💫Case Study: Order Status & Transition
A Practical Walkthrough
Last updated
A Practical Walkthrough
Last updated
We'll explore the entire spectrum of order statuses through a detailed example, incorporating our platform's price range limit mechanism, the Circuit Breaker, for practical understanding.
For an in-depth understanding of the loan lifecycle, please visit the 'Order Life Cycle' section.
| Status \ Order Type | Market Order | Overlapping Limit Order | Limit Order |
|---|---|---|---|
Our scenario unfolds within the bounds of an order book, structured around three key order types: 'Market Order', 'Overlapping Limit Order', and 'Non-Overlapping Limit Order'. Let's consider the following order book setup:
Example: Buy 10 at market.
Transition: Order is Filled purchasing 10 units at 91.
Example: Buy 20 at market.
Transition: Order is Partially Filled with 10 units at 91, remaining 10 units are Killed due to lack of liquidity up to the upper limit.
Example: Sell 10 at market.
Transition: Order is Partially Filled with 5 units at 89, remaining 5 units are Blocked then Killed due to no liquidity at the lower limit.
Example: Buy 10 at 91.
Transition: Order is Filled with 10 units at 91.
Example: Buy 15 at 93.
Transition: Order is Partially Filled with 10 units at 93. Remaining 5 units are kept open at 93 but cannot be executed until the market moves and the circuit breaker price is adjusted to allow execution.
Example: After being partially filled, cancel the remaining order.
Transition: Remaining order is Canceled.
Example: Buy 15 at 91; remaining 5 units are kept open. Then no fill and lending market matures.
Transition: Order Expires after the maturity time passes.
Example: Buy 10 at 89.
Transition: Order is Open, awaiting a match.
Example: Buy 10 at 89 (total 15 Open on the orderbook), then another trader sells 10 at 89.
Transition: Order is Partially Filled with 5 units at 89, 5 units remain open.
Example: After being partially filled, cancel the remaining order.
Transition: Remaining order is Canceled.
Example: Buy 10 at 89, no fill and lending market matures.
Transition: Order Expires after the maturity time passes.
Open
Not applicable; enters immediate execution
Rare; unless no overlapping order
Waits for the market to reach the limit price
Partially Filled
Only used as a combined state; no remaining orders (ex. Partially Filled & Blocked)
Partial execution if not enough liquidity; remains until further filled or terminated
If the market reaches the limit price but not fully executable due to liquidity, stays until more activity
Filled (Final)
Immediately fully executed at current market prices with sufficient liquidity
Fully executed once the market fully meets the limit price
Fully executed once the market fully meets the limit price
Killed (Final)
Removed if cannot be fully executed due to lack of liquidity
Not applicable; remains in the market as Partially Filled or Open
Not applicable; remains in the market as Partially Filled or Open
Blocked (Final)
Removed if cannot be fully executed due to circuit breakers
Not applicable; remains in the market as Partially Filled or Open
Not applicable; remains in the market as Partially Filled or Open
Cancelled (Final)
Not applicable as they are executed immediately
Can be canceled before execution or after being Partially Filled
Can be canceled at any point before being fully executed
Expired (Final)
Not applicable as they are executed immediately
Expires if not executed within a specific timeframe after being Partially Filled
Expires if the set timing (ex. maturity) passes without full execution