This section covers how orders are matched on Aver.
In a peer-to-peer exchange, orders must be matched with participants who have an opposing order to be confirmed. Matching orders is the process by which the Aver protocol pairs one or more buy (back) orders to one or more sell (lay) orders at a price at which both parties are happy to trade. Once an order is matched it can be considered ‘locked in’.
An order can be in one of four states:
- Fully open (i.e. not matched at all) - Fully open orders can be cancelled at any given time, or you can wait until they’re matched
- Partially matched (i.e. some portion of that order has been matched, but is awaiting other parties to take up the remaining portion) - Partially matched orders only allow the unmatched amount can be cancelled. However, the remaining portion of the order can be exited by entering into an offset position or ‘cashing out’.
- Fully matched (i.e. the order has been fully matched on the other side) - Fully matched orders cannot be cancelled. However, you can exit them as long as the market remains open by entering into an offset position or ‘cashing out’.
- Cancelled (i.e. the order has been cancelled)