In a Spot Market with ticker AAA/BBB, AAA is the base asset, BBB is the quote asset.For example, in the ETH/USDT market
ETH is base asset
USDT is the quote asset
The spot market’s price refers to how much USDT (the quote asset) is required for one unit of ETH (the base
asset). For all spot markets, fees are always paid in the quote asset, e.g., USDT.Debit vs Credit
Debit Amount refers to the amount of asset that is withdrawn from an account.
Credit Amount refers to the amount of asset that is deposited to an account.
RefundsIn our system, a refund refers to the action of incrementing the available balance of an account. This liberation of
funds occurs as the result of an encumbrance being lifted from the account (e.g. cancelling a limit order, reducing an
order’s payable fee to a maker fee, using less margin to fund a market order, etc.).
A limit buy order seeks to buy a specified Quantity ETH (base asset) in exchange for Quantity * Price amount of
USDT (quote asset) plus fees which depend on whether the limit order becomes executed as a maker order or a
taker order.
A limit sell order seeks to sell a specified Quantity ETH (base asset) in exchange for Quantity * Price amount
of USDT (quote asset) minus fees which depend on whether the limit order becomes executed as a maker order or a
taker order.
A market buy order seeks to buy a specified Quantity ETH (base asset) at a specified worst price which is at or near
the current ask using the respective account quote asset balance (USDT) as collateral** (inclusive of fees).As a result, each market buy order implicitly has a maximum acceptable price associated with it, as filling the market
order beyond that price would simply fail due to a lack of funds.
A market sell order seeks to sell a specified Quantity ETH (base asset) at a specified worst price which is at or
near the current bid in exchange for any amount of the quote asset (USDT) available in the market.As a result, each market sell order implicitly has a zero price associated with it.
BUY (1): A standard buy order to purchase an asset at either the current market price or a set limit price.
SELL (2): A standard sell order to sell an asset at either the current market price or a set limit price.
STOP_BUY (3): This order type is not supported for spot markets.
STOP_SELL (4): This order type is not supported for spot markets.
TAKE_BUY (5): This order type is not supported for spot markets.
TAKE_SELL (6): This order type is not supported for spot markets.
BUY_PO (7): Post-Only Buy. This order type ensures that the order will only be added to the order book and not match with a pre-existing order. It guarantees that you will be the market “maker” and not the “taker”.
SELL_PO (8): Post-Only Sell. Similar to BUY_PO, this ensures that your sell order will only add liquidity to the order book and not match with a pre-existing order.
BUY_ATOMIC (9): An atomic buy order is a market order that gets executed instantly, bypassing the Frequent Batch Auctions (FBA). It’s intended for smart contracts that need to execute a trade instantly. A higher fee is paid defined in the global exchange parameters.
SELL_ATOMIC (10): An atomic sell order is similar to a BUY_ATOMIC, and it gets executed instantly at the current market price, bypassing the FBA.
Orderbook data aside, so long as our Chain supports the base capability to obtain Tick by Tick trading data,
aggregations can be applied to obtain most of the necessary higher order data, including
A market is first created either by the instant launch functionality through MsgInstantSpotMarketLaunch which creates a market by paying an extra fee which doesn’t require governance to approve it. Or it is created in the normal way through governance through MsgSpotMarketLaunchProposal.
Allow anyone to create an active spot market of their choice without requiring governance approval by burning a pre-set
SpotMarketInstantListingFee of INJ.We should still check that the denom is valid though.
If a spot market is a paused state, it will no longer accept orders and trades and will also not allow any users to take
actions on that market (no order cancellations).
