Order Lifecycle
1
Submit an order through the API
Send your order via the REST API or WebSocket API. Include the instrument, side, size, price type, and any order-specific parameters.
2
Risk engine verifies the order structure
The risk engine checks that the order is well-formed — correct field types, valid instrument, supported order type — and rejects malformed orders immediately.
3
Risk engine checks margin requirements
The risk engine verifies that your account holds sufficient free funds to cover the required margin for the order. Orders that would leave your account under-margined are rejected.
4
Valid orders enter the order book
Orders that pass both checks enter the internal order book. They remain in memory until they either match or are cancelled.
5
Immediately matching orders execute as trades
If the order matches an existing order on the opposite side, it executes immediately as a trade. Your balances and positions update, and you receive a new state receipt.
Matching Priority
Everstrike uses first in, first out (FIFO) price-time priority. Price is the primary determinant of execution order — a better-priced order always executes before a worse-priced one, regardless of when it was submitted. When two orders share the same price level, the order submitted earlier takes priority. The oldest order at any given price level executes first. This means the fastest path to execution is submitting competitive prices early. There is no advantage to submitting multiple orders at the same price — only the first one will fill first.API Deployment Locations
The Everstrike matching engine and API run in the following Google Cloud Platform regions:If you are a market maker or a latency-sensitive trader, place your infrastructure in the same region as the matching engine. Reducing round-trip time to the API improves your ability to update quotes and capture fills before others.