Order book
Norynta uses a hybrid model. The order book is the primary venue for price discovery, and a quote backstop is used for market-intent flow when visible depth is thin.
Where prices come from
Norynta doesn’t set odds. Prices move when traders update bids and asks based on new information. For binary markets, you can treat the price in cents as an implied probability.
Spread and liquidity
The spread is the gap between the best bid and the best ask. More liquidity usually means a tighter spread and less slippage when trading larger sizes.
If there’s a spread, the “displayed” price is only a reference. Buying tends to execute at the ask and selling tends to execute at the bid, unless you place a limit order.
Limit orders
A limit order specifies a maximum price (for a buy) or minimum price (for a sell). Orders can fill immediately if they cross the current book, or they can rest until someone matches them.
Market orders
A market order aims to fill immediately against the best available liquidity. Norynta first routes to visible book depth, then can route through quote liquidity to complete immediate execution with FAK/FOK protections.