Orders Types
SoDEX provides a comprehensive suite of order types, enabling traders to execute complex strategies and manage market exposure with precision.
Market Order
An instruction to execute a trade immediately at the best available price in the order book. Prioritizes speed over price certainty, executing as a Taker order. (Default slippage tolerance: 1%)
Fast entry/exit, Taker execution
Limit Order
An order to buy or sell at a specified limit price or better. The order is only filled if the market reaches or surpasses the limit. Guarantees price but not fill.
Entering/exiting at a specific target, Maker execution
Stop Market Order
A conditional order triggered by a specified stop price. Once the market hits the stop price, a Market Order is automatically placed for immediate execution.
Stop-loss or breakout entry
Stop Limit Order
A two-stage conditional order with both a stop price and a limit price. When the stop price is triggered, a Limit Order is placed at the specified limit price.
Loss-limiting or entry with defined price protection
TWAP
A large order divided into smaller suborders and executed at 30-second intervals. TWAP suborders have a maximum slippage of 3%.
Executing Large orders gradually over time.
TWAP Details
The running time of a TWAP order can be set from 5 minutes to 24 hours. During execution, the TWAP tracks an execution target, defined as elapsed time divided by total time, multiplied by total size. A suborder is sent every 30 seconds over the course of the TWAP.
Each suborder is subject to a maximum slippage of 3%. When suborders do not fully fill due to market conditions (e.g., wide spread, low liquidity), the TWAP may fall behind its execution target. Later suborders will then be sized larger to catch up, capped at 3 times the normal suborder size (total TWAP size divided by the number of suborders). If too many suborders fail to fill, the TWAP may not fully execute the total size by the end.
Like normal market orders, TWAP suborders do not fill during periods when market orders cannot execute.
Order Options
These modifiers customize an order's behavior and duration on the book.
Reduce-Only
Guarantees the order will only decrease the size of an existing open position. Prevents opening a new position or increasing the current position size.
Essential for risk management
Good-Til-Canceled (GTC)
The default duration. The order remains active on the order book until it is fully filled or manually canceled by the trader.
Standard long-term orders
Immediate-or-Cancel (IOC)
Requires the order to fill immediately upon placement. Any portion that cannot be filled instantly is canceled.
Executing maximum size quickly without leaving residual orders
Take Profit (TP) / Stop Loss (SL)
Risk management tools executed upon reaching a price target (TP) or loss threshold (SL). On SoDEX, these orders are triggered by the Mark Price and are executed as Market orders.
Automated profit-taking and loss-limitation
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