Trading
Early AccessPlace orders on a permissioned venue, track reserved or escrowed balances, and follow fills through delivery or undo.
Trading is the Console workspace for choosing a listed market and placing an order against its order book. The order book is the running list of resting buy and sell interest a market keeps until a matching order arrives. This is the secondary market a token reaches once it already circulates. Primary Offerings runs a token's first sale at a price the issuer fixed. Once that sale has delivered units to investors, this page is where they change hands again at whatever price the book gives instead of a fixed one. Reach for this page whenever you want to buy or sell a token that already trades on a venue at whatever price the book gives you or better.
This page is the wrong choice for three neighboring jobs. If you need to move tokens between two wallets you control, or send tokens to someone outside a market at an agreed price, that is a transfer, not a trade. A trade always prices against the book; a transfer never does. If you and a counterparty already agree on every amount and want both legs to move together or not at all, that is XvP settlement, which never discovers a price the way a trade does. If you need to list a new market, change its fee schedule, or halt it, that is Venue operations, the operator side of the same venue.
Signing an order does not complete the exchange. Reserving a plain ERC-20 leg moves tokens to the venue's escrow vault; a DALP hold keeps them in the trader's wallet. You sign a request naming the side, order type, quantity, and expiry, and the venue's book decides whether and when that request becomes a fill. The workspace shows the venue's order book and trades. Market DataMarket Data gives valuation, compliance, and reporting one governed price for an asset or currency pair, so they stop reconciling separate copies of the market.Read the concept explains the separate on-chain price feeds. Transfer-Path ComplianceTransfer-Path Compliance enforces a regulated token's rules inside the on-chain transfer itself, so a movement that fails any rule reverts and never settles.Read the concept explains the rule that matters most here: a match does not prove delivery. Each delivery leg must pass its token's applicable checks. The book can cross two orders and still settle nothing if either leg fails that check.
A fill can remain pending during a holding period. Delivery transfers the net legs under the tokens' applicable rules; a pending delivery can be undone before its deadline.
Placing an order changes what is available, not what is yours. For a buy, the venue reserves the quote notional plus the maximum fee. A DALP hold reduces spendable balance in the wallet; an escrow reservation moves approved ERC-20 units to the venue vault. A sell reserves the base quantity the same way, and pays its fee out of the quote proceeds instead. A DALP leg leaves the wallet at delivery. An escrowed leg has already moved into the vault at reservation. Cancelling a working order is itself an on-chain transaction: the Console asks you to verify your wallet, and the reserved balance releases when the cancellation confirms.
The trading interface does not expose your identity or remaining position to a counterparty. Public chain records can still reveal the participating addresses and transfers. Order history and the trade blotter record fills and closed orders. Retain any separate approvals or reconciliation evidence your process requires. A pending delivery can be undone during the market's holding period. One venue operator proposes the undo and a different operator approves it through Venue operations. The Console calls this a trade bust, but it releases reserved legs rather than reversing delivered transfers. The blotter marks the result "Undone". Once delivered, the venue offers no undo. A market with a zero holding period delivers at the fill and has no pending-delivery window.
The order type decides which risk you carry
Every order trades certainty of price against certainty of execution. The order type is where you make that trade.
| Order type | How it meets the book | Choose it when | What it costs |
|---|---|---|---|
| "Limit" | Rests at your price until it fills, expires, or you cancel it. | The price matters more than the timing. | It may never fill, and its reservation holds part of your balance while it waits. |
| "Market" | Takes the prices resting on the book now, inside the market's protection band. | Completing the trade now matters more than the exact price. | You accept every price inside the band, and the session must be in continuous trading. |
| "Stop" | Stays dormant until a trade prints at your trigger, then converts into the protection limit you set. | You want protection against the market moving while you are not watching. | Nothing is reserved while it is armed, so it can be rejected at the moment it fires if your balance no longer covers it. |
Time in force decides how long a resting order waits. "Good till cancelled", the default, signs no expiry: it signs the latest expiry the venue accepts, so it rests on the book until it fills or you cancel it. "Good till date" lets you set the expiry yourself, down to the minute. "Immediate or cancel" takes whatever fills at once and cancels the rest, so it never rests. Choose "Good till date" when a stale order would be a risk if it rested indefinitely. Choose "Immediate or cancel" when a partial fill now is worth more than a full fill later.
The session state gates which combinations are even offered. During the opening auction, the ticket disables "Market" and "Immediate or cancel" outright.
Steps
Select a market
Open "Wealth", then "Trading". Use "Select market" to bind the workspace to a listed pair. The header shows the last price, the 24h figures, and the session banner; the panels below carry the order book, recent trades, chart, your balances, and your orders. A market you cannot find may be private: only approved wallets see and trade a private market, so ask the venue operator if you expect a pair that is not offered.
Screen equivalent: the workspace shows the selected market, session state, order book, recent trades, chart, balances, order ticket, working orders, order history, and trade blotter.
Check the session and market
Read the session banner before entering an order. "Session closed" refuses every new order. "Preopen" and "Opening auction" collect limit orders without matching, and the market opens at an undisclosed instant inside its published window, so nothing crosses until then. A market whose calendar has no preopen skips that phase: it goes from "Session closed" straight to trading at the scheduled open, and the banner names the open time instead of a window. "Session open" runs continuous trading. Check the market status too: a market showing "Market halt" accepts nothing until an operator resumes it, and your resting orders wait untouched through the halt.
Enter and confirm the order
Choose "Buy" or "Sell", then the order type: "Limit", "Market", or "Stop". Select the time in force: "Good till cancelled", "Good till date", or "Immediate or cancel". Enter the price, quantity, trigger, or expiry the chosen combination requires, and read the exact amount the venue will freeze under "Reserved balance" before you commit. Select "Place buy order" or "Place sell order". The Console opens "Confirm your order" and asks you to verify your wallet, which signs and places the order.
Troubleshooting
Trading authorization required
The ticket shows this instead of a plain rejection because the fix is different: the escrow vault's token allowance is missing or no longer covers the reservation this order needs. For an escrow leg, approve the named venue vault for the amount the ticket shows, then retry. A DALP hold leg does not use this allowance. Check the remaining allowance before later orders.
Order rejected
The ticket names the specific check that failed, and each one has a different fix. An eligibility rejection means your wallet is not registered to trade this market; contact an administrator. A desk-limit rejection means the order exceeds the limit your desk approver set; reduce the order or request a reviewed limit change. A different operator must approve that change. A grid rejection means the price or quantity does not land on the market's tick and lot grid; choose a valid tick and lot size that preserve your intended price and quantity limits. Check the minimum notional. A price-band rejection means the price sits outside the market's daily band; move it toward the current market and resubmit. A market-state rejection means the market is not live, most often because an operator halted it; wait for it to resume. A balance rejection means this order plus what you already have reserved would exceed your spendable balance; cancel a working order or submit a smaller one. An order-cap rejection means you reached the open-order cap for this market; cancel a working order first. A size rejection means the order is above the market's maximum order size or value; submit a smaller one. An expired or fee rejection means the order sat too long before reaching the book, or the fee schedule rose above the fee cap you signed; submit a fresh order either way, since neither can be repaired in place. A signature rejection means the venue could not verify the order was signed for this session; contact an administrator rather than resubmitting the same order. A rate-limit rejection means you sent orders too quickly; wait a moment and try again. The error catalog describes every refusal these checks return through the API.
A stop order will not accept its trigger
A sell stop must trigger below the current market price and a buy stop above it, because a stop only makes sense as protection against the market moving the wrong way. The ticket rejects a trigger on the wrong side outright.
A working order disappears without a fill
"Order history" carries three "Status" values for a working order that never fills, and only two of them get help from the "Reason" column beside it. "Expired" means its time in force ran out before it filled, and "Reason" adds "Expired before it could fill". "Cancelled" means the order left the book without a prune. A direct cancellation shows "Cancelled by the trader or venue". The venue also cancels a working order with that reason when the token hold behind it lapses, because the token's hold lifetime for the venue ran out or the issuer removed or re-added the venue as a reserver. A partial fill that leaves less than the market's minimum notional shows "Remainder fell below the minimum notional". "Pruned" means the venue removed the order rather than fill it on terms you never agreed to, and "Reason" carries nothing for it, since a prune is not one of the tracked close reasons; the "Status" badge alone is your signal. A prune happens for five reasons. The fee schedule rose above the fee cap your order signed. An operator pruned orders left outside a tightened price band or size limit. A freeze, a forced transfer, or a change to the token's compliance rules hit your wallet or the token. You were removed from a private market's participant list. Or a match involving your order failed compliance on the other leg, which prunes your order and re-rests the other side at its original priority. In every case the reserved balance behind the order releases back to spendable. If none of the fee, band, or minimum-notional cases explain it, ask an administrator whether a freeze, a forced transfer, or a blocked match touched your account.
Market data disconnected
The Console empties the order book and recent-trades tape until the stream reconnects. This state reports unavailable data rather than an empty market, so wait for the connection status to recover before you read either view. A working order you already placed is unaffected; only the live display is missing.
Frequently asked questions
What price does a market order get?
The prices resting on the book, best first, up to the edge of the market's protection band around the last trade. A market order never executes beyond that band: any remainder that would have to is cancelled rather than filled deep, and "Order history" records it as outside the protection band. On a thin book this means a market order can fill partially and cancel the rest, so check the depth panel before you size one.
Can other traders see who I am?
The Console does not show counterparty identity in the trading view. The order book shows resting quantity aggregated per price level, and the recent-trades tape shows price, quantity, and time. The fill your counterparty sees carries their own order, side, price, quantity, and fee, and nothing that identifies you. Venue operators work with wallet addresses when administering participants. Anyone with chain access can also inspect on-chain addresses and activity.
Do my resting orders survive a session close?
Yes, within its own lifetime. A closed session refuses new orders; it cancels nothing. A "Good till cancelled" order signs no expiry, so it survives the close and is still on the book at the next session's open. To set that boundary yourself, give the order a "Good till date" expiry, or cancel it before the session ends.
Can I change a working order instead of cancelling it?
No. The ticket places orders and the orders panel cancels them; there is no amend. To change price or quantity, cancel the working order and place a new one. The cancellation releases its reservation only when it confirms on-chain, and the new order takes a fresh reservation immediately, so for a moment both must fit inside your spendable balance or the new order is rejected.
Which fee do I pay in the end?
The fee charged on each fill at the market's schedule, shown per fill in "Trade blotter" in the quote token. On a buy, the reservation holds the worst case, the larger of the maker and taker rates rounded up on the quote notional, and whatever it held beyond the fee actually charged releases when the order closes. On a sell, no fee is reserved at all: the venue deducts it directly from the quote proceeds when the fill settles, so there is nothing held back to release. The ticket's "Est. fees" line estimates at the taker rate either way.
Primary Offerings
A Primary Offering is the contract-governed first sale of new assets to investors, from funding through delivery, refunding only if the minimum is missed.
Venue operations
Operate the trading venue from the Console: list and halt markets, delist them, tune fees and bands, grant desk limits, and undo pending deliveries.