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Trade lifecycle

Every fill moves through a single, one-directional state machine. Here's each state — and exactly where the counterparty exposure sits.

States

Quote → Awaiting deposit → Deposit broadcast → Deposit confirmed
      → Approved → Settled → Completed

1. Quote (RFQ)

You pick your sell-side (asset + network you're paying) and buy-side (asset + network you want). The desk prices both legs at market and applies its spread, returning a firm quote — the exact fill you'll receive — with a ~90s TTL. If it lapses, re-quote.

2. Deposit

The desk returns a settlement address on your sell-side network. You send the exact quoted clip from your own wallet.

Send the exact clip

The deposit is matched to your quote by exact amount on-chain. An over- or under-send won't auto-settle and has to be reconciled manually. Send precisely what the quote shows.

3. Deposit finality

The desk's watchers monitor the sell-side network. A deposit is accepted only when it:

  • settles the exact quoted amount of the correct asset,
  • to the correct settlement address, and
  • has reached a safe confirmation depth for that network.

This finality buffer is deliberate — it guards against reorgs, so the desk never settles a fill against a deposit that could still be reversed. (Higher-finality networks clear in fewer confirmations; reorg-prone ones need more.)

4. Approved

A broker reviews the confirmed deposit and approves settlement. This manual gate is a deliberate control — nothing settles without it.

5. Settle

The desk's signer constructs, signs, and broadcasts the settlement leg, sending your buy-side asset to your settlement address. Once on-chain, the trade is Completed and you have the settlement txid.

Counterparty exposure

You ──deposit──▶ Desk ──settle──▶ You
                 (principal holds funds here)

Between step 2 (your deposit) and step 5 (settlement), your funds sit with the desk. That window is your counterparty exposure — you're relying on Origami, as principal, to settle.

That's the model: you keep custody of your wallet and keys at all times, but a trade routes funds through Origami as your counterparty. It is not an atomic, trustless swap. See Counterparty & custody for the desk's controls and your checklist.

Terminal states

Not every quote becomes a fill. The honest terminal states:

State Meaning
Expired Quote TTL lapsed pre-deposit. Re-quote.
Rejected The desk declined the trade (e.g. a deposit issue).
Refunded A rejected trade's deposit was returned.
Payout failed Settlement couldn't broadcast; the broker investigates and resolves.

Tracking

Every trade carries a public reference ID (e.g. OTC-2026-AB12CD34EF) — use it to pull live status through quote, deposit, finality, approval, and settlement.