Routed Limit Orders

Routed Limit Orders allow traders to place Limit Orders across multiple exchanges at the same price point.

This order type allows traders to more easily buy or sell assets at a set price by having orders open on various exchanges at the same time instead of being reliant on a singular exchange.

Limit Orders can execute as both Maker AND Taker orders depending on a variety of factor.

(Graphic to explain below)

For example, say you are trading Bitcoin ($BTC). The best bid (buy order) is at $97,000 and the best ask (sell order) is at $98,000. Spreads are almost never this wide, but we are taking the liberty of making them this wide for ease of explanation. If you place a limit order in between $97,000 and $98,000, you are "adding" liquidity to the orderbook. That means that you are adding more net new demand or supply for an asset, rather than "taking" liquidity, as a market order would "hit" ie execute at the price of $97,000 or $98,000 depending on whether the user is selling or buying. This order would thus "take" liquidity, as it would be closing out two orders.