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Every market on Likely has two orderbooks: one for YES shares and one for NO shares. These orderbooks match buyers with sellers using price-time priority the best price wins, and if prices are equal, whoever got there first wins.

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How Matching Works

When you place an order, the orderbook tries to match you immediately: Buying YES shares?
  • Match against sellers offering the lowest price.
  • Fill as many orders as possible.
  • If quantity remains, your order joins the book.
Selling YES shares?
  • Match against buyers offering the highest price.
  • Fill as many orders as possible.
  • If quantity remains, your order joins the book.

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Order Types

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Pegged Orders: The Maker’s Professional Tool

Pegged orders are powerful for market makers because they automatically follow the market. Unlike simple “best bid” trackers, Likely’s pegged orders track a reference point relative to a specific delta (offset).

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The Power of the Delta

When you place a pegged order, you don’t just “hit” the reference; you set a delta (offset) ticks away from it. Example: Dynamic Quoting
  • Reference: Mid-Market ($0.50).
  • Your Order: PeggedMid with the delta of -1 tick ($0.499).
  • Market Moves: Mid-Market shifts to $0.51.
  • Auto-Update: Your order automatically adjusts to $0.509.
This allows market makers to maintain consistent spreads and liquidity positions without the need to constantly cancel and re-submit orders.

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Price-Time Priority

Orders match in strict order: 1. Price priority
  • Buyers (Bids): Highest price first.
  • Sellers (Asks): Lowest price first.
2. Time priority
  • At the same price level, older orders fill first.
  • Amending an order (changing price or quantity) re-stamps your time, moving you to the back of the queue.

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Collateral Management

When you place an order, the required collateral is locked to ensure every trade is 100% backed.

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Next Steps