In general, orders are matched when bid (buy) and ask (sell) prices equal or cross each other - prioritized based on “best price” and time submitted, similar to the stock market.

Prices cross when a bid (an order to buy) is placed at a price higher than any current asks on the order book, or vice versa, when an ask (an order to sell) is placed at a price lower than any current bids on the order book.

For more details, see:

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