Pillar 2 · Execution Engine & Order Routing

Institutional execution with smart routing.

Nine professional order types, a live depth ladder streamed over WebSocket, and a router that splits large orders across venues to cut slippage.

Open Pro Desk API Docs

Execution lab

Watch the live order book and see how the router would split your order right now.

Live depth ladder

CONNECTING

Best bid

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Best ask

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Spread

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PriceSizeTotal

Loading asks…

84,000.00Spread 0.00
(0.000%)

Loading bids…

B 50.0% · $0.00$0.00 · 50.0% S

Smart Order Routing simulator

Priced against the live BTC/USDT book

Side

Order type

Notional (USDT)

Smart Order Routing 3.10ms 0.72bps

BTF Core Book45% · 0.68ms
BTF Liquidity Network25% · 2.09ms
Mid-Point Cross15% · 2.77ms
Institutional RFQ15% · 12.36ms

Single-venue fill

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Waiting for book

SOR blended fill

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Waiting for book

Estimated saving

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Single-venue fill walks the live top-20 levels (plus 15 bps impact beyond visible depth). SOR keeps the core-book slice on the live book and fills the rest at partner, mid-point and RFQ prices. Limit, Post-Only, Iceberg and Stop-Limit orders rest on the core book only. Estimates for illustration — not an execution guarantee.

Cumulative depth · BTC/USDT

Trade BTC

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Nine order types, one ticket

Every type is available in the Pro Desk order form and through the REST, WebSocket and FIX APIs.

MKT

Market

Executes immediately at the best available price across all routed venues.

Best for: Instant entry or exit when speed matters more than price.

fields: quantity

LMT

Limit

Rests on the book and fills only at your limit price or better.

Best for: Name your price and earn maker rebates while you wait.

fields: price, quantity

STP

Stop-Limit

Places a limit order once the market touches your stop (trigger) price.

Best for: Breakout entries and protective stops with price control.

fields: stopPrice, price, quantity

ICE

Iceberg

Large limit order that only displays a small visible slice to the market.

Best for: Work size without revealing your full hand to the book.

fields: price, quantity, visibleQty

TWAP

Time-weighted algorithm that slices the parent order evenly over the chosen duration.

Best for: Accumulate or distribute evenly over minutes or hours.

fields: quantity, algoDurationMin

VWAP

Volume-weighted algorithm that paces execution with the intraday volume curve.

Best for: Benchmark execution against the market volume curve.

fields: quantity, algoDurationMin

Post-Only

Maker-only limit order — rejected if it would immediately take liquidity.

Best for: Guaranteed maker fee — never cross the spread by accident.

fields: price, quantity

TRL

Trailing Stop

Stop that trails the market by a percentage and fires a market order on reversal.

Best for: Lock in gains automatically as a trend extends.

fields: trailingPct, quantity

OCO

One-Cancels-the-Other: a take-profit limit and a stop-limit — when one fills, the other cancels.

Best for: Bracket a position with take-profit and stop-loss at once.

fields: price, stopPrice, stopLimitPrice, quantity

Routing venues

The router picks the cheapest mix of venues for each parent order.

BTF Core Book

~0.4 ms

Primary central limit order book with price-time priority.

BTF Liquidity Network

~1.8 ms

Aggregated partner market-maker streams via low-latency cross-connects.

Institutional RFQ

~12 ms

Request-for-quote desk for block-size fills with minimal market impact.

Mid-Point Cross

~2.6 ms

Non-displayed crossing engine matching at the NBBO mid-point.

Engine specification

Design targets for the matching core.

Matching latency target (p50)< 50 µs

Order entry round-trip target< 1 ms

Throughput design capacity1.4M orders/s

Market-data push interval100 ms

Figures are engineering design targets, not measured production benchmarks.

Order lifecycle

From keystroke to settled balance in five stages.

Gateway

REST, WebSocket and FIX 4.4 sessions are authenticated, rate-limited and normalized into one internal order format.

Pre-trade risk

Every order is checked against the Unified Margin engine: available margin, price bands and self-trade prevention.

Matching engine

Deterministic price-time priority matching for the core book, with native Iceberg, Post-Only and stop triggers.

Smart Order Routing

Marketable size above the core book is split across partner liquidity, mid-point crossing and RFQ.

Settlement

Fills settle to the same cross-margin account instantly, updating balances, positions and collateral value.

Connect by API

REST for account and orders, WebSocket for streaming, FIX 4.4 for institutional order flow.

Read the docs Unified Margin