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Partial fills and cancellation

An order does not need to execute all at once. A partial fill executes part of its reference size, leaving the rest open.

Suppose a 1 BTC order fills 0.4 BTC now and 0.6 BTC later. Each fill stores its own execution price, q, conversion output, buyer payment, and funded cap.

For a single trading-day order, the fills share that day’s fixed reference and settlement window. Their prices and Split rates can still differ.

Later price changes cannot rewrite earlier fills.

A target of 79,000 USDC per 1 BTC becomes a 31,600 USDC target for a 0.4 BTC fill and a 47,400 USDC target for a 0.6 BTC fill.

The buyer payment for each fill is calculated from that fill’s own conversion output. Fixed Contract prices also scale with executed size.

Token rounding matters for small amounts. Production execution must keep total spending within the owner’s full authorization across all fills.

Only the unfilled remainder can be canceled. If 0.4 BTC of a 1 BTC order has filled, canceling releases the unused reservation for the remaining 0.6 BTC. It does not undo the 0.4 BTC fill.

A funded position cannot be closed, transferred, or sold early under the selected MVP rules.

A target order may first create contracts while conversion is below the target. Later, the remaining size may execute as a direct swap if conversion meets the target.

The contract fills remain locked until settlement. The swap output becomes available immediately after the successful execution. The swap does not inherit a settlement obligation from the earlier fills.

Calculate the payout for each fill using its own cap, then add the results in the same asset. Do not combine funds first and apply one cap across the order.

See a partial-fill example where one fill reaches its cap.