Trading Rules.Last updated: October, 2021
1.Trading and Orders
Apifiny operates a central limit order book trading platform and settles trades in a number of Digital Asset Pairs. Each Trader’s Apifiny Account will list which Digital Asset Pairs are available to the Trader.
1.2.a. To place an Order on an Order Book, a Trader must have an Available Balance of the relevant Digital Asset in their Apifiny Account which is sufficient to cover the total value of the Order plus any applicable fees.
1.2.b. When a Trader places an Order, that quantity of the relevant Digital Asset becomes subject to a Hold.
1.2.c. All Orders on the Marketplace shall be treated as Limited Orders.
1.3. Limit Orders
1.3.a. A Limit Order is an Order to buy or sell a specified quantity of a Digital Asset at a specified price.
1.3.b. A Limit Order will only ever Fill at the specified price or a better price.
1.3.c. Each Limit Order will remain on the Order Book until cancelled by the Trader.
1.3.d. If an Order is posted to the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
1.3.e. To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until it is canceled by the Trader.
1.4. Minimums and Maximums
1.4.a. All Orders placed on the Marketplace are subject to the following minimum and maximum order requirements. In addition, traders may not place any Orders greater than the value of the applicable Digital Assets held in their Apifiny Account.
|Trading Pairs||Minimum order||Maximum Order||Minimum Purchase per Order||Maximum Purchase Per Order|
1.4.b. Apifiny will periodically update these Order Minimums and Order Maximums to reflect the current state of our marketplace and the notional value of the assets.
1.4.c. Each Trader (other than market makers) may not transact in over 100 Orders per day.
1.4.d. Each Trader (other than market makers) may not have more than 30 unfilled Orders at any time.
2.Matching Engine and Order Priority
2.1. Apifiny matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority.
2.2. Price-Time Priority means that each time a Taker Order is posted: The Taker Order is matched with the earliest in time Maker Order at the best price on the Order Book; and to the extent that the Taker Order is not completely Filled by that Maker Order, it is matched with any subsequent Maker Orders at that price, in the sequence those Maker Orders were posted; and to the extent that the Taker Order is not completely Filled by one or more Maker Orders described above, it is matched with one or more Maker Orders at the next best price, in the sequence those Maker Orders were posted, and this process is repeated until the Taker Order is completely Filled. An Order may be matched with a number of corresponding Orders at the same price.
2.3. Fills and Settlement
2.3.a. When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
2.3.b. Apifiny settles all Filled Orders immediately, by debiting and crediting the relevant balances of Digital Assets in both Traders’ Apifiny Accounts.
3.1. Apifiny charges a fee for each Taker Order and Maker Order that is posted to the Order Book. The fee is calculated as a percentage of the Order.
3.2. The current fee rates can be found at Apifiny.com.
4.1. All Fills are final and will not be reversed unless:
- Apifiny is compelled to do so by any applicable law or regulation; or
- Due to a serious technical error, Orders or Fills do not occur as specified in these Rules – in which case Apifiny will make all reasonable efforts to restore all Traders to the position they would have been in had the error not occurred.
4.2. Apifiny may cancel Open Orders in the following circumstances:
- Orders placed by Traders who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation, or using the API in a manner which unreasonably burdens the platform.
- Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters – a ‘clearly erroneous transaction’.
- If required by any applicable law or regulation, including specifically where Apifiny is required to suspend or terminate a Trader’s Apifiny
- If required for technical reasons.
If technical reasons prevent or degrade Traders’ ability to place or cancel Orders, or prevent or degrade access to the Apifiny Sites or affect the operation of the Marketplace or matching engines, then Apifiny may, in its discretion, take one or more of the following actions in respect of one or more Order Books;
- Temporarily disable depositing or withdrawing Digital Assets.
- Cancel Open Orders.
- Disable the ability to place new Orders.
- Disable sign-in.
- Disable APIs.
- Disable access to the Web Interface.
- Disable access to the mobile application.
Apifiny will notify all Traders of any such interruptions on the Apifiny Sites.
4.4. Trading Halts
4.4.a. Apifiny does not use circuit breakers or automated trading halts based on predetermined price bands. As provided herein, Apifiny may, in its discretion, halt trading.
4.5. Market Manipulation Prohibited
4.5.a. Traders are prohibited from engaging in Market Manipulation.
4.5.b. Market Manipulation of any kind is strictly prohibited. Market Manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:
- Deceive or mislead other Traders;
- Artificially control or manipulate the price or trading volume of a Digital Asset; or
- Aid, abet, enable, finance, support, or endorse either of the above.
4.5.c. Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
4.6. All Traders have full and equal real-time access to Market Data. Market Data is made available through the Apifiny Sites.
4.7. Corporate Operations
4.7.a. Apifiny also trades its reserves on the Marketplace.
4.7.b. Apifiny does not have any special priority and is subject to the same Price/Time/Priority and fee structure as all other Traders.
4.7.c. Apifiny only trades based on Market Data and does not have access to inside information. It does not engage in any front-running.
4.8. Apifiny policies prohibit all Apifiny employees from using inside, corporate or proprietary information to trade Digital Assets.
4.9. Scheduled Service Suspension
4.9.a. Apifiny may, from time to time and with at least 24 hours’ prior notice on the Site, suspend the Apifiny Services (“Service Suspensions”) to accommodate, among other things, Digital Asset network launches, protocol upgrades, launch of new Digital Asset pairs, blockchain forks, and general platform upgrades and maintenances.
4.9.b. During Service Suspensions, the Marketplace will freeze all Orders of the affected Digital Asset Pairs and all Orders will generally resume trading thereafter. Apifiny may also in its sole and absolute discretion cancel or remove none or all resting Orders of the affected Digital Asset Pairs upon the onset of a Services Suspension.
4.9.c. During Service Suspensions, Subscribers will not be able to initiate withdrawal requests or initial Orders and are generally advised against initiating funding transactions. Apifiny may not honor funding transactions initiated by Traders during Services Suspensions.
4.10. Unscheduled Service Suspension
4.10.a. Apifiny may, from time to time and without prior notice, suspend Apifiny Services (“Unscheduled Service Suspensions”) due to unforeseen events or circumstances.
4.10.b. During Unscheduled Service Suspensions, Traders may not be able to access any or all functionalities of the Marketplace and are generally advised against initiating funding transactions. Apifiny may not honor funding transactions initiated by Traders during Unscheduled Service Suspensions. All Orders of the affected Digital Asset will be frozen, and trading will generally resume thereafter. In addition, during an Unscheduled Service Suspension, the Marketplace may reject all Orders of some or all Digital Asset Pairs, and Apifiny may cancel or remove none or all resting Orders of some or all Digital Asset Pairs.
In these Trading Rules, the following words and phrases have the corresponding meanings.
- Asset means a Digital Asset supported for trading on the Marketplace.
- Available Balance means a Trader’s Total Asset Value less any amounts held for Open Orders and fees.
- Base Asset means the Asset being traded on the Order Book; the first Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
- Digital Asset Pair means each pair of Digital Assets offered on the Marketplace for trading.
- Fill means a match of two Orders. Also referred to as an execution.
- Hold means the setting aside of Digital Assets allocated to an Order.
- Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
- Order means an instruction to buy or sell a specified quantity of the Digital Asset at a specified price.
- Order Book means each order book on which Orders are placed for trading in a Digital Asset Pair.
- Open Order means a Maker Order which has been posted but not Filled, canceled or expired, or a Stop Order which is currently active.
- Total Asset Value means the gross value of all of a Trader’s Digital Assets for the relevant Order Book. This includes all Assets allocated to Open Orders.
- Trader means each customer trading on the Marketplace.