Trade Flow
What happens after you send an order — from accept to fill to settlement.
Order lifecycle
| Step | What you see |
|---|---|
| 1. Submit | Place, cancel, or modify through the app or an official SDK. Orders are encrypted in transit. |
| 2. Admit | The venue authenticates you, applies rate limits, and accepts or rejects the order. A reject comes back with a reason. |
| 3. Match | Accepted orders go to the off-chain matching engine. The book is a private CLOB with price–time priority. |
| 4. Ack | You get an encrypted acknowledgment. Order lifecycle status uses NEW, PARTIALLY_FILLED, FILLED, CANCELLED, or REJECTED; an ACK update only means the sequencer recorded the request and validation is pending. |
| 5. Fills | Partial or full fills arrive as encrypted order updates (PARTIALLY_FILLED or FILLED). Public market data stays aggregates — not the book. |
| 6. Balances | Positions and buying power update on the GoDark ledger. Fills do not move SPL. |
| 7. Checkpoint | The settlement service seals ledger heights and anchors compact checkpoints to the program-controlled vault on Solana. Checkpoint state is pending, anchored, or confirmed; this is not a public per-user fill tape. |
Margin checks run before an order can rest or trade. See Margin & Liquidation.