Clearing Price
Every match in a batch settles at one uniform price, anchored to the market's oracle. There is no maker/taker spread to game and no separate "peg" order type; the fair mid is already baked into how every batch clears. A hard circuit breaker, enforced inside the settlement proof, caps how far the clearing price may move from the oracle.
One price per batch
Darknyx clears each tick as a batch auction. The engine collects the orders that cross and computes a single clearing price for that batch, anchored to the market's oracle reference. Every match in the batch, both sides, settles at that one price.
A trader's price_limit is a bound, not the execution price: a bid fills only
if the clearing price is at or below its limit, an ask only if at or above. When
you fill, you get the batch's uniform clearing price, never worse than your
limit, and the same price as your counterparty.
Why there is no maker/taker
In a continuous order book, the order in which orders arrive and match decides who pays the spread, which creates room for front-running and last-look games. A batch auction removes that surface: within a batch there is no ordering to exploit, no first-mover advantage, and no spread to cross, just the one clearing price. Combined with order privacy (no one sees your resting order), there is nothing for a counterparty to fade or sandwich.
Why there is no "peg" order type
On a continuous venue you peg an order to the mid (or bid/ask) and continuously reprice it so it tracks the market. Darknyx does not need a peg order type, for two reasons:
- A dark pool has no public bid/ask to peg to. Resting orders are hidden; there is no visible book to track.
- The clearing price is already the fair mid. Every batch clears at an
oracle-anchored price. The benefit a peg order chases, "always trade at the
current fair price," is native to every match. You express your willingness to
trade with a
price_limit, and the batch gives you the oracle-anchored clearing price whenever it is within your limit.
So the honest analog of "peg to mid" on Darknyx is simply: place a limit at the worst price you will accept, and let the uniform clearing price do the rest.
The circuit breaker
Each instrument names a circuit_breaker_bps, the maximum deviation, in basis
points, of the clearing price from the oracle reference (see
Instruments). This bound is enforced inside the
zero-knowledge settlement proof, not merely as a server-side policy: a batch
whose clearing price falls outside the band cannot produce a valid settlement
proof and is rejected on-chain.
The practical effect: if the oracle is stale or the market gaps, Darknyx does not clear rather than clearing at a price far from fair. Your order waits for a batch that prices within the band.
You do not, and cannot, set an execution price; you set a price_limit bound and
receive the batch's uniform, oracle-anchored clearing price when it is within your
bound and the circuit-breaker band. No spread, no last look, no peg to maintain.