Trading on the CLOB

Digital Assets and Instruments Supported

At Zerohash, 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. Supported assets means they are available for custody (i.e depositing, holding a balance and withdrawing BTC, ETH, etc) while supported instruments are available for trading (e.g. BTC/USD, BTC/EUR, ETH/USD, ETH/EUR, etc). Not all assets supported for custody are available for trading.

Please refer to the Supported Assets and Instrumentspage to view supported instruments available for trading on the CLOB.

To retrieve a list of the supported instruments on the Zerohash 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.

CLOB Supported Order Types

At Zerohash, 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. Notional orders are only available on market to limit orders.

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)

Time in Force (TIF) is a parameter used in trading that determines how long an order will remain active before it is canceled. At Zerohash, we support several TIF options to give our clients flexibility in managing their orders. Here are the TIFs we support and how they work:

Good Till Canceled (GTC)

Orders with this Time in Force 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 (i.e. a GTC limit order can rest on the order book for ever). 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 daily at 4 PM EST, weekends included. 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, Zerohash provides our clients with greater control over their trades and more opportunities to achieve their desired outcomes.

Trading Rules

Zerohash has implemented the following trading rules to ensure a safe and fair market for our clients.

Hours Operated

Zero Hash's operates a 24/7 CLOB, 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.

Market Data

Zerohash 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

Zerohash 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

Relative Price Check

To maintain orderly markets and prevent erroneous trades, our CLOB enforces a relative price check on all incoming and resting orders.

• Price Band: Orders are only allowed within a ±60% range of the most recent settlement price.
• New Orders: If a new order is submitted with a price that exceeds this 60% threshold (either above or below the settlement price), it will be rejected.
• Resting Orders: Any existing (resting) orders in the order book that fall outside the ±60% range from the latest settlement price will be automatically cancelled.

Self Match Prevention

Zerohash 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.

2. 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.)

3. 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).