Price-Time Priority
A matching rule where orders are executed first by best price, then by entry time.
What is Price-Time Priority?
Price-time priority sorts orders by price (best first), then timestamp; a buy at $60,100 placed earlier fills before one at the same price later. Used on Eurex, it ensures fairness.
Variants like price-broker-time prioritize broker orders, common in some markets. In crypto, it prevents queue-jumping on CLOBs like Binance.
Simple implementations, as in open-source engines, handle high volumes efficiently.
Related Terms
Gas Price
The amount of Ether (ETH) a user is willing to pay per unit of gas for a transaction on Ethereum.
Payment Facilitator
An intermediary that verifies and settles digital asset transactions in the x402 protocol.
OP Stack and OP Superchain
The modular, open-source framework for building Ethereum Layer 2 chains, forming the interconnected Superchain ecosystem.
Rug Pull
A scam in the digital asset space where developers or promoters of a project abandon it after raising funds, leaving investors with worthless tokens or assets.
Slippage (order book)
The difference between the expected price of a trade and the actual executed price due to market movement.
Wrapped Tokens
Wrapped tokens are digital assets on one blockchain that represent a 1:1 pegged equivalent of an asset from another blockchain or the same chain, enabling cross-chain compatibility or enhanced functionality.