Order Book

what is an order book? an order book is a ledger that lists all buy and sell orders for a specific market, organized by price the order book on forkast is centralized for efficiency and transparency, with trades being matched offchain and settled onchain it displays the following key components buy orders (green side) represent bids prices that traders are willing to pay for an asset sell orders (red side) represent asks prices that traders are willing to accept for an asset the gap between the highest bid and the lowest ask is called the spread , indicating the liquidity and competitiveness of the market see an order book example below example a market and its order book example market "top gaming chain by market cap on dec 31" in this market, participants trade "ronin yes" shares, predicting whether ronin will be the top gaming blockchain by a specified date sample order book bids (buyers) asks (sellers) $0 70 90 shares $0 72 1 shares $0 60 100 shares $0 80 1 shares $0 50 90 shares $0 90 1 shares $0 40 90 shares bids (green) traders are willing to pay up to $0 70 for 90 shares of yes asks (red) sellers are asking for $0 72 to sell shares of no spread the difference between the highest bid ($0 70) and the lowest ask ($0 72) types of orders forkast supports two types of orders 1\ market orders definition execute trades immediately by matching with the best available prices in the order book example a trader places a market order to buy 60 shares of ronin yes the system matches the order with the first corresponding ask 60 shares at $0 60 2\ limit orders definition specify a maximum price for buying or a minimum price for selling, which may not execute immediately if no match is found example a trader places a limit order to buy 75 shares of ronin yes at $0 50 the order remains on the order book until a seller matches the price order matching orders are matched based on the following rules price priority buy orders with higher bid prices are matched with sell orders having lower ask prices example a buy order at $0 60 will match a sell order at $0 55 first time priority if multiple orders have the same price, the system prioritizes the earliest placed order refunds for price differences if a buy order price exceeds the matched sell order price, the buyer is refunded the difference example buyer bids $0 70, seller asks $0 65 → buyer pays $0 65, and the $0 05 difference is refunded order completion market orders any unmatched amount is canceled and refunded limit orders remaining unmatched amounts stay on the order book until fulfilled or canceled managing and canceling orders open orders are your orders that have not been matched yet they are displayed inside a market for which the order is opened, and under the tab open orders from this place, you can cancel any open order positions that you hold inside a market are shown on the same place, under the my positions tab these refer to previously matched orders all positions and open orders across all markets can be viewed and managed from the portfolio page canceling open orders to cancel an open order, click the buy/sell next to the order in the positions section of the market once canceled, the collateral is immediately refunded to your account lifecycle of an order placement a user places a market or limit order, which enters the order book matching the system matches the order based on price and time priority rules execution market orders execute immediately, matching with the best available price limit orders execute when a matching order meets the specified price settlement completed orders are recorded onchain for transparency forkast's order book ensures fast matching and execution, with detailed management tools the efficient lifecycle and comprehensive matching rules make it easy for traders to engage confidently in prediction markets