Spot Trade (Spot Page)

Summary Terrace’s main trading interface is the Spot Page. Users can search for any token pair and place trades seamlessly from a single interface. Additionally, traders can observe real-time order books, and monitor live bid–ask spreads across venues. Terrace offers Market, Limit, TWAP, VWAP, and Iceberg orders, letting traders manage execution strategy and timing.

Overview Crypto markets are fragmented; prices and liquidity vary widely across chains and venues. Terrace solves this fragmentation by consolidating every market into one aggregated view. The Terrace Router programmatically sources the best available execution route across connected venues. Terrace offers two routing algorithms (inclusive of solvers): Terrace DEX, which routes only via on-chain decentralized exchanges, and the Terrace Liquidity Program (TLP), which routes across both on-chain and off-chain venues for unified liquidity. Users only need to verify identity to access the TLP; using Terrace DEX does not require KYC.

TLP handles routing, inclusive of order and execution management, and settlement/clearing, which make it unique in the market. Terrace’s routing logic distinguishes between three venue pillars: (1) on-chain exchanges; (2) off-chain exchanges; (3) Liquidity Providers (e.g., OTC desks, market makers, proprietary LPs). Each pillar uses its own infrastructure: on-chain exchanges use smart contracts, off-chain exchanges use centralized limit order books (CLOBs), and liquidity providers either stream quotes or use RFQs. Terrace’s routing layer abstracts these into one unified system, normalizing pricing, depth, and latency so orders can move freely across all three. TLP also handles the fund movements across underlying venues to ensure settlement and clearing of funds to accounts, ensuring every trade completes seamlessly without manual bridging or venue switching.