Spacewhale
Spacewhale: market vs limit order execution
Spacewhale’s perpetuals protocol settles orders using oracle prices. Market orders seek execution after submission; limit orders wait for a trigger.
| Dimension | Market order | Limit order |
|---|---|---|
| Execution condition | A keeper fetches a Pyth price after submission. | Keepers monitor Pyth prices until the trigger is reached. |
| Fill price | Best available market price. | The trigger price if the market guarantees it; otherwise, the best available price, which may be better or worse. |
| Default and maximum expiry | 30 minutes. | 180 days. |
Submission and settlement
An order remains in the Orders panel until settlement; the History panel records executed and cancelled orders.
Hypothetical trigger and fill
In this hypothetical ETH-USD comparison, assume a buy limit triggers at $2,318 and executes at $2,326. If the market doesn’t guarantee trigger prices, a best available fill $8 above the trigger fits its documented rule. If the market guarantees the trigger price, execution would instead require a $2,318 fill.
