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Placing orders

When you place an order, you specify:
  • Market — Which asset to trade
  • Size — Position size in notional
  • Side — Long or short
  • Limit Price — 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 threshold. For shorts, at or above.
  • Leverage — Between 1× and the market’s maximum
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 is locked and the trading fee is pre-deducted from your deposited margin (see Fees and Rebates). Your order then enters the matching engine and will be filled when it matches with a counterparty. For reduce and close orders, fees are assessed at fill.

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Order states

Your order moves through these states:
StateMeaning
PendingOrder is in the matching engine, waiting to be matched.
Partially FilledPart of the order has been matched; the rest remains in the matching engine.
Fully FilledThe entire order has been matched. For open orders, this means you now have a full position.
CancelledYou cancelled the order (or the unfilled portion of a partially filled order).

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Adding or removing margin

You can adjust margin on open positions: Remove margin: When your position has excess margin (margin above the minimum required for your leverage), you can withdraw the extra amount. 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.