ManekoraHow orders fill
You trade at the mark itself: no spread, and no slippage at any size. Orders fill a few seconds after you place them, and that short wait is what makes it safe.
No spread, no slippage
- No spread. Every open and close fills at the mark price with nothing added: a long enters at the mark, not above it, and exits at the mark, not below it.
- No slippage. There is no order book to walk through, so 10 Blood and 2,000,000 Blood fill at the same price.
- No funding. Holding a position costs nothing over time. What a trade does cost: a winning trade keeps a share of its profit (the keep curve).
Two steps: place, then fill
- You place the order. Your transaction records it and, for an open, reserves the margin. No price is fixed yet.
- About 5 seconds (default) later, the house keeper fills it at the mark of that moment. The house checks everything again first: caps, pauses, and your price protection. If anything says no, the order is cancelled instead and nothing is charged.
Closing works the same way, and there is no minimum time: you can ask to close a position right after it opens. Liquidation is the one exception. It happens at once, at the current mark.
Why the short wait
The mark updates about every 3 seconds. Prices on other exchanges move a moment earlier, so a fast trader can often tell where the next mark will land. If orders filled at once at the current mark, that trader could buy at a price they already know is about to rise, again and again, and the profit would come out of the pool, which belongs to every Maneki.
Most venues charge a spread on every trade to cover that. Manekora waits instead: by the time an order fills, a new mark has been published, so whatever anyone knew when they placed it is already in the price they get. Nobody can trade on a price they saw coming, and so nobody needs to pay a spread.
Price protection
Price protection is not a fee. When you place an order you choose how far the mark may move against you before it fills: ±0.5% by default, set in the order ticket. If the mark at the fill is past that limit, the order is cancelled instead of filled. An open's margin comes back; a close's position stays open. A fill can also be better than the mark when you placed it: protection only limits the worse side.
The keeper and the default 30-second window
- Only the house keeper fills orders. If anyone could, a trader could fill their own order at the moment that suits them, which is exactly the edge the wait removes.
- It can't fill early, before the order has waited 5 seconds (default). Normally it fills within a block or two after that.
- It can't fill late. If it hasn't filled an order 30 seconds (default) after it became fillable, the order expires, and anyone can cancel it to return its margin. So the keeper can at most pick among the marks of those 30 seconds.
- It never sets a price. The house reads the mark itself at the fill, and your price protection still cancels any fill worse than your limit.
- It's all on the record. Every order, fill and cancellation is recorded on chain with its time, so anyone can check how quickly the keeper fills.
- You can request an emergency close without the keeper. If the keeper misses a close's window, a Close now button appears on the position for 25 seconds: it closes at once, at the mark less 0.1% (never more than a fifth of your margin). That cost and the short window keep anyone from using it to pick their moment, so it is only worth it when the keeper has failed. Missed the 25 seconds? Ask to close again, for free: if the keeper misses that one too, Close now comes back. Close now still requires a valid price and is unavailable while emergency exits are paused.
You can't cancel an order while it waits. Being able to call it off after seeing the price move would be a free option that the pool pays for. With the default timings, an unfilled order expires about 35 seconds after submission. After expiry, anyone can submit an onchain cancellation. An opening order's margin is released when that cancellation executes.
Why an order may be cancelled
| Reason | What to do |
|---|---|
| The mark moved past your price protection | Place it again, or allow a wider price protection |
| The keeper didn’t fill it within the window | Rare: the keeper was down or the network stalled. Place it again; for a close, Close now is also open for 25 seconds |
| The market’s caps filled up first | Try a smaller size, or later |
| Opens were paused, or the circuit breaker tripped | Closes and minting continue. Conversions require sufficient Protected Reserve and available cash. |
| The house was paused (an exploit pause) | Place it again once the pause ends. Closes and conversions wait too; liquidations continue |
| Mark and oracle drifted apart | Try again once they come back together |
| The market’s maximum leverage was lowered | Choose a lower leverage |
| The position was liquidated before its close filled | Nothing to do: liquidation closed it |
A cancelled order costs nothing but its transaction's gas.
While an order waits
- Its margin counts as in use, so it isn't in Available Blood.
- The Maneki can't depart or be transferred, as with open positions; its available Blood can still be converted.
- A position whose close is waiting can still be liquidated; its close is then cancelled. If the mark has reached its liquidation price when the close fills, it is liquidated instead of closed.