Perps Order Types And Matching
Market Orders
Perpetual trades on Nad DEX can be executed via Market Orders. The counterparty liquidity can be:
Resting limit orders in the order book, or
Concentrated liquidity from the AMM.
Key information shown when placing a market perp order:
Price Impact – estimated price change from your trade.
Limit Price (for protection) – worst acceptable execution price (caps slippage on market orders).
Trading Fee – the fee charged on the trade.
Execution Fee – fee to incentivize settlement executors (see Execution Fees).
Limit Orders
The Nad DEX Perps Engine supports fully on-chain limit orders:
Orders are placed at discrete price ticks.
Once filled, orders are irreversible.
Orders rest on-chain until filled or cancelled.
Matching Behavior
Due to smart contract constraints, matching logic is optimized for fairness and gas-efficiency:
At any price tick, limit orders are filled before AMM liquidity.
If multiple limit orders exist at the same price, incoming volume is split pro rata across them.
Limit orders reduce slippage by adding discrete liquidity on the price curve.
Tick-Based Pricing
Prices in the Perps Engine follow a tick grid:
Each tick represents a fixed increment. Example representation:
1.0001^n (for integer n)Limit orders must be placed at valid tick prices.
This tick grid ensures precise and efficient price management on-chain.
Execution Fees
When a limit order is fully filled:
Any address may submit a transaction to settle the order into an open position.
The transaction sender (executor) receives an execution fee, compensating gas costs.
This model incentivizes keepers or third parties to perform settlement.
Typical fee values are defined per-market and referenced in the Perps Contracts And Fees section.