Spot Market Orders: Partial Fills and Expiration
Summary
The document explains how spot market orders consume the best available liquidity until the requested quantity is filled or the order book runs out. It describes two different outcomes: insufficient account balance causes rejection, while insufficient market liquidity allows a partial fill and causes the unfilled remainder to expire.
The API response and user data stream examples show the progression from a new order through partial trade reports to an expired final status. They illustrate how executed quantity, individual fills, commissions, and execution report fields communicate what happened. The examples use fictional prices and commissions, and the behavior described is specific to spot exchanges; other products or venues may handle market orders differently.
Key ideas
- A spot market order executes against the best available liquidity until filled or liquidity is exhausted.
- Insufficient account balance causes the order to be rejected.
- When liquidity runs out, the order can partially fill and the remaining quantity expires.
- The API response and execution reports expose fill quantities and the final expired status.
- The prices and commissions in the example are fictional.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.