Order Execution Policy
Last updated: June 2026
Overview
This policy explains how Baysart MMC receives, prices and executes your buy, sell and convert orders. Our aim is to execute your orders fairly, transparently and consistently.
For every order, you see the full (all-in) price, the estimated amount you will receive and the applicable terms before you authorize. No order is executed until you confirm it.
All orders are subject to applicable limits, available liquidity and compliance checks.
- Orders are executed fairly and consistently.
- The full price is shown before authorization.
- No order is executed without your confirmation.
Pricing
Buy, sell and convert prices are based on a market rate sourced via a Settlement/Liquidity Partner. A spread is added to that rate, and you are shown the resulting full (all-in) price.
For buying or selling BTC, USDC or USDT, a spread of 100 basis points (1.00%) is applied to the rate. For converting between USDC and USDT (a same-stablecoin swap), the spread is 50 basis points (0.50%).
The spread is included in the price quoted to you. The full price shown before authorization reflects the final amount you will pay or receive; there is no separate hidden margin.
- Price source: Settlement/Liquidity Partner.
- Spread (buy/sell): 100 basis points (1.00%).
- Spread (USDC ↔ USDT swap): 50 basis points (0.50%).
- The full price is shown before authorization.
Quote validity
Each quote is valid only for a short window. This window reflects the volatility of market rates.
If material conditions change before you authorize — for example, if the quote validity expires or the market rate moves significantly — you are shown a new quote and must re-authorize to proceed.
As a result, you are only executed at a price you have confirmed. No order is executed at a stale price without re-authorization.
- Quotes are valid for a short window.
- If material conditions change, you are shown a new quote.
- You must re-authorize the new quote to proceed.
Execution
Once you authorize, the order is executed at the confirmed price. Liquidity is provided via a Settlement/Liquidity Partner, and Baysart MMC may act as your counterparty to the transaction.
Execution is completed by on-chain settlement. On-chain settlement is final and irreversible. Once authorized, a transaction cannot be cancelled or reversed.
Execution speed depends on the confirmation time of the relevant blockchain network.
- The order is executed at the confirmed price.
- Baysart MMC may act as counterparty.
- On-chain settlement is final and irreversible.
Refusal and partial execution
In defined circumstances, Baysart MMC may refuse to execute an order or may execute an order only in part. These circumstances include: breach of per-transaction or daily limits; insufficient liquidity; compliance, monitoring or regulatory requirements; and technical or network issues.
If an order is refused or only partially executed, you are notified. In the case of partial execution, you are charged only for the portion that is executed; the remainder is not executed.
Refusal or partial execution is applied to protect you and the platform, and is carried out in accordance with this policy.
- Reasons: limit breaches, insufficient liquidity, compliance/regulatory requirements, technical issues.
- You are notified of any refusal or partial execution.
- In partial execution, only the executed portion is charged.
Price movement (slippage)
Slippage is the difference between the price shown on the confirmation screen and the actual price at the moment of execution. Crypto markets are volatile and prices can move within short periods.
To protect you from slippage, quotes are valid only for a short window, and if a material price change occurs, you are shown a new price and asked to re-authorize before execution. As a result, you are only executed at a price you have confirmed.
The applicable price, the spread and the estimated amount you will receive are disclosed before authorization.
- Slippage is the difference between the shown price and the execution price.
- A short validity window limits the impact of slippage.
- A material price change requires re-authorization.