Spot Trading

Spot markets quoted in USDC on the shared orderbook.

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 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.

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.