Order and Order Matching

First, a trader can accept the “suggested” width based on an algorithmic width provided by the protocol and place an order on the book.

Second, a trader can hit the ⚙️icon and “increase” or “decrease” the width of the passage and place an order on the book. Keep in mind, orders farther away from the current market width may not fill. All orders, including those placed at the suggested width, are good-until-canceled (GTC). There will be plain text beneath the pending order to describe the exact order being placed: Example: Placing an order, plain text description Orders are matched if they “cross” e.g. have the same width (range). Orders can fill in whole or in part depending on the size of the order. Should orders remain on the book without a match for several minutes, the Passage Vault may serve as the counterparty.

Liquidity Depth

Orders that are entered on the order book will also appear in the Liquidity Depth Chart, accessible from the main Passage screen. The center line represents the suggested width based on Passage's volatility estimation. To the right of the dotted line are the wider STAY IN limit orders, while to the left are the narrower BREAKOUT limit orders.