# Spot Trading Spot markets trade a base asset against USDC on Pacifica's performant orderbooks. ### Order types Spot markets accept Market, Limit, Stop Market, and Stop Limit orders with TIF settings GTC, IOC, ALO, and TOB. See [Order Types](https://pacifica.gitbook.io/docs/trading-on-pacifica/order-types) for more. Orders flagged `reduce_only` on a spot market are rejected. ### Fees Spot fees are deducted from the received asset at the end of a trade. ``` buy: received_base = (usdc_spent / price) * (1 - fee_rate) sell: received_usdc = (base_sold * price) * (1 - fee_rate) ``` Fee tiers follow the perpetual fee schedule. See [Trading Fees](https://pacifica.gitbook.io/docs/trading-on-pacifica/trading-fees). ### Balance locks Placing a spot order locks the relevant balance until the order fills or is cancelled. | Side | Locked balance | Effect on cross margin | | ---- | ---------------------- | ---------------------------------------------------------------------------- | | Buy | `size * price` in USDC | Reduces `available_to_spend` and `available_to_withdraw` by the locked USDC. | | Sell | `size` in base asset | Reduces `spot_collateral_value` by the locked units' LTV-adjusted value. | --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://pacifica.gitbook.io/docs/trading-on-pacifica/spot-trading.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.