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PIO DEX Trading Specification

Orders

Orders are the requests for client to buy or sell tokens into other tokens on PIO DEX. It is a standard type of PIO transaction. Orders are composed of the below parameters.

  1. Symbol Pairs: the list pair the order wants to trade.
  2. Order Type: PIO DEX only accept LIMIT orders, which is adhering to SEC definitions of LIMIT orders
  3. Price: price users would like to pay for the specified token quantity, presented as a float number of quote currency. This must be rounded by tick size. Internally it can be multiplied by 1e8(10^8) in order to store as an integer in the range of int64.
  4. Quantity: number of tokens users want to buy or sell. That must be rounded by lot size. Internally it can be multiplied by 1e8(10^8) in order to store as an integer in the range of int64.
  5. Side: buy or sell
  6. Time: entry time of the order, which is the block number(height) the order gets booked in.

  7. TimeInForce:

    • GTE: Good Till Expire. Order would stay effective until expire time. Order may expire in the UTC midnight after more than 259, 200 blocks, which is 72 hours in term of blocking time.
    • IOC: Immediate or Cancel. Orders would be executed as much as it can in the booking block round and then got canceled back if there is still quantity left.

Orders would be rejected when:

  1. user address cannot be located with asset
  2. Account does not possess enough token to buy or sell
  3. Exchange is down or has problem to match it
  4. The token is not listed against any base currencies
  5. Other order parameters are not valid
  6. Duplicated order ID

Orders may be canceled / expired back when:

  1. IOC order not fully filled
  2. Order expired
  3. Exchange has problem to handle further with the orders

After orders are received by any blockchain node, the node would try to submit the order transaction onto a block with consensus. After the order is accepted in an block, 2 things would happen,

  1. the assets that may transfer with the order would be locked and cannot be transferred;
  2. the PIO DEX would try to match the order against any existing orders or new orders from the same block.

If the order can match with any opposite side, the trade would be generated and the assets would be transferred. The fully filled orders would be removed from the order book, while the unfilled or partially filled GTE would stay on the order book until it is filled by others; unfilled or partially filled IOC order would be canceled.

Order Lifecycle

Valid orders sent to the matching engine are confirmed immediately and are in the Ack state andinvalid orders will be FailedMatching state. GTE and IOC orders have different lifecycle.

For IOC order, if an IOC order executes against another order immediately as a whole, the order is considered FullyFill. An IOC order can execute in part and ends in IocExpire state. If no part of the IOC order is filled, will be considered IocNoFill.

For GTE order, if a GTE order can execute against another order as a whole, the order is considered FullyFill. Any part of the order not filled immediately, will be considered open. Orders will stay in the open until it's canceled or subsequently filled by new orders. Canceled GTE orders are in the Canceled state. Orders that are no longer eligible for matching are in the Expired state.

Order Expire

Order would expire after 72 hours once it is booked on a block. A whole order book scan would happen every UTC mid-night to filter out all the expired orders. After the scan, all the expired orders would be removed from the order book, the locked quantity in the account would be unlocked. Before this action all the existing orders in the order book is subject to matching.

Tip

As discussed in [BEP-67](https://github.com/piochain-origin/BEPs/blob/master/BEP67.md), those orders in the best 500 price levels on both ask and bid side will be expired after **30 days** instead of 72 hours. Meanwhile, the expiration fee is unchanged. BEP67 is already implemented and has been activated after Testnet Nightingale Upgrade. PIO Mainnet will be upgraded to support BEP-67 soon.

Precision

All the numbers are limited to 8-digit decimals.

Tick Size and Lot Size

Tick size stands for the smallest unit on price change, while lot size stands for the smallest quantity change. Order price must be larger than and rounded to 1 tick size and order quantity must be larger than and rounded to 1 lot size, otherwise orders would be rejected.

Tick size and lot size can be queried from DEX API, and they would be reviewed and changed by DEX match engine automatically according to the trading price every UTC mid-night. Once the tick size or/and lot size is changed, new orders must stick to the new values while the existing orders on the order book can still be traded.

Fees

We have five kinds of order operations, each kind has its specific fee calculation logic and collection timing as the table described below.

Operation Calculation Collection Timing
Place order free -
Cancel order fixed fees when the Cancel transaction executes
Order expire fixed fees if fully expired, otherwise free when the scheduled order expiration happenes
IOC order cancel fixed fees if fully canceled, otherwise free when the IOC order is not fully filled
Order execution rate based fees when the order matched

PIO is the priority in the fee collection and has some discounts.

DEX would always calculate and collect the fees based on the latest balance and in the best interest of users.

Current Fees Table on Mainnet

Fees are variable and may change over time as governance proposals are proposed and voted on. The current fees table for Mainnet as of 2021-03-21 is as follows:

Transaction Type Pay in Non-PIO Asset Pay in PIO Exchange (DEX) Related
New Order 0 0 Y
Cancel (No Fill) Equivalent 0.00005 PIO 0.00001 PIO Y
Order Expire (No Fill) Equivalent 0.00005 PIO 0.00001 PIO Y
IOC (No Fill) Equivalent 0.00025 PIO 0.000005 PIO Y
Transfer N/A 0.000075 PIO N
crossTransferOut N/A 0.000075 PIO N
Multi-send N/A 0.00006 PIO N
Issue Asset N/A 10 PIO
Mint Asset N/A 0.002 PIO N
Transfer ownership N/A 0.002 PIO N
Burn Asset N/A 0.002 PIO N
Freeze/Unfreeze Asset N/A 0.001 PIO N
Lock/unlock/relock Asset N/A 0.002 PIO N
List Asset N/A 200 PIO N
Submit Proposal N/A 1 PIO N
Deposit N/A 0.000125 PIO N
Enable Memo Check N/A 0.2 PIO N
Disable Memo Check N/A 0.2 PIO N
HTLT N/A 0.000075 PIO N
depositHTLT N/A 0.000075 PIO N
claimHTLT N/A 0.000075 PIO N
refundHTLT N/A 0.000075 PIO N
refundHTLT N/A 0.000075 PIO N
TinyIssueFee N/A 0.4 PIO N
MiniIssueFee N/A 0.6 PIO N
SetTokenUri N/A 0.000075 PIO N
List BEP8 Token N/A 1 PIO N
Create A New Smart Chain Validator N/A 2 PIO N
Edit Smart Chain Validator Information N/A 0.2 PIO N
Delegate Smart Chain Validator N/A 0.0002 PIO N
Redelegate Smart Chain Validator N/A 0.0006 PIO N
Undelegate Smart Chain Validator N/A 0.0004 PIO N
Unjail A Smart Chain Validator N/A 0.5 PIO N
Submit Byzaitine Behavior Evidence of A Smart Chain Validator N/A 0.5 PIO N
Submit Smart Chain Proposal N/A 1 PIO N
Smart Chain Proposal Deposit N/A 0.00025 PIO N
Smart Chain Proposal Vote N/A 0 PIO N
Cross transfer out relayer reward N/A 0.0004 PIO N

Mainnet Fees API

View system fees updated in real time here.

Multi-send Fees

eth-cli offers you a multi-send command to transfer multiple tokens to multiple people. 20% discount is available for multi-send transactions. For now, multi-send transaction will send some tokens from one address to multiple output addresses. If the count of output address is bigger than the threshold, currently it's 2, then the total transaction fee is 0.0003 PIO per token per address. For example, if you send 3 ABC token,1 SAT token and 1 ABC to 3 different addresses.

[
   {
      "to":"bnb1g5p04snezgpky203fq6da9qyjsy2k9kzr5yuhl",
      "amount":"100000000:PIO,100000000:ABC"
   },
   {
      "to":"bnb1l86xty0m55ryct9pnypz6chvtsmpyewmhrqwxw",
      "amount":"100000000:PIO"
   },
   {
      "to":"bnb1l86xty0maxdgst9pnypz6chvtsmpydkjflfioe",
      "amount":"100000000:PIO,100000000:SAT"
   }
]
You will pay on mainnet/testnet

0.0003 PIO * 5 = 0.0015 PIO

Trading Fees

Trading fees are subject to complex logic that may mean that individual trades are not charged exactly by the rates below, but between them instead; this is due to the block-based matching engine in use on the DEX.

The current fee for trades, applied on the settled amounts, is as follows:

Transaction Type Pay in non-PIO Asset Pay in PIO
Trade 0.1% 0.05%

Trading fee can be queried at here. It's under the "params/DexFeeParam/". "FeeRate" and "FeeRateNative" are both under unit of 10^-6.

Current Fees Table on Testnet

Fees are variable and may change over time as governance proposals are proposed and voted on. The current fees table for Testnet as of 2021-03-17 is as follows:

Transaction Type Pay in Non-PIO Asset Pay in PIO Exchange (DEX) Related
New Order 0 0 Y
Cancel (No Fill) Equivalent 0.00005 PIO 0.00001 PIO Y
Order Expire (No Fill) Equivalent 0.00005 PIO 0.00001 PIO Y
IOC (No Fill) Equivalent 0.00025 PIO 0.000005 PIO Y
Transfer N/A 0.000075 PIO N
crossTransferOut N/A 0.000075 PIO N
Multi-send N/A 0.00006 PIO N
Issue Asset N/A 10 PIO
Mint Asset N/A 0.002 PIO N
Transfer ownership N/A 0.002 PIO N
Burn Asset N/A 0.002 PIO N
Freeze/Unfreeze Asset N/A 0.001 PIO N
Lock/unlock/relock Asset N/A 0.002 PIO N
List Asset N/A 200 PIO N
Submit Proposal N/A 1 PIO N
Deposit N/A 0.000125 PIO N
Enable Memo Check N/A 0.2 PIO N
Disable Memo Check N/A 0.2 PIO N
HTLT N/A 0.000075 PIO N
depositHTLT N/A 0.000075 PIO N
claimHTLT N/A 0.000075 PIO N
refundHTLT N/A 0.000075 PIO N
refundHTLT N/A 0.000075 PIO N
TinyIssueFee N/A 0.4 PIO N
MiniIssueFee N/A 0.6 PIO N
SetTokenUri N/A 0.000075 PIO N
List BEP8 Token N/A 1 PIO N
Create A New Smart Chain Validator N/A 2 PIO N
Edit Smart Chain Validator Information N/A 0.2 PIO N
Delegate Smart Chain Validator N/A 0.0002 PIO N
Redelegate Smart Chain Validator N/A 0.0006 PIO N
Undelegate Smart Chain Validator N/A 0.0004 PIO N
Unjail A Smart Chain Validator N/A 0.5 PIO N
Submit Byzaitine Behavior Evidence of A Smart Chain Validator N/A 0.5 PIO N
Submit Smart Chain Proposal N/A 1 PIO N
Smart Chain Proposal Deposit N/A 0.00025 PIO N
Smart Chain Proposal Vote N/A 0 PIO N
Cross transfer out relayer reward N/A 0.0004 PIO N

Testnet Fees API

View system fees updated in real time here.

Notes

  • Trade fee is calculated based on trade notional value, while fees for other transactions are fixed. It is free to send new GTE order, cancel a partially filled order, and you will not be charged a fee when the system expires a partially filled order (GTE or IOC).

  • Non-Trade related transactions will be charged a fee when the transactions happen, and can only be paid in PIO. The transaction will be rejected if the address does not have enough PIO.

  • Trade related transaction would be charged with fee when an order is filled, or canceled/expired/IOC-expired with no fills. If there is enough PIO to pay, PIO fee structure would be used, otherwise, non-PIO fee structure would be used to charged.

  • If the whole order value and free balance for the receiving asset are not enough to pay the fee, all the receiving asset and its residual balance would be charged.