Spot
Limit Order
When a limit order is filled, funds are not transferred to your wallet immediately. So trader must make a claim for the order completed through OrderNFT to receive the transaction amount.
Traders can place orders at a specified price according to the tick presented in the orderbook, and orders are processed sequentially in the order they are received first. Limit orders allow users to place orders at a specified price based on price predictions.
it necessitates patience, as immediate or guaranteed fulfillment is contingent upon market movement aligning with the trader's specified parameters. About a limit order, a placing an order is not meaning a order filling or execution of that order. It need to time and waiting for its matching.
Firstly, a trader initiates a limit order, they specify a particular price at which they wish to either buy or sell a token. For a buy order, this designated price serves as the maximum amount the trader is willing to pay, whereas for a sell order, it represents the minimum price deemed acceptable. Once the price is established, the limit order seamlessly integrates into the exchange's order book—a meticulous record of all buy and sell orders categorized by price level.
By strictly adhering to the predefined price parameters, the trader is shielded from adverse price fluctuations. Should the market price align with the specified limit, the order promptly triggers, effectuating the trade at the designated price or better.
Uncertainty
Receipt of an order does not necessarily mean execution of the order. Therefore, there is also a possibility that the order may not be filled. Unlike market orders, which are filled immediately using liquidity from the vault, limit orders can only be filled through market orders. So, it's essential to note that there's no assurance of order fulfillment if the market fails to converge with the specified limit. Instead, limit orders can effectively avoid MEV attacks due to the uncertainty of execution.
Expiration
If the market fails to meet the limit price, the order remains active, poised for a compatible counterpart to emerge. There is no expiration time for limit orders on Coinmeca DEX, so placed orders can remain open indefinitely. Within the order book, the limit order patiently awaits execution or the matching of its order or the trader's cancellation. However, on the contrary, orders in price ranges that do not generate adequate demand may require a long execution waiting time.
Priority
Within the order book hierarchy, priority is bestowed upon limit orders based on both their price proximity to the prevailing market rate and their chronological placement. Orders positioned closer to the current market price and those submitted earlier enjoy precedence in execution. In other words, limit orders are executed sequentially according to the order order, regardless of quantity and size. Therefore, the sooner an order is received, the more likely it is to be fulfilled, while the later an order is received, the later it is fulfilled.
OrderNFT
When a limit order is placed, the orderer is paid OrderNFT. When a limit order is first received, the OrderNFT status is displayed as Pending, and when concluded, it is displayed as Filled. If it is marked as Filled, you can claim the transaction amount concluded in the Orderbook. Alternatively, you can transfer the NFT or resell it through the NFT marketplace, an external secondary market. Or, you can use it for peer-to-peer OTC. For more information about these applications, please refer to the OrderNFT document.
Credit
When claiming a limit order, can earn 1 credit score.
Market Order
A market order is a type of order placed by a trader on an exchange to buy or sell a token at the current market price. In a general swap, buying and selling tokens is a market transaction. Therefore, a market order can easily be understood as swapping tokens in other Swaps.
In Coinmeca DEX uses the Tick Liquidity, which is the basic liquidity allocated from the Vault like Swap pool for each tick, Additionally, if there is a limit order placed through the Orderbook, all of the corresponding liquidity is used to match and execute order. Through this, market orders provide users with much smoother transactions compared to other Orderbook DEXs and a less slippage experience compared to other Swaps.
Market orders are a key factor in moving prices. So, to incentivize market orders, upon order fulfillment, traders can earn MECA as a reward of 0.33% of the order amount. The fee for market orders is 1%, but with the effective fee, excluding the reward, being 0.66%.
Priority
Market orders have the highest priority, Coinmeca DEX allows you to execute market orders using Vault's ready default liquidity, so orders are executed as soon as they are placed. Based on the current market price, orders are executed by circulating the ticks in the orderbook in increasingly higher price ranges for Buy, and increasingly lower price ranges for Sell.
OrderNFT
Market spot trading orders are executed as soon as they are received, so the transaction amount and assets are settled immediately upon order execution. Consequently, as settlement is completed immediately after the tokens to be exchanged between traders and exchanges are exchanged, the necessary securitization and delegation of assets do not occur. Therefore, a separate OrderNFT is not minted for market orders.
Credit
When executing a market order, trader can earn 1 credit score. Unlike limit orders, market orders do not accumulate additional credit points because compensation is paid directly to MECA at a certain rate proportional to the transaction amount.