Direct swaps
A target order becomes a direct swap when the actual conversion output meets or exceeds the target for the executed size.
The issuer receives all actual output, including any amount above the target. The result is credited to their available balance.
Sell example
Section titled “Sell example”You set a target of 83,000 USDC for a 1 BTC sell order. Conversion returns 84,000 USDC.
You receive all 84,000 USDC. There is no buyer payment, Yesterday contract, later payout calculation, or settlement countdown for this execution.
Buy example
Section titled “Buy example”Yesterday’s reference is 80,000 USDC. You provide 80,000 USDC for a 1 BTC reference size and ask for a target of 1 BTC.
At an illustrative conversion price of 76,000, the output is 1.05263157 BTC after rounding. You receive that whole amount, not just 1 BTC.
Why direction eligibility does not stop it
Section titled “Why direction eligibility does not stop it”The target check comes first. If conversion meets the target, no contract needs to be created. The contract direction band therefore does not block this branch.
In the sell example above, sell contracts would be ineligible at 84,000 against an 80,000 reference. The met target still executes as a direct swap.
Other execution requirements, such as valid authorization and available input, still apply.
What a direct swap cannot do
Section titled “What a direct swap cannot do”A completed direct swap cannot later turn into a contract. It has no buyer obligation or claim on tomorrow’s average. A fixed-price order cannot use this branch, and a market order is never a target order.
Target orders and direct swaps have no slippage setting under the current rules. Actual output must meet the target for a direct swap. Execution costs still affect that output.
A partly filled target order can have earlier contract fills and a later direct swap. Only the earlier contract fills wait for settlement.