On Omni, you don’t trade against a traditional order book of other users. Instead, every trade is executed against the Omni Liquidity Provider (OLP). Because of this, the price you interact with is a Quoted Price.
A Quoted Price is the specific price at which the OLP is willing to execute your trade. It acts as an estimate of the final execution price for your trade.
When you submit trade information in the order entry form, you are submitting a Request for Quote. The prices you are offered to buy or sell at, given order quantity and current market conditions, are the Quoted Prices.
A Quoted Price can vary based on several real-time factors:
Market Conditions: General volatility and price movement of the underlying asset.
Trade Sizing: Larger orders may receive a different quote than smaller orders due to the liquidity required to fill them.
Available Liquidity: The depth of the market across CEXs, DEXs, and OTC channels at that specific moment.
OLP’s Risk Profile: The current balance of the OLP portfolio and its exposure to specific market directions.
Indicative vs. Firm Quotes
When using the Omni interface, you will encounter two types of Quoted Prices - Indicative Quotes and Firm Quotes.
1. Indicative Quotes
The price you see in the Order Entry form while setting up your trade is an indicative quote. It is informational only and reflects the OLP’s current view of the market.
2. Firm Quotes
When you click Buy or Sell, the OLP generates a firm quote. This is the exact price at which your order will be executed.
Depending on market movement in the split second it takes to submit your order, the firm quote may be slightly different than the indicative quote you saw.
Maintain control over differences between Indicative Quotes and Firm Quotes by setting a Slippage Limit.
Quoted Prices on Omni
All trades on Omni are referenced against Quoted Prices. This applies regardless of the order type you choose:
Market Orders: Executes immediately by accepting the current firm quote.
Limit Orders: Fill when the OLP is able to provide a quoted price that matches (or exceeds) your set limit price.
Trigger Orders: Once the trigger condition is met, Trigger Orders become market orders that execute based on the available quoted price.
Using Quoted Prices For Take Profit/Stop Loss Orders
When setting a TP/SL order, you have the option to set the trigger based on the Quoted Price rather than the Mark Price.
By doing so, your TP/SL order will only execute when the OLP’s quoted price reaches your pre-determined level.
This is optimal for users who prioritize their order to be filled as close as possible to the trigger price over exiting at a certain price level.