Order types
An order tells the market what you want to trade and the conditions under which you will accept a fill. Choosing an order type is choosing how much control to keep over price, timing, and whether unfilled quantity should remain available.
Every Novrinex order has a price bound. No order is allowed to execute at an unlimited price.
Limit orders
Section titled “Limit orders”A limit order sets the worst price you will accept. A buy may fill at the limit or lower; a sell may fill at the limit or higher.
If compatible liquidity already exists, the order begins trading immediately at the best available prices. If no compatible liquidity exists, a good-till-cancelled limit order waits on the book at its chosen price.
A limit protects the execution price, not the fill. The market may never reach it, and there may be too little liquidity to fill the complete quantity.
Market orders
Section titled “Market orders”A market order prioritizes immediate execution. Novrinex represents it as an immediate-or-cancel order with a price bound calculated from the trader’s slippage setting.
The order trades against available liquidity until it fills, reaches that bound, or exhausts the quantity available in the book. Any remainder expires instead of waiting.
A tighter bound gives stronger price protection but makes a partial fill more likely. A wider bound reaches further into the book and can produce a worse average price.
Time in force
Section titled “Time in force”Good till cancelled (GTC) keeps unfilled quantity on the book until another trader fills it or the owner cancels it. A partial fill leaves the remainder active with its existing priority.
Immediate or cancel (IOC) makes one matching attempt and cancels the remainder. It never becomes resting liquidity.
Post-only
Section titled “Post-only”Post-only is used when the trader wants to add liquidity. The complete order rejects if it would cross the current book when processed.
Novrinex does not move the price or silently turn the order into a taker order. The trader can choose a new price after seeing the rejection.
Reduce-only
Section titled “Reduce-only”Reduce-only limits an order to decreasing an existing position. A long position can be reduced by a sell, while a short position can be reduced by a buy.
The network considers the position and all other open reduce-only quantity. If several orders could collectively exceed the position, the excess cannot open exposure in the opposite direction.
The rule is evaluated again at execution, because the position may have changed after the order was placed.
Cancelling orders
Section titled “Cancelling orders”An order can be cancelled individually by ID. A cancel-all action removes every resting order for a selected subaccount and market.
Cancellation releases the collateral reserved for the unfilled quantity. FairFlow gives cancellations defined access to block space during congestion, although the cancellation still has to reach a block before another transaction fills the order.
Safe retries
Section titled “Safe retries”Every order action carries a request ID. Repeating the same request returns its recorded result. Reusing the ID with different terms is rejected.
If a connection fails after submission, the trader or application can recover the first result without creating a duplicate order.