Conditional & algorithmic orders

Conditional and algorithmic orders are executed by the protocol itself at the end of a block once their condition is met. Execution always goes through the book at the prices of its orders.

Conditional orders

How they work

• Trigger. The trigger is compared with the oracle price. For a long, a stop-loss fires at or below the trigger and a take-profit at or above it. For a short it is the reverse.
• Execution. The protocol sends a market reduce order through the book. With a limit price, the order never fills worse than that price. If only part fills, the rest waits for the next blocks.
• Share of the position.
  • A partial percentage is taken from the position at the moment the order is created, so a 33/33/34 ladder closes the whole position.
  • 100% means the whole position at the moment of firing.
• Brackets on an order. MsgAttachOrderBrackets attaches a stop-loss and a take-profit to an order in the book. They take effect once it fills.
• ENTRY.
  • Opens a position of the set size and leverage, at market or at a limit price.
  • Until the position is fully built, the rest is filled in the following blocks.
  • If an expiry is set, an unfilled ENTRY is cancelled when it ends.
• Closing the position. All conditional orders of a position are cancelled together with it.

TWAP

TWAP splits a size into equal parts and executes them at a set block interval. Each part is a market order through the book.

An unfilled part of a single slice is not retried on its own; it moves into the last slice. From 2 to 100 slices, an interval from 1 to 100,000 blocks. Cancel with MsgCancelTwapOrder.

POV

POV executes a set share of market volume (from 1% to 30%) over a period. A POV whose largest slice is below 10 USDC is not accepted.

Chase

MsgSetChase makes a limit order in the book follow the market:

• Repricing. Every block the order moves to the best price of its side, shifted by offset.
• Limit. The order does not move further than max_distance from the price at the moment chase was turned on. At the limit, chase stops.
• Post-only. A post-only order does not cross the book when moved.

Turn chase off with MsgCancelChase.

When orders wait

While a market is paused, or its oracle pair is paused or under a circuit breaker, conditional and algorithmic orders for it do not execute and wait. During a trading halt, the ones that open a position wait.

Limits