DMA
DMA sends one limit order to the exchange at your price, as IOC or Post, and ends with that order.
DMA sends one limit order to the exchange at the price you set. It doesn't reprice, split or resend it. This page covers its two order types, its fields, how it ends, and what can go wrong.
In the ticket
Pick DMA in the algo menu. The Order section shows Limit price and Order type side by side. For the fields every algo shares, see Placing an order.
| Parameter | What it does | Default and limits |
|---|---|---|
| Limit price | The order's price. | Required: the box reads required until you fill it. A positive price, a whole number of ticks: off the tick the box reads, for example, Must be a multiple of 0.1 USDT and the order can't be sent. |
| Order type | IOC or Post. See below. | IOC every time the ticket opens. |
| Post only | With Post, makes the order maker-only. Grayed off under IOC, since an IOC never rests. | Off |
| Reduce only | The exchange uses the order only to reduce your current net position. Offered on perpetuals only. | Off |
| Expires | Never is good till canceled. At cancels whatever remains at the instant you pick, and the order closes as Expired. | Never |
A DMA has no Starts box. It goes out when you submit.
Its quantity is in the base asset, or the USD face on an inverse perpetual. It can't be entered in the quote asset.
IOC
IOC takes what the book has at your price or better and cancels the rest. It never rests on the book.
The fee estimate for an IOC is the taker rate.
Post
Post takes what crosses the book on arrival and rests the rest at your price until it fills or you cancel it.
With Post only on, a Post only rests. It never takes liquidity.
| Choice | Fee estimate |
|---|---|
| Post | Maker to taker range |
| Post with Post only | Maker |
How it ends
A DMA ends with its one order. Nothing is resent.
| What happened | Status | Reason shown |
|---|---|---|
| The order filled in full | filled | None |
| An IOC filled part and the exchange cancelled the rest | part. cancelled | Cancelled by the exchange |
| An IOC found nothing at your price | cancelled | Cancelled by the exchange |
| You cancelled it | cancelled, or part. cancelled if part had filled | Cancelled |
| Its expiry passed | cancelled, or part. cancelled if part had filled | Expired |
| The exchange rejected it | rejected | Rejected by the exchange |
| A reduce-only order found no position left to reduce | cancelled | Position already closed |
| The exchange's risk or margin controls cancelled it | cancelled, or part. cancelled if part had filled | Cancelled by the exchange for margin |
| The account had no connection when the order needed one | rejected | Exchange account disconnected |
To follow or cancel a resting Post, see Managing orders. A DMA can't be amended. To change its price or size, cancel it and place a new one.
What can go wrong
A post-only order that would cross
If a Post with Post only would take liquidity on arrival, the exchange doesn't let it trade. Nothing fills. What you see depends on the exchange:
| Exchange | What it does | How the DMA ends |
|---|---|---|
| Coinbase | Rejects the order | rejected, Rejected by the exchange |
| OKX | Accepts the order, then cancels it | cancelled, Cancelled by the exchange |
| Kraken | Accepts the order, then cancels it | cancelled, Cancelled by the exchange |
| Bybit | Cancels or rejects the order | cancelled or rejected |
Note: On a Kraken paper account, the order is rejected instead of accepted and cancelled.
A DMA doesn't try again at another price. If you want an order that keeps re-posting at the touch, see Chase.
A reject
When the exchange rejects the order, the DMA ends rejected with Rejected by the exchange. The order's details show the exchange's reason in words, such as Insufficient balance or Price not accepted.
If Aura couldn't send the order to the exchange at all, it ends with Order could not be sent.
Your risk limit
With a risk limit set in Settings → Risk, Aura checks a DMA's USD value before it sends the order, on markets quoted in USD, USDT, USDC or USDG:
- A buy, and a post-only sell, are valued at quantity × limit price. Neither can trade at a worse price than its limit.
- A sell that can take liquidity (IOC, or Post without Post only) can fill anywhere from its limit up to the best bid. It's valued at the higher of the two. When Aura has no book for the market to read the bid from, the order is refused the same way.
- On an inverse perpetual, the order is valued at its USD face.
An order at or above the limit ends with Above your Max USD notional. See Settings.
Size the exchange won't take
The ticket checks the exchange's minimum size, lot size and minimum order value before you submit. On OKX and Bybit it also checks the largest single order the exchange takes on the market: a DMA above it, by quantity or, on OKX, by value at your limit price, reads Maximum with the figure and can't be sent. See Placing an order.