Finicade
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Level 5 · ◆◆ · ~11 min

The Life of an Order

The Life of an Order

"Most orders never trade. Understanding what happens to the ones that don't is how you learn to read a book that is mostly noise."

order life cycle: new, amend, cancel, fillcancellation ratesfleeting liquiditythe message-to-trade ratiotrade reporting and the tape
🚀 You're jumping ahead. This builds on Price–Time Priority & Queue Position — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.