The short answer
Average execution price is quantity-weighted: add the price × quantity of each actual fill, then divide by the total filled quantity. Do not divide by the original requested quantity or take an unweighted average of different-sized fills. With no fills there is no average execution price; a zero price would be misleading.
Executed value before fees = sum of (fill price × fill quantity) Total filled quantity = sum of fill quantities Average execution price = executed value ÷ total filled quantity
This example concerns direct spot-order fill records, not portfolio NAV, investment returns or the cost of a position across multiple orders. All quantities and prices are hypothetical. The platform currently supports invitation-only US equity and crypto spot trading; A-shares are quote-only and tokenized RWA is not live. Account and instrument rules still apply.
Worked example: 3 of 5 units have filled
Imagine an order for 5 units of an unnamed crypto instrument. The recorded fills are 1 unit at 100 and 2 units at 102 quote units per asset unit. Two units remain unfilled. These teaching values exclude all fees and taxes and are not actual platform activity.
| Fill | Quantity | Price | Executed value before fees |
|---|---|---|---|
| First | 1 | 100 | 100 |
| Second | 2 | 102 | 204 |
| Total filled | 3 | — | 304 |
Executed value before fees = (1 × 100) + (2 × 102) = 304 Filled quantity = 1 + 2 = 3 Average execution price = 304 ÷ 3 = 101.333… ≈ 101.33 Unfilled quantity = 5 − 3 = 2
- (100 + 102) ÷ 2 = 101 is wrong here: it gives equal weight to fills of different sizes.
- 304 ÷ 5 = 60.8 is wrong: the requested 5 units include 2 units that have not executed.
- An average of 101.33 does not mean there was a fill at 101.33; the recorded fill prices are still 100 and 102.
A cancellation request can race with another fill
The platform distinguishes a cancellation request from confirmed cancellation. Another fill may arrive while the request is still in flight. Cancelling the remainder does not undo existing fills.
| Teaching timeline | Cumulative filled quantity | Value before fees | Average price | What remains |
|---|---|---|---|---|
| Order submitted | 0 | 0 | — | 5 units unfilled |
| First fill: 1 at 100 | 1 | 100 | 100.00 | 4 units unfilled |
| Second fill: 2 at 102 | 3 | 304 | 101.33 | 2 units unfilled |
| Cancellation requested; no new fill yet | 3 | 304 | 101.33 | 2 units await an outcome |
| Another fill arrives: 1 at 103 | 4 | 407 | 101.75 | 1 unit unfilled |
| Cancellation confirmed for the remainder | 4 | 407 | 101.75 | 1 unit cancelled, not filled |
Value after the extra fill = 304 + (1 × 103) = 407 Filled quantity after the extra fill = 3 + 1 = 4 New average execution price = 407 ÷ 4 = 101.75
Average price is not your complete cost or P&L
This calculation covers execution value before fees. Fees, taxes where applicable, previous position holdings and later trades are separate inputs when determining account balances, position cost or P&L. It does not calculate profit, a withdrawable amount or a portfolio valuation. Check the actual fill and fee records rather than treating the rounded example as an account balance.
Where to verify your order
- First check cumulative filled quantity and the current status on the orders page. Calculating average execution price requires this order's individual fill prices and quantities; do not substitute the submitted price for actual fill prices. If the page does not provide the details, contact support to verify them.
- Use cumulative filled quantity, prices and the current status; an earlier snapshot may be incomplete if another fill has since arrived.
- For cancelling, partially filled or cancelled states, use the existing status and cancellation explanations linked below. A confirmed cancellation applies to the unfilled remainder.
- Use the fee schedule and actual record for charges. Do not infer a fixed rate from this fee-free illustration.
Investor.gov explains why execution can differ from a displayed quote. The platform's help answers are the source for its fill and cancellation states; the arithmetic here is a hypothetical worked example. This article is educational and does not recommend an asset, order or investment strategy.