The Matching Layer

Gradient’s dynamic peer-matching layer

Introduction

The Matching Layer is where orders are fulfilled via dynamic peer-matching. This is Gradient’s most flexible execution layer for both buy-side and sell-side participants.

Gradient's matching layer affords users full control over the execution terms of their trade, allowing them to set their own pricing, timing & volatility parameters.

Orders are automatically fulfilled fully or partially depending on the counterparties available, with Gradient's CORE ensuring precise and constraint-respecting execution.

FIFO Fulfillment Logic

Gradient's CORE enforces a First In, First Out (FIFO) policy for all peer-matched orders. This guarantees:

• Fairness: Earliest orders are prioritized.

• Efficient Liquidity Management: Large orders don't decelerate existing order fulfillment.

• Transparent Execution Sequence: This allows for strategic and predictable order placement.

FIFO applies to all trades fulfilled via the Matching Layer, providing predictability for users submitting large or time-sensitive orders.