Orders and execution
Every production order enters through the Novrinex execution gateway. The exchange records the order before submission, validates it against live account and market data, then reconciles the result against the active route.
Supported orders
Section titled “Supported orders”Order support depends on the market. Disabled order types remain visible in the terminal where useful so the limitation is explicit.
Market
Section titled “Market”A Market order requests immediate execution against available liquidity or the current executable contract price. The final fill can differ from the displayed mark or last price.
Order-book routes check current depth and enforce a maximum slippage range. Oracle-priced routes apply their own price-impact, spread, and slippage rules. A slippage setting limits execution under supported conditions; it does not guarantee a particular fill.
A Limit order sets the worst price the trader will accept. A buy can execute at the limit or lower. A sell can execute at the limit or higher. The order can fill fully, fill in parts, remain open, expire, or be cancelled.
Limit orders are available only on routes that support resting orders.
Stop Market
Section titled “Stop Market”A Stop Market order becomes a Market order after its trigger condition is met. The trigger price is not a fill guarantee. Once triggered, the order executes against available liquidity and can experience slippage or gaps.
Reduce-only
Section titled “Reduce-only”A reduce-only order can decrease or close existing exposure. It cannot open a new position or reverse the position through an oversized close. Route rules determine how a reduce-only order behaves if the position changes before execution.
Take-profit and stop-loss
Section titled “Take-profit and stop-loss”Protective orders close exposure when a trigger is reached. Their availability and execution method vary by route. A trigger does not guarantee the exit price, especially during gaps, thin liquidity, market closures, or infrastructure failure.
Pre-trade checks
Section titled “Pre-trade checks”Before external submission, Novrinex verifies:
- the authenticated user owns the order and account;
- the symbol still maps to the intended route;
- size and price conform to market increments and minimums;
- leverage and notional remain inside route and Novrinex limits;
- the selected account has enough current available capital for new exposure;
- the market price and status are current;
- reference-price deviation remains inside the permitted range;
- the required trade-only authorization is active;
- close and cancel requests refer to the correct position or order.
The browser preview is informative. Server-observed state controls submission.
Order state model
Section titled “Order state model”| State | Meaning |
|---|---|
| Needs data | Required account or market information is unavailable or stale |
| Needs preparation | Capital is not ready for the selected market |
| Needs authorization | The market group lacks an active trade-only authorization |
| Queued | Novrinex committed the order and placed it in the execution queue |
| Executing | A worker is validating or sending the command |
| Submitted | The route returned an order identifier or transaction hash |
| Open | A resting order is active |
| Partially filled | Part of the requested size executed |
| Filled | The route confirms completion |
| Cancelled | The route confirms cancellation |
| Rejected | No order was placed, or the route rejected the command |
| Unknown or reconciling | Submission may have occurred; Novrinex is checking authoritative state |
Queued means the command is durable. Submitted means the route has acknowledged an order or transaction. Neither state means filled.
Duplicate prevention
Section titled “Duplicate prevention”Each order carries a stable request identifier and route-compatible client order identifier. Repeating an identical request returns the existing Novrinex record. Changing the symbol, side, type, size, leverage, margin mode, reduce-only setting, or slippage under the same identifier is rejected.
Market commands expire if they remain queued too long. Novrinex will not execute an old Market order after its price and account context have become stale.
Uncertain submissions
Section titled “Uncertain submissions”An API timeout does not establish whether an order failed. The external route may have accepted the order before the response was interrupted.
When that boundary is unclear, Novrinex:
- blocks a blind retry;
- preserves the original order identifier or transaction hash;
- queries the route or onchain state;
- updates the order only after an authoritative result is available.
Submitting a replacement while the first order is unresolved can create unintended exposure. Wait for reconciliation or contact support with the Novrinex order identifier.
Fills and trade history
Section titled “Fills and trade history”Trade history is rebuilt from venue-verified sources. Opening or increasing fills normally show no realized profit or loss. Closing, reducing, and liquidation events carry the realized value reported by the route where available.
Liquidations are identified separately from user-initiated trades. They remain part of account performance but are excluded from trading-volume incentives such as Points or referral qualification.