Average Fill Price

Overview

Meaning and scope

Average Fill Price is the quantity-weighted average price of the portions of an order that have been filled, either so far or at completion. It often overlaps with average execution price, but operational interfaces commonly use average fill price to describe the current filled portion of a live or partially completed order.

How it works

It is closely connected with Average Execution Price , Average Price , and Market Price , but these terms answer different questions about price, capacity, execution, or financial resilience. Operationally, trading systems update the value after each fill by combining the previous filled quantity and cost with the newest execution.

Operational checks and limits

This is usually the quantity-weighted price of fills associated with a specific order. Systems should distinguish partial fills, canceled remainder and fee currencies.

Practical example

An order buys two units at $99 and one at $102; its average fill price is $100 for the three completed units.

Distinctions

Average fill price is an order execution measure; average price can refer to a broader time series or valuation convention.

How to evaluate it

A financial metric becomes useful only when its observation method, time interval, and unit are disclosed; for Average Fill Price, record the source venue or account, relevant execution or accrual window, conversion assumptions, and whether fees are included. When evaluating Average Fill Price, a business treasury should reconcile the reported figure to actual fills and balances rather than use a single screen value as both pricing evidence and a settlement record. Related concepts: Average Execution Price; Average Price; Market Price.