Algorithms & Routing Types

Algorithms

SFOX offers a wide range of trading algorithms, as well as two routing types, to optimize your order’s execution. For more details, see SFOX Algorithms.
ID
Name
Description
100
Market
An order to buy or sell as quickly as possible, regardless of price
150
Instant
Instantly-settled (receive a synchronous filled or rejected response) order
160
Simple
Instantly-settled (receive a synchronous filled or rejected response) order
200
Smart Routing
An order to buy or sell at a specific price or better
201
Limit
An order to buy or sell at a specific price or better
301
Gorilla
Post-only maker order that places portions of your order on exchanges at a time to hide your order size from the market
302
Tortoise
Post-only maker order that places your order on the exchange with the best price
303
Hare
Post-only maker order that keeps you in the most competitive position in the order book at the price you want or better
304
Stop
An order to buy or sell an asset once the price of the asset reaches a specified price. When the trigger price is reached, a stop order becomes a market order (taker-only)
305
Polar Bear
An order that only takes from the best bid or ask until the order is completely filled (taker-only)
306
Sniper
Hides your order size in the SFOX Dark Pool but aggressively takes when bids or offers are available better than or equal to your limit price
307
TWAP
Execute evenly over a set amount of time at a price equal to or better than the order price, to achieve a time-weighted average price
308
Trailing Stop
An order where the stop price, set at a specific dollar or percentage interval above or below the current price, can adjust as the market does (sell order triggers follow the price up, but then stay the same as the price moves down and vice versa).
309
Immediate-or-Cancel (IOC)
An order to immediately buy or sell at the specified price or better and cancel any unfilled amount

Routing Types

The routing type defines how SFOX prioritizes different sources of liquidity when executing your order. SFOX always attempts to execute your order at the best available price.
Routing Type
Description
NetPrice
Routes orders to the best venues for execution by considering both the quoted prices and the fees charged by the trading venues. Additional details here.
Contact [email protected] to learn more about additional routing options.
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