Trading rules

Last updated: 13th of January 2023

LiteBit Exchange operates a central limit order book (CLOB) trading platform, where digital assets can be exchanged for digital assets or fiat. This document describes the Trading Rules at a best effort for trading on the platform.

For the latest API specification please refer to : LiteBit Exchange Documentation

Orders

To place an order on an order book, the account must have enough available balance to cover the total value of the amount required on hold. Orders have the following parameters:

  1. Market: Name of the market, in the format BASE-QUOTE (e.g. BTC-EUR).
  2. Side: Buy or sell.
  3. Order Type: Limit (buy/sell a specified amount of the base asset for a specified price in the quote asset) or market (buy/sell a specified amount or price of either base or quote asset for the best possible price).
  4. Amount: The amount of the base asset to be bought/sold (required for limit orders, optional for market orders).
  5. Amount Quote: The amount specified in the quote asset (optional for market orders, either Amount or Amount_Quote is required).
  6. Price: The price for base asset specified in the quote asset (required for limit orders).
  7. Stop Price: In case the user would like to send a Stop Order, the price level which will trigger an insertion of a Limit order.
  8. Time In Force: This specifies how long the order should be placed on the order book. This only applies to limit orders. The following options are allowed:
    1. GTC: Good-Till-Cancelled. This is the default setting and places an order on the order book until it is filled or cancelled.
    2. GTD: Good-Till-Date. The order will stay in the book until the specified date and time, in case it has not been fully filled or cancelled beforehand.
    3. DAY: The order will stay in the book until midnight UTC the same day, in case it has not been fully filled or cancelled beforehand.
    4. IOC: Immediate-Or-Cancel. This allows (partial) filling of the order when it is submitted. The remaining amount that cannot be matched will be cancelled immediately.
    5. FOK: Fill-Or-Kill. This ensures that the entire order is either filled or cancelled. Partial fills are not possible.
  9. Self-Trade Prevention: Trading with yourself is not allowed. Both orders will be cancelled if you try to self-trade.
  10. Post Only: Limit orders that have this set to ‘true’ will be cancelled if matched immediately. This ensures that you pay the maker fee. The default value is ‘false’ (i.e. Post Only is off).

Reservations

Once an order is placed, a certain amount of funds are placed on reserved. This means that they can only be used to fulfil the order for which they are reserved. The amount of funds that is placed on reserved varies for buy- and sell orders, and for limit- and market orders. Amounts placed on reserved are rounded up.

  1. Limit buy orders: amount * price * (1 + max fee) of quote asset. Example: buy 1 BTC @ 5001 EUR: 1*5001*1.0025 = 5013.5025 -> 5013.51 EUR reserved.
  2. Limit sell orders: amount of base asset. Example: sell 1 BTC @ 5001 EUR: 1 BTC reserved.
  3. Market buy orders with Amount_Quote supplied: price in quote asset. Example: buy 1000 EUR worth of BTC at the best price. 1000 EUR reserved.
  4. Market buy orders with amount supplied: all available funds in quote asset. Example: buy 1 BTC at the best price. All available EUR reserved.
  5. Market sell orders with Amount_Quote supplied: all available funds in base asset. Example: sell 1000 EUR worth of BTC at the best price. All available BTC reserved.
  6. Market sell orders with amount supplied: amount in base asset. Example: sell 1 BTC at the best price. 1 BTC reserved.
  7. Cancelling an order returns the remaining reserved amount back to the User account.
  8. A fill lowers the remaining reserved (required) amount.

Trading Limits

Trading limits are subject to change and be found on the following web page: Trading Limits

Order Matching during Regular Trading

  1. Orders that are matched immediately are taker orders. Orders that are not matched immediately and are placed in the order book are maker orders (limit orders).
  2. Orders are matched based on price-time priority. This means that taker orders are matched with the best available price. If several orders have the same price, the oldest maker order is matched. This process continues until the order is filled, placed on the order book, or cancelled.
  3. The price paid/received is determined by the maker order. This means that limit orders can be filled at prices better than their limit price.
  4. Fills are settled nearly instantly.

Order Matching during Halted markets

  1. Order books are placed in Post-only mode after a market has been Halted and before Trading resumes.
  2. Orders can be placed and cancelled when a market is Halted. No orders will be matched during Halted markets.

Fee

  1. The fee is charged (and rebates are given) in the quote asset.
  2. The users can view their fees structure in : https://exchange.litebit.eu/user/fees
  3. Fees are calculated for each fill.
  4. Fees are rounded up, to the precision of the asset. 8 decimals for EUR.
  5. All traders pay the fees mentioned in the fees structure. LiteBit Exchange may (temporarily) increase the fee tier for market makers and large institutions (determined on a case-by-case basis). LiteBit Exchange does not provide preferential fees lower than those mentioned in the best tier.
  6. The 30 day rolling volume used to determine the fee tier is calculated at 00:00 UTC each day, or upon request (Settings -> Trading fees)

Market Integrity

  1. All traders have equal access to the web interfaces and LiteBit Exchange API. LiteBit Exchange does not provide prioritized access to any trader.
  2. All traders have full and equal real-time access to market data. Market data is made available through the web interfaces and LiteBit Exchange API.
  3. LiteBit, which owns and operates the LiteBit Exchange central limit order book trading platform, also trades with a related entity on the LiteBit Exchange central limit order book trading platform. This trading account does not have any special priority and is subject to the same price, time, priority and fee structure as all other users. This trading account only trades based on market data and does not have access to inside information.

Scheduled downtime

  1. LiteBit Exchange may suspend trading temporarily for maintenance or for other reasons. LiteBit is not liable for any damages suffered during or due to the (un)scheduled downtime. Normally LiteBit Exchange will proceed according to the following steps:
    1. Announcing scheduled downtime: Traders will be informed through a notification on LiteBit Exchange.
    2. Scheduled downtime begins: Traders will be informed through a notification on LiteBit Exchange.
    3. Scheduled downtime ends: Markets will be placed in Halted mode. Traders will be informed through a notification on LiteBit Exchange when trading resumes. This will be at least 15 minutes after the scheduled downtime ended.
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