> For the complete documentation index, see [llms.txt](https://faq.finerymarkets.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://faq.finerymarkets.com/product-features/trading/synthetic-pairs.md).

# Synthetic pairs

Synthetic Orders (Synthetic Pairs) allow clients to trade instruments constructed from two existing instruments. The platform calculates prices in real time in the GUI using the best available prices from the firm order book.

When a synthetic order is placed, it is executed as two linked orders (legs) in the preconfigured order books. The parent order defines the size, price, and type, while both child orders inherit these parameters and are sent simultaneously to the market.<br>

### How to add a synthetic instrument

To create a synthetic instrument:

1. Go to 'Pricing & Instruments' (or 'Instruments')
2. Click 'Add new'
3. Choose two direct source instruments (e.g., ETH-USDT + BTC-USDT)
4. Review the synthetic price and formula preview
5. Click 'Create Instrument'

<figure><img src="/files/SvTsjgjVatipj1EwBUqv" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Synthetic instruments cannot be created from other synthetic instruments or if the instrument already exists.
{% endhint %}

### How to place a synthetic order

To place an order:

1. Go to Trading, click 'Search Instrument'
2. Select a synthetic instrument and add it to the trading page
3. In the order tile enter order size, type, liquidity source, and price (if applicable)
4. Place the order

<div><figure><img src="/files/DhUX56EG4xoi49elFVbx" alt=""><figcaption></figcaption></figure> <figure><img src="/files/o3jXa5IoR89ZQyy9fpOT" alt=""><figcaption></figcaption></figure></div>

Executed orders are available in History → Orders → Algo Orders.

<div><figure><img src="/files/wJ1GWdZVczimFp6XqDEe" alt=""><figcaption></figcaption></figure> <figure><img src="/files/L4OTkryPTzbCjnMhjmzo" alt=""><figcaption></figcaption></figure></div>

### API

Use the API to:

* [Create and get synthetic instruments](/api-reference/rest-api/pricing-and-instruments/synthetic-instruments.md)
* [Place synthetic (algo) orders](/api-reference/rest-api/trading/adding-orders/add-algo-synthetic-and-gtc-orders.md)
* [Retrieve order history and details](/api-reference/rest-api/trading/orders-and-order-book/algo-orders.md)

#### Important notes

* Supported order types: Market IOC, Market FOK, Limit IOC, Limit FOK

  (Pending limit orders will be supported later)
* Execution is not guaranteed. Slippage risk applies, including cases where one leg is filled and the other is partially filled or not filled
* If one leg cannot be executed due to liquidity or source limitations, the order is declined
* Markups apply only to the underlying direct instruments; no separate markup is applied to synthetic pairs