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Order Matching Logic Meaning

The set of rules an exchange uses to pair buyers and sellers. The standard logic is Price-Time Priority: the best price gets filled first.

If two people offer the same price, the one who arrived first gets filled first. Alternative logic exists, such as Pro-Rata Matching, where everyone at the best price gets a piece of the trade proportional to their order size.

This is common in some futures markets but less so in crypto spot markets. Understanding the matching logic is crucial for algorithmic traders.

They design their bots to exploit the specific rules of the engine, ensuring they get "Queue Priority" for their orders.

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Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

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