be specified by asset quantity or quote notional. Execution stops when the selected amount has been filled or the order's price constraint can no longer be satisfied.

Each account may have at most 100 open orders. Orders are also subject to available margin, position limits, market state, and permitted price bands.