In addition to limit orders, users will now be able to send market orders, post-only orders and immediate-or-cancel (IOC) orders.
We’ve been working on some major functionality updates and we are excited to announce the release of new order types for Testnet! Market orders, post-only orders and immediate-or-cancel orders offer DeFi traders a more complete trading toolkit. This update brings us one step closer to becoming a full featured DeFi-as-a-Service trading suite. Brands, projects and communities using Ultrade’s whitelabel service will be able to offer their audiences a vast array of trading functionalities. In turn these businesses can capture the lionshare of trading fees. Visit the Ultrade Testnet today to try the new orders out! Here’s exactly what each of these order types are and how to use them.
Market Orders
A market order is an order you send out to execute at the best available price. If you’re selling, that means your order will be filled at the best available bid prices in our order book. If buying, then your order will be filled at the best ask prices. Market order are immediate, and you can be sure you’re getting the best price available at the time of execution. Market orders always execute as ‘taker’ orders and best serve users who want to execute trades with speed.
Users can choose to submit their market order two ways: “by volume”, meaning the amount of the new token asset you’d like to acquire. Or “by total” which lets you specify how much crypto you want to spend to buy the other coin in the pair.
Post-Only Orders
Tools for market makers are an important component of trading systems and networks. POST orders, otherwise known as Maker-Only orders, are an important tool for market makers.
There are two types of liquidity categorizations for orders: maker and taker orders. A taker order “takes” liquidity off the orderbook by being an order that’s immediately marketable. A maker order “makes” liquidity by resting on the orderbook and filling when a taker order matches with them. Taker orders typically have higher fees than maker orders for this reason.
A post-only order is an order that will only fill as a maker order, meaning it will rest on the orderbook and won’t fill immediately. A post-only order must be a limit order that isn’t immediately executable.
Immediate-or-Cancel Orders
By default, orders submitted are “good until canceled”, meaning they will rest on the orderbook until either filled or you cancel it. An IOC order is an order that needs to be executed immediately or will automatically be canceled. The execution can be either partial or full fill; if it’s a partial fill, the remaining amount will be canceled. IOC orders must be sent as limit orders, and cannot be designated as post-only orders.
In our previous updates, we’ve highlighted front-end enhancements to our mobile trading interface and order-history design that was warmly received. We’re eager to hear community feedback on these new order types. We’ve received overwhelming user engagement so far, with over 100,000 order and trades, and nearly 1,600 suggestions submitted via our Feedback and Suggestions tool on Testnet. We’re humbled and grateful to have such a dedicated and growing community. We’re always listening and striving to build the absolute best trading suite in all of DeFi!
Be part of the discussion in our Discord and Telegram channels, and visit the Ultrade Testnet today to try out the new order functionalities!
