Position management

Opening a position

To open a position, place a market or limit order.

If the quantity requested is available at the request price level, the order will be filled and displayed under the "Filled Orders" tab and your updated position will be reflected in the "Positions" tab.

If there is a remaining amount, this quantity will be placed as an open order in the order book and show up in the "Open Orders" tab.

Maker

A maker order is one that has added liquidity to the order book upon placement. In other words, when the order was placed, it did not trigger a match, and thus entered the order book waiting to be matched against at some later point in time.

Taker

A taker order, on the other hand, is one that removes liquidity from the order book upon placement. In other words, when the order was placed, it did trigger a match vs. one or more maker orders in the book.

Matched trades

Every executed trade (commonly referred to as match or fill) is comprised of exactly one maker order and one taker order. The maker order is the one that was there first, waiting to be matched. The taker order is the second one that triggered the match.

• A maker order will spend some non-zero time on the order book.

• A taker order will never spend any time on the order book.

Market makers are traders with strategies that generally place maker orders to the book, looking to consistently capture the bid / ask spread. Market takers are traders with strategies that generally place taker orders, looking to capture directional moves in the market.

Maker/Taker Fees

See Fees for trading fee information.

View orders and positions

To view any open orders, navigate to the 'Open Orders' tab. Any open orders will be listed.

Open positions can be found on the 'Positions" tab.

Cancel an open order

To cancel an open order, guide to the 'Open Orders' tab, under the Orders tab. Here, find the order you wish to cancel. Click the 'X' on the far right hand side of the order. A confirmation message from your wallet will be prompted, and once cancelled, the open order is closed and removed from the order book.

Close or reduce an open position

To reduce and/or close your position, you will need to execute a trade in the opposite direction of your current position.

In other words, if you currently have a long position open, you must place a market sell order, or have a limit sell execute at some point after placement.

If you currently have a short position open, you must place a market buy order or have a limit buy execute at some point after placement.

When using the Open Positions table interface "X" button to close open positions, you will initiate a market order, not a reduce only order. If your order fails, this is likely because it would violate a slippage safety or because there is insufficient liquidity to close your order. When reduce only order types are supported, this will be modified.