Buy (sell) at the best available market price.
- Guaranteed to be executed
- Execution price is not guaranteed
Buy (sell) at a specified price or better.
- A limit buy can only be executed at the limit price or lower
- A limit sell can only be executed at the limit price or higher
- Limit orders are not guaranteed to execute
Buy (sell) after a specified stop price is reached. When the stop price is reached, a market order is placed automatically.
Buy (sell) at a specified limit price, or better, after the trigger reaches the specified stop price. Once the specified stop price is reached, a limit order is immediately placed at the specified limit price.
- Trigger can be either the Mark Price or the Last Price
"Good Till Cancel"
Order will remain active until (1) the order is filled or (2) the order is cancelled.
“Immediate Or Cancel”
Immediately after placement, any unfilled portion of the order is cancelled.
“Fill Or Kill”
Order will only execute if the full quantity is filled immediately after placement.
Order will be cancelled if any portion would immediately execute. This ensures that the order is always on the maker side.
Isolated Margin: Qume supports isolated margin on a market-by-market basis. Margin cannot be shared between positions (no "cross" margin). The total liability for a given position is limited to the margin posted for that position. Users can add or remove margin (change leverage) at any time.
- Initial Margin is the minimum margin required to enter a position
- Maintenance Margin is the minimum margin required to keep the position open
Mark Price: The Mark Price is the price at which the contract is currently valued. It often varies from the current market price (to protect against price manipulation). Mark Price is used to calculate unrealized P&L and trigger liquidations. To calculate the Mark Price, first, calculate the Impact Price:
- The Impact Bid Price is the VWAP (volume-weighted average price) of a 1-BTC market sell order
- The Impact Ask Price is the VWAP of a 1-BTC market buy order
The Fair Price is a simple average of the Impact Bid and the Impact Ask prices.
The Mark Price then is calculated by adding the 30-second EMA (exponential moving average) of the Fair Price minus the Qume BTC Index. This is recalculated every second:
- Mark Price = Qume Index + EMA[Fair Price - Qume Index]
The Mark Price is bounded by 0.5% on either side of the Qume BTC Index.