Partial fills and cancellation
An order does not need to execute all at once. A partial fill executes part of its reference size, leaving the rest open.
Every fill stands on its own
Section titled “Every fill stands on its own”Suppose a 1 BTC order fills 0.4 BTC now and 0.6 BTC later. Each fill stores its own execution price, q, conversion output, buyer payment, and funded cap.
For a single trading-day order, the fills share that day’s fixed reference and settlement window. Their prices and Split rates can still differ.
Later price changes cannot rewrite earlier fills.
Amounts scale with size
Section titled “Amounts scale with size”A target of 79,000 USDC per 1 BTC becomes a 31,600 USDC target for a 0.4 BTC fill and a 47,400 USDC target for a 0.6 BTC fill.
The buyer payment for each fill is calculated from that fill’s own conversion output. Fixed Contract prices also scale with executed size.
Token rounding matters for small amounts. Production execution must keep total spending within the owner’s full authorization across all fills.
What can be canceled?
Section titled “What can be canceled?”Only the unfilled remainder can be canceled. If 0.4 BTC of a 1 BTC order has filled, canceling releases the unused reservation for the remaining 0.6 BTC. It does not undo the 0.4 BTC fill.
A funded position cannot be closed, transferred, or sold early under the selected MVP rules.
One order can have two kinds of result
Section titled “One order can have two kinds of result”A target order may first create contracts while conversion is below the target. Later, the remaining size may execute as a direct swap if conversion meets the target.
The contract fills remain locked until settlement. The swap output becomes available immediately after the successful execution. The swap does not inherit a settlement obligation from the earlier fills.
Caps are never pooled
Section titled “Caps are never pooled”Calculate the payout for each fill using its own cap, then add the results in the same asset. Do not combine funds first and apply one cap across the order.