Orders

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Placing orders

When you place an order, you specify:

• Market - Which asset to trade
• Direction - Long or short
• Size - Position size, entered in USDC (notional) or in units of the underlying asset. Use the toggle in the size field to switch.
  • Margin - how much margin to use
  • Leverage - multiplies your Margin to determine Size (between 1× and the market’s maximum)
• Order type - Market, limit, or no-rush
• Limit Price (Limit orders only) - The worst price at which you’re willing to execute. For longs, your order is executable when the oracle price is at or below your limit. For shorts, at or above.
• Stop Loss / Take Profit (Optional) - Trigger prices for protective close orders attached to your position.

You can only have one open position per market. Orders either open a new position, increase an existing one, or reduce/close an existing position. When you place an open or increase order, margin and fees are then held until the order is filled. If the order is cancelled before it is filled, margin and fees are returned to the trader. For reduce or close orders, fees are assessed and deducted from the position value released by each fill. The amount remaining is returned to the trader.

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Order types

Fairground has three order types. Market and limit orders are both standard orders; no-rush orders are an advanced order type for providing liquidity. Every fill, whatever the order type, executes at the current oracle price. See Fees and Rebates for fee ranges and how each fee is set.

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Market orders

A market order has no limit price. It triggers matching when placed and fills at the oracle price in that matching cycle, as far as opposing flow allows. Any unfilled size stays open for later cycles.

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Limit orders

A limit order sets the worst price you’ll accept, its execution price threshold. It fills only while the oracle price is at or below your limit (longs) or at or above it (shorts), and it fills at the oracle price, not at your limit price. If the price isn’t within your limit, the order waits for a later matching cycle.

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No-rush orders

A no-rush order is an advanced order type for market makers and experienced liquidity providers. It provides liquidity to standard orders. In the app, no-rush is a separate order type.

• No-rush orders have no execution price threshold, so they can fill at whatever the oracle price is when matching runs.
• Placing a no-rush order does not trigger matching. It fills the next time a standard order or a matching transaction triggers a cycle.
• During a matching cycle, no-rush orders fill only after standard orders have filled against each other, and they never fill against other no-rush orders.
• No-rush orders pay the trade fee but don’t pay an impact fee. Instead, they receive the impact fee from the standard orders they fill against.
• Open interest created by a no-rush fill is eligible for rebates.

The order panel shows the no-rush liquidity waiting on each side of the market, and the positions table shows how much of each position is eligible for rebates. See Order matching and Market makers / LPs.

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Stop loss and take profit

You can protect a position with a stop loss (SL) and a take profit (TP): Close orders that trigger automatically when the oracle price reaches the trigger price you set. There are two ways to set them:

• With your order: Include an SL and/or TP price when placing (or modifying) an open or increase order. The SL/TP orders are created alongside your position and become active once your order starts filling.
• On an existing position: Add, update, or cancel SL/TP at any time while you have a pending order or an open position.

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Rules

• One SL and one TP per position: To change a trigger price, update the existing SL/TP order; placing a duplicate is rejected.
• Full position size: SL/TP orders cover your entire position. If your position size changes (increase, partial fill, partial close), the SL/TP update automatically.
• Trigger prices must be on the correct side of the current price:

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How triggers execute

For a long position, the stop loss triggers when the oracle price falls to or below your trigger price, and the take profit triggers when it rises to or above it. For a short position, the directions are mirrored. Once triggered, the order is converted to a market-style close: it stays executable even if the price moves back across your trigger, and fills at the oracle price through the normal order matching.

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Lifecycle

• When your position fully closes, by manual close, stop loss, take profit, or liquidation, any associated SL/TP orders are cancelled automatically. Stop loss and take profit effectively act as one-cancels-the-other. Other pending orders in that market are not cancelled, and any position they open later has no SL/TP until you set one.
• SL/TP are reduce orders, so trade fees are assessed at fill. Placing, updating, or cancelling them costs nothing beyond gas.
• You can cancel or update an SL/TP at any time before it fills. Updated trigger prices are re-validated against the current price.

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Order states

Your order moves through these states:

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Adding or removing margin

You can adjust margin on open positions: Remove margin: You can withdraw margin as long as the position’s leverage afterward, at the current oracle price, stays at or below the market’s maximum leverage. Add margin: When your position could use more margin (e.g., to reduce liquidation risk), you can add more. In both cases, your position size, leverage, entry price, and PnL stay the same. Only the margin balance on the position changes.

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Cancelling orders

You can cancel any unfilled or partially filled order. When you cancel an open or increase order, your locked margin and the pre-deducted fee are returned to you. For partially filled orders, only the margin and fee for the unfilled portion are returned.