> ## Documentation Index
> Fetch the complete documentation index at: https://docs.marks.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Stages & Statuses

> The stages a Hedge moves through, and where each action lives.

A Hedge moves through a small, predictable set of stages. Opening, adding, reducing, and closing are asynchronous: you submit an order and it fills shortly after, so you poll for the result. There are no webhooks yet.

## The flow

1. **Quote** (optional) - price a Hedge before you open it. Quotes are indicative, not binding, and not persisted. See [Open a Hedge](/guides/open-a-hedge).
2. **Open** - submit the Hedge. It returns `status: "submitted"` with an `order_tx_hash` and a `hedge_id`, then fills on-chain shortly after. See [Open a Hedge](/guides/open-a-hedge).
3. **Monitor** - track the live position, its P\&L, accrued carry, and margin. See [Monitor Positions](/guides/monitor-positions).
4. **Resize** (optional) - grow the position by [adding notional](/guides/add-to-a-hedge), or shrink it by [reducing notional](/guides/reduce-a-hedge). Either way the maturity stays the same.
5. **Close** - close the position, or let it settle at maturity, then review the outcome. See [Close & Settle](/guides/close-and-settle).

## Status values

Every Hedge reports a `status`:

| Status       | Meaning                                                                         |
| ------------ | ------------------------------------------------------------------------------- |
| `submitting` | The order is being prepared.                                                    |
| `submitted`  | The order is on-chain and will fill shortly.                                    |
| `filled`     | The Hedge is live (has a `fill_tx_hash` and `struck_rate`).                     |
| `failed`     | The order did not fill; nothing was opened and reserved collateral is released. |
| `closed`     | The Hedge has been closed or settled.                                           |

## One open Hedge per market and side

You hold at most one open Hedge on a given market and side. Opening a second on the same market and side returns `409 hedge_exists` - [add to the existing Hedge](/guides/add-to-a-hedge) instead. See [How Hedging Works](/guides/how-hedging-works#one-open-hedge-per-market-and-side).