> ## Documentation Index
> Fetch the complete documentation index at: https://docs.into.space/llms.txt
> Use this file to discover all available pages before exploring further.

# CLOB & Order Matching

> How trades execute on the order book

Space runs on Solana using a Central Limit Order Book (CLOB) where users trade directly against each other. No house, no middleman, no AMM curves-just transparent order matching and real price discovery.

## How the Order Book Works

<div align="center">
  ```mermaid theme={null}
  graph TB
      A[Place Order] --> B{Immediate Match?}
      B -->|Yes| C[Execute as Taker - Pay Fee]
      B -->|No| D[Add to Book as Maker - 0% Fee]
      D --> E[Wait for Match - Earn Rewards]
      E --> C
  ```
</div>

[Makers](/concepts/makers-takers) post limit orders, pay 0% fees and earn rewards for adding liquidity. [Takers](/concepts/makers-takers) hit existing orders and pay dynamic fees based on market probability.

Orders match on price-time priority. Best price gets filled first; equal prices fill oldest orders first.

**Order Lifecycle**

* User places market or limit order
* Matching engine checks for counterparty
* If match found → execute immediately (taker)
* If no match → add to order book (maker)
* Order sits until matched, cancelled, or expired

## Price Discovery

Prices emerge from supply and demand. Every order is visible on-chain. The order book is transparent-no hidden liquidity, no preferential treatment.