Trading on the CLOB

Digital Assets Supported

At Zero Hash, we are committed to providing our clients with a comprehensive range of digital assets for trading. Our platform supports a diverse selection of digital assets all paired with USD.

Please refer to the What assets do you support?page to view supported Liquidity (CLOB) assets.

To retrieve a list of the supported assets on the Zero Hash CLOB, you can make use of our API to request list available instruments. This will return the parameters of the active digital currencies and parameters.

Trading Pairs

A trading pair refers to two different assets that can be traded against each other in the CLOB. In the context of Zero Hash's CLOB, a trading pair consists of a cryptocurrency and a fiat currency. Trading pairs are used in order to determine the price of one asset in terms of another, and clients can buy or sell either asset in the pair. For example, in the BTC/USD trading pair, a trader can buy Bitcoin using US Dollars or sell Bitcoin for US Dollars.

At Zero Hash, we currently only support crypto/fiat trading pairs in USD, such as BTC/USD and ETH/USD. However, we are continually looking to expand our offerings to include more trading pairs and support for additional assets. We believe that expanding our offerings will provide our clients with more opportunities to trade and help grow the crypto ecosystem as a whole.

CLOB Supported Order Types

At Zero Hash, we offer a variety of order types to suit the different trading strategies and preferences of our clients. Our CLOB supports the following order types:

  • Market to Limit
  • Limit
  • Stop
  • Stop Limit

Market-to-Limit Order

An order to buy or sell immediately executed at the best price currently available in the system with any unexecuted (leftover) quantity becoming a Limit order at the last executed price. It is possible for the order to have multiple fills at multiple prices.

Limit Order

A submitted limit order will execute when the price is matched. A limit order guarantees a price but does not guarantee an execution. It is possible to receive a partial fill on a limit order.

Stop Order

Stop orders are triggered when the designated “stop” price is traded through. Unless a limit price is included (see Stop Limit below) a stop order becomes a market order when triggered.

Stop Limit Order

A stop-limit order combines the features of a stop order and a limit order. Once a stop price is reached, the order becomes a limit order. Partial fills are possible with a stop-limit order.

CLOB Supported Order Expiry Types

Time in Force (TIF) is a parameter used in trading that determines how long an order will remain active before it is canceled. At Zero Hash, we support several TIF options to give our clients flexibility in managing their orders.

Good Till Canceled (GTC)

Orders with this expiry setting remain open and active until either executed or explicitly canceled by the client. GTC orders will persist even when the market is closed for maintenance. Partially filled orders are allowed.

Immediate or Cancel (IOC)

Orders are executed immediately and any portion of the order that cannot be filled immediately will be cancelled. Partially filled orders are allowed.

Good Till Date/Time (GTD/GTT)

GTT orders specify the date and time at which an order is to be expired. Must be set in UTC time and datetime format. Partially filled orders are allowed.

Fill or Kill (FOK)

FOK orders must be executed in its entirety immediately or it will be cancelled. Partially filled orders are not allowed.

Day (DAY)

Day orders are cancelled when the market closes weekly at Monday 4 PM EST. Partially filled orders are allowed.

These TIF parameters allow traders to manage their orders according to their specific trading strategy and the market conditions. By offering multiple TIF options, Zero Hash provides our clients with greater control over their trades and more opportunities to achieve their desired outcomes.

Trading Rules

Zero Hash has reserved a weekly maintenance window to perform system upgrades and maintenance on our CLOB. The maintenance window is on Monday 16:00 - 16:30 EST and clients will be formally notified in advance to any impacts that may be faced. Zero Hash has implemented the following trading rules to ensure a safe and fair market for our clients.

Hours Operated

Zero Hash's operates a near 24/7 CLOB trading session, providing clients with around-the-clock access to digital asset trading. In the event of any planned maintenance or downtime, we will give our clients two weeks' notice to allow for appropriate preparations. There is a weekly maintenance on Mondays at 4pm EST until 4.30pm EST. The market status is updated to 'Closed' at 4pm EST, 'Pre-Open' at 4.25 pm EST and Open at 4.30pm EST.

Market Data

Zero Hash providers access to real-time market data from the CLOB, which includes current bid and ask prices, order book depth, and trade history. Orders are executed in price-time priority.

Order Size Limits

Zero Hash sets limits on the size of orders that can be placed in the market, which can help prevent liquidity providers from placing excessively large orders that could move the price significantly.

Minimum Order Size : $1.00. _For account liquidations orders below this, clients can pass FIX tag 18=c on Market-to-Limit orders._

Maximum Order Size : $500,000.00

Price Percentage Checks

Zero Hash performs price percentage checks before allowing new orders to enter the order book. If the price percentage check is triggered, resting orders outside of the current parameters will also be canceled.

Self Match Prevention

Zero Hash uses a Self Trade Prevention (STP) function throughout our CLOB to prevent market manipulation.

Settlement Price

Instrument's settlement prices are a reflection of the Volume Weighted Average Price (VWAP) of all trading activity on the Instrument, the figure is updated daily at 4PM EST based on the prior day's trading activity.

Calculation of Opening Price

There are three steps in determining the opening price. If an opening price cannot be determined after the first step, the model progresses to the second step and, if necessary, the third. The steps to calculate the opening price are applied in the following order:

  1. Maximum Virtual Asset quantity traded :
    The price level that allows the maximum quantity to trade is the opening price. At each price level (i.e., prices of queued orders) the total quantity available in the market is calculated. The total quantity available is determined for both the buy and sell side of the market.
Bid QuantityCumulative Bid QuantityImbalancePriceImbalanceCumulative Offer QuantityOffer Quantity
55223013
71222206
618022100182
22200166
821902010
  1. Minimum quantity imbalance :
    If more than one price level allows the maximum quantity of underlying cryptocurrency to trade, the price level with the minimum imbalance in quantity becomes the opening price. Imbalance quantity is the amount of underlying remaining after all trades occur at a particular price level (e.g., if the total quantity available for a trade to occur is 9 and the sell quantity that can be traded is 8, the imbalance is 1 on the buy side.)
Bid QuantityCumulative Bid QuantityImbalancePriceImbalanceCumulative Offer QuantityOffer Quantity
55223038
49122208
110222108
102220083
105219055
  1. Better price for the market side in high demand :
    If more than one price level allows the maximum quantity to trade with equal minimum imbalances in quantity with both imbalances on the same side of the market, the price to be selected is the price that is better for the side of the market with no remaining volume (the side that is opposite to the side of the market with the imbalance).
Bid QuantityCumulative Bid QuantityImbalancePriceImbalanceCumulative Offer QuantityOffer Quantity
552230813
6112220213
1122102139
117219044