01
What it covers
An eligible order that executes materially outside its published protected benchmark because of a failure Orbitra controls.
ApexMatch execution protection
Every eligible order competes for price.
An order does not simply meet the book. It receives candidate prices from native depth, from firm market-maker quotes and from a protected price-improvement auction at the same moment, and it fills at the lowest expected all-in cost — with a receipt that explains the decision.
- Candidate competition
- Reference-price check
- Execution receipt
- Defined protection policy
Best execution
Three sources, one decision, one receipt.
Signed order
- Native order book — Resting depth under price-time priority
- Firm RFQs — Executable quotes from professional market makers
- Protected auction — A short price-improvement window with a protected limit
Execution receipt
- Benchmark
- Published reference price
- Candidates
- Book, firm RFQs, auction
- Decision
- Lowest expected all-in cost
- Price improvement
- Measured against the benchmark
- Fees
- Itemized on the fill
- Finality
- QSE quorum certificate
The candidate with the lowest expected all-in cost is selected
Candidate prices arrive together from the native book, from firm RFQs and from a protected auction. A reference-price ring validates market quality, ApexMatch selects the lowest expected all-in cost, and the receipt records the benchmark, the candidates, the decision, the fees and the finality proof.
Sequence
What happens to an eligible order.
- 01
Ingress
The signed order enters the protocol with its constraints: side, size, limit, time in force and routing preferences.
- 02
Candidates
Native book depth, firm RFQs and a protected auction produce executable candidate prices in the same window.
- 03
Reference check
Each candidate is validated against the published reference price, so an improved price is measured, not asserted.
- 04
Pre-risk
Aegis evaluates margin, policy and liquidation distance before anything is committed.
- 05
Selection
ApexMatch selects the lowest expected all-in cost — price, fees and expected impact together, not price alone.
- 06
Receipt
The fill is written with its evidence and a QSE finality certificate, and the receipt is retrievable through the API.
Order types, time-in-force and algorithmic behavior are documented on the execution page.
Evidence
What an execution receipt contains.
- Benchmark
- The published reference price at decision time, with its source and timestamp.
- Candidates
- Each candidate considered, its source and its expected all-in cost.
- Decision
- The selected candidate and the rule that selected it.
- Price improvement
- The measured difference against the benchmark, positive or zero.
- Costs
- Fees and, where relevant, funding and borrow attribution for the fill.
- Finality
- The QSE quorum certificate that makes the fill and its settlement final together.
Receipts are available for eligible orders through the institutional API and the Orbitra Prime interface.
The policy
Execution Protection, precisely defined.
Execution Protection is a defined policy with published boundaries. It is not insurance, and it never compensates for market direction, volatility or your own risk decisions.
02
Eligibility
Defined by market, order type, size band and market state at decision time. Eligibility is shown before the order is sent.
03
Exclusions
Halted or circuit-broken markets, self-crossing, non-eligible order types, client-side delay and force-majeure events.
04
Tolerance and caps
A published tolerance before any credit applies, and per-order and per-period caps that are disclosed in the policy schedule.
05
Evidence
The claim is evaluated from the execution receipt and the reference source, not from a screenshot or a recollection.
06
Dispute and funding
A published dispute path with defined response stages. Credits are funded by Orbitra, never by other customers’ collateral.
Execution Protection is not protection from market losses.
It addresses one specific failure: an eligible order executing materially outside its protected benchmark because of something Orbitra controls. Market movement, slippage inside tolerance and the consequences of your own leverage are not covered. Read the risk disclosure and the trading and leverage risk disclosure.
Questions we expect.
How is “materially outside the benchmark” decided?
By the published tolerance for that market and size band, measured against the reference price recorded in the receipt. Below the tolerance, no credit applies.
Does a protected auction delay my fill?
The auction window is short and bounded, and it runs only where it can improve the expected all-in cost. Orders that require immediacy are not delayed for it.
Can I opt out of RFQ or auction candidates?
Yes. Routing preferences are part of the order, and institutional accounts can express them as policy rather than per order.
Where do the credits come from?
From Orbitra’s own resources under the published policy. Customer collateral and the protection fund are separate and are never used for this purpose. See the liquidity network.
Read the method, or see the cost of a position.
The Net Outcome Index defines how improvement is measured. Every market page shows the complete cost of holding.