Order Lifecycle

Openfish uses a central limit order book with signed orders and internal ledger settlement. In the current openfish.me deployment, matched trades update Openfish ledger balances.

1. Create And Sign

A client builds an order with:

token_id — the outcome being traded.
side — BUY or SELL.
price — the limit price, usually between 0.00 and 1.00.
size — the number of shares.
order_type — GTC, GTD, FOK, or FAK.
expiration — Unix timestamp for GTD, otherwise 0.
nonce / salt — replay protection.

The order is signed before submission. The CLOB verifies the signer and L2 API authentication before the order can enter the book.

2. Submit To CLOB

Orders are submitted to:

POST https://api.openfish.me/order

Before accepting the order, the server checks:

Signature validity.
L2 authentication.
Trading mode and market status.
Tick size and minimum size.
Sufficient platform meme balance for buys.
Sufficient outcome share balance for sells.

For ordinary app trading, users need a wallet identity, API credentials, and available Openfish ledger balance.

3. Match Or Rest

The matching engine applies price-time priority:

Bids sort by highest price first, then oldest order first.
Asks sort by lowest price first, then oldest order first.

If the incoming order crosses the book, it fills against resting liquidity. If it does not cross and the order type permits resting, the remaining quantity stays live until it fills, expires, or is cancelled.

Order type behavior:

Type	Behavior
`GTC`	Rests until filled or cancelled
`GTD`	Rests until filled, cancelled, or expired
`FOK`	Must fully fill immediately or reject
`FAK`	Fills available quantity immediately and cancels the rest

Post-only orders are rejected if they would immediately take liquidity.

4. Ledger Settlement

When a trade matches, the CLOB updates balances in its internal ledger.

For a buyer taking a sell order:

Buyer platform meme is debited.
Buyer outcome shares are credited.
Seller outcome shares are debited.
Seller platform meme is credited.
Fees and rebates are recorded according to market configuration.

For a seller taking a buy order, the same asset movement happens in the opposite direction.

This settlement is the normal path for the current meme/off-chain deployment.

5. Trade And Order Status

Orders:

Status	Meaning
`LIVE`	Resting on the book
`MATCHED`	Fully filled immediately
`CANCELED`	Cancelled, expired, rejected, or fully removed

Trades:

Status	Meaning in off-chain mode
`MATCHED`	Trade matched and ledger changes recorded
`MINED` / `CONFIRMED`	Compatibility statuses that can be advanced by background workers
`FAILED`	Settlement or bookkeeping failed

On-chain settlement statuses may still appear in code or admin views because the codebase keeps optional on-chain support. They should not be interpreted as a requirement for normal openfish.me trading.

6. Cancel

Users can cancel live orders through:

DELETE https://api.openfish.me/order
DELETE https://api.openfish.me/orders
DELETE https://api.openfish.me/cancel-all
DELETE https://api.openfish.me/cancel-market-orders

Cancellation releases locked platform meme or outcome shares back to the free ledger balance.

7. Resolution Impact

When a market is resolved:

Open orders on the market are cancelled.
Winning outcome shares are settled according to the final outcome.
Losing outcome shares become worthless.
User balances are updated in the ledger.

See Resolution for the current resolution model.

Optional On-Chain Mode

The public openfish.me product should be documented as ledger-settled trading.