# Summary of Core Functionality

The Nekuti Matching engine is a Central Limit Orderbook implementation with the following core features:

# Support for spot & derivative contracts

• Spot Instruments
• Futures Contracts (including Inverse Futures, Perpetual Futures, Quanto Futures)
• Swaps (including Term/Term, and Perp/Term calendar Spreads)
• Fair-Price and Last-Price marking
• Perpetual Future funding

# Engine-native support for the following order-types:

• Market Orders
  • Immediate-Or-Cancel (IOC)
  • Fill-Or-Kill
• Passive Orders
  • Limit Orders
  • Iceberg Orders
  • Customisable Time-In-Force behaviour for each Order
    • Good 'till Cancelled (GTC)
    • Day orders
• Stop Orders
  • Stop-Loss/Take-Profit
  • Stop-Limit (including Iceberg)
• CancelAll and CancelAllAfter (aka “Dead Man’s Hand”)

# Margin trading support

• Margin provisioning, per account, for trading across all instruments (Cross Margin)
• Real-time tracking of available margin for each account
• Customizable liquidation strategy

# Risk-Management

• A distinct Self-Matching workflow automatically nets opposing orders from the same account to avoid them from trading on the engine
• Liquidation workflows implemented by the engine seek to minimise risk for both the exchange and traders whilst ensuring that accounts remain within their margin requirements
• Mark-Price Cap - The engine tracks account solvency in real-time. Solvency is computed by applying a Mark Price which is configurable by the operator. The Mark-Price used for the purposes of solvency calculations be capped at the "first bankruptcy price" as a method to prevent negative equity scenarios.
• Automated DeLeveraging (ADL) - should the liquidation account become insolvent, the engine will automatically trigger an ADL workflow to socialise losses amongst active accounts on the exchange

# Performance, Stability & Resilience

• Designed to withstand cyberattacks without compromising system stability, exposing internal implementations or customer data
• The engine is capable of processing orders at a rate in excess of 1,000,000 per second on commodity hardware
• The engine operates with an expected 99.9% uptime
• The engine operates in a deterministic fashion
• The state of the engine, and therefore the state of any orders, trades and accounts, can be recovered by replaying the same inputs
• Nekuti will assist the client in the optimal deployment of the engine with respects to the clients' particular resiliency requirements

# API integration points

The Nekuti matching engine exposes fully authenticated RESTful and WebSocket APIs for integration into the client's infrastructure.

APIs are available for the following high-level functions:

# Trading and Account Management

• Order submission, amendment and cancellation
• Open order query

# Account Administration

• Deposit/Withdraw funds
• Manage and track margin balances
• Monitor trades complete
• Monitor account position

# Exchange Administration and Operations

• Instrument configuration
• Set fees configuration for maker, taker, visible, hidden, iceberg, and combinations thereof
• Configure liquidation work-flow
  • Liquidation strategy
  • Liquidation Account
• Exchange suspension/resumption
• Rate Limits
• Risk-limit indexed Initial Margin and Maintenance Margin limits
• Internal balance audit
• Exchange statistics