diff --git a/src/state/markets/test_market.rs b/src/state/markets/test_market.rs
index b43c78e..75fee76 100644
--- a/src/state/markets/test_market.rs
+++ b/src/state/markets/test_market.rs
@@ -155,7 +155,7 @@ fn test_market_simple() {
     ) = market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Bid,
                 price.as_u64(),
                 size.as_u64(),
@@ -194,7 +194,7 @@ fn test_market_simple() {
     ) = market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 price.as_u64(),
                 size.as_u64(),
@@ -222,7 +222,7 @@ fn test_market_simple() {
     market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 ladder.asks[0].price_in_ticks.as_u64(),
                 ladder.asks[0].size_in_base_lots.as_u64(),
@@ -264,7 +264,7 @@ fn test_market_simple() {
     ) = market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 price.as_u64(),
                 size.as_u64(),
@@ -903,7 +903,7 @@ fn test_orders_with_only_free_funds() {
     assert!(market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 100,
                 5,
@@ -919,7 +919,7 @@ fn test_orders_with_only_free_funds() {
     assert!(market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 100,
                 5,
@@ -985,7 +985,7 @@ fn test_orders_with_only_free_funds() {
     assert!(market
         .place_order(
             &trader,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Bid,
                 100,
                 6,
@@ -1614,6 +1614,118 @@ fn test_fok_with_slippage_3() {
     assert!(ladder.bids[0].size_in_base_lots == prev_ladder.bids[0].size_in_base_lots);
 }
 
+#[test]
+fn test_exact_out_order() {
+    let mut rng = StdRng::seed_from_u64(2);
+    let mut market = setup_market_with_params(10000, 100, 2);
+    let mut event_recorder = VecDeque::new();
+    let mut record_event_fn = |e: MarketEvent<TraderId>| event_recorder.push_back(e);
+
+    let maker = rng.gen::<u128>();
+    let bid_start = rng.gen_range(9996, 10_000);
+    let bid_end = rng.gen_range(9900, 9978);
+    let ask_start = rng.gen_range(10_001, 10_005);
+    let ask_end = rng.gen_range(10_033, 10_100);
+    let start_size = rng.gen_range(10, 20);
+    let size_step = rng.gen_range(1, 5);
+    layer_orders(
+        &mut market,
+        maker,
+        bid_start,
+        bid_end,
+        1,
+        start_size,
+        size_step,
+        Side::Bid,
+        &mut record_event_fn,
+    );
+    layer_orders(
+        &mut market,
+        maker,
+        ask_start,
+        ask_end,
+        1,
+        start_size,
+        size_step,
+        Side::Ask,
+        &mut record_event_fn,
+    );
+
+    let ladder = market.get_typed_ladder(5);
+    let taker = rng.gen::<u128>();
+
+    // Send IOC buy order specifying exact number of base lots out
+    let price = ladder.asks[0].price_in_ticks;
+    let base_lots_to_fill = BaseLots::new(ladder.asks[0].size_in_base_lots.as_u64() / 2); // don't take the whole level
+
+    let (
+        _,
+        MatchingEngineResponse {
+            num_quote_lots_in: num_quote_lots,
+            num_base_lots_out: num_base_lots,
+            ..
+        },
+    ) = market
+        .place_order(
+            &taker,
+            OrderPacket::new_ioc_by_base_lots(
+                Side::Bid,
+                price.as_u64() + 10, // supply limit price higher than the best ask
+                base_lots_to_fill.as_u64(),
+                SelfTradeBehavior::DecrementTake,
+                None,
+                rng.gen::<u128>(),
+                false,
+            ),
+            &mut record_event_fn,
+        )
+        .unwrap();
+
+    // check that the exact number of base lots was filled, and that they were filled at the expected price
+    assert_eq!(base_lots_to_fill, num_base_lots);
+    // assert_eq!(
+    //     num_quote_lots * market.base_lots_per_base_unit,
+    //     market.tick_size_in_quote_lots_per_base_unit * price * base_lots_to_fill
+    // );
+
+    // Send IOC sell order specifying exact number of quote lots out
+    let price = ladder.bids[0].price_in_ticks;
+    let mut quote_lots_to_fill =
+        market.tick_size_in_quote_lots_per_base_unit * price * ladder.bids[0].size_in_base_lots
+            / market.base_lots_per_base_unit;
+    quote_lots_to_fill = QuoteLots::new(quote_lots_to_fill.as_u64() / 2); // don't take the whole level
+
+    let (
+        _,
+        MatchingEngineResponse {
+            num_quote_lots_out: num_quote_lots,
+            num_base_lots_in: num_base_lots,
+            ..
+        },
+    ) = market
+        .place_order(
+            &taker,
+            OrderPacket::new_ioc_by_quote_lots(
+                Side::Ask,
+                price.as_u64() - 10, // supply limit price lower than the best bid
+                quote_lots_to_fill.as_u64(),
+                SelfTradeBehavior::DecrementTake,
+                None,
+                rng.gen::<u128>(),
+                false,
+            ),
+            &mut record_event_fn,
+        )
+        .unwrap();
+
+    // check that the exact number of quote lots was filled, and that they were filled at the expected price
+    assert_eq!(quote_lots_to_fill, num_quote_lots);
+    assert_eq!(
+        num_quote_lots * market.base_lots_per_base_unit,
+        market.tick_size_in_quote_lots_per_base_unit * price * num_base_lots
+    );
+}
+
 #[test]
 fn test_fees_basic() {
     let mut rng = StdRng::seed_from_u64(2);
@@ -1649,7 +1761,7 @@ fn test_fees_basic() {
     let (o_id, release_quantities) = market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Bid,
                 10100,
                 10,
@@ -1675,7 +1787,7 @@ fn test_fees_basic() {
     let (o_id, release_quantities) = market
         .place_order(
             &taker,
-            OrderPacket::new_ioc_by_lots(
+            OrderPacket::new_ioc_by_base_lots(
                 Side::Ask,
                 9900,
                 10,
diff --git a/src/state/order_schema/order_packet.rs b/src/state/order_schema/order_packet.rs
index 2145db8..a0db5b4 100644
--- a/src/state/order_schema/order_packet.rs
+++ b/src/state/order_schema/order_packet.rs
@@ -359,7 +359,7 @@ impl OrderPacket {
         )
     }
 
-    pub fn new_ioc_by_lots(
+    pub fn new_ioc_by_base_lots(
         side: Side,
         price_in_ticks: u64,
         base_lot_budget: u64,
@@ -382,6 +382,29 @@ impl OrderPacket {
         )
     }
 
+    pub fn new_ioc_by_quote_lots(
+        side: Side,
+        price_in_ticks: u64,
+        quote_lot_budget: u64,
+        self_trade_behavior: SelfTradeBehavior,
+        match_limit: Option<u64>,
+        client_order_id: u128,
+        use_only_deposited_funds: bool,
+    ) -> Self {
+        Self::new_ioc(
+            side,
+            Some(price_in_ticks),
+            0,
+            quote_lot_budget,
+            0,
+            0,
+            self_trade_behavior,
+            match_limit,
+            client_order_id,
+            use_only_deposited_funds,
+        )
+    }
+
     pub fn new_ioc_buy_with_slippage(quote_lots_in: u64, min_base_lots_out: u64) -> Self {
         Self::new_ioc(
             Side::Bid,
diff --git a/tests/test_phoenix.rs b/tests/test_phoenix.rs
index 73bc818..1a9eda7 100644
--- a/tests/test_phoenix.rs
+++ b/tests/test_phoenix.rs
@@ -973,7 +973,7 @@ async fn test_phoenix_admin() {
             .is_ok(),
         "Should be able to claim authority if you are the successor"
     );
-    let params = OrderPacket::new_ioc_by_lots(
+    let params = OrderPacket::new_ioc_by_base_lots(
         Side::Bid,
         sdk.float_price_to_ticks(102.0),
         1,
@@ -1312,7 +1312,7 @@ async fn test_phoenix_basic() {
     .await;
     sdk.set_payer(clone_keypair(&default_taker.user));
 
-    let params = OrderPacket::new_ioc_by_lots(
+    let params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         sdk.float_price_to_ticks(39.7),
         sdk.raw_base_units_to_base_lots(10.0),
@@ -1820,7 +1820,7 @@ async fn test_phoenix_orders_with_free_funds() {
     sdk.set_payer(clone_keypair(&default_taker.user));
 
     //Attempt to use free funds to trade, will reject because the taker has no seat
-    let sell_params = OrderPacket::new_ioc_by_lots(
+    let sell_params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         sdk.float_price_to_ticks(31.0),
         sdk.raw_base_units_to_base_lots(55.0),
@@ -1843,7 +1843,7 @@ async fn test_phoenix_orders_with_free_funds() {
         .is_err());
 
     //Trade through the first 10 levels of the book and self trade the last level on each side
-    let sell_params = OrderPacket::new_ioc_by_lots(
+    let sell_params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         sdk.float_price_to_ticks(31.0),
         sdk.raw_base_units_to_base_lots(55.0),
@@ -1853,7 +1853,7 @@ async fn test_phoenix_orders_with_free_funds() {
         false,
     );
 
-    let buy_params = OrderPacket::new_ioc_by_lots(
+    let buy_params = OrderPacket::new_ioc_by_base_lots(
         Side::Bid,
         sdk.float_price_to_ticks(59.0),
         sdk.raw_base_units_to_base_lots(55.0),
@@ -1863,7 +1863,7 @@ async fn test_phoenix_orders_with_free_funds() {
         false,
     );
 
-    let self_trade_bid_params = OrderPacket::new_ioc_by_lots(
+    let self_trade_bid_params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         sdk.float_price_to_ticks(30.0),
         sdk.raw_base_units_to_base_lots(11.0),
@@ -1873,7 +1873,7 @@ async fn test_phoenix_orders_with_free_funds() {
         false,
     );
 
-    let self_trade_offer_params = OrderPacket::new_ioc_by_lots(
+    let self_trade_offer_params = OrderPacket::new_ioc_by_base_lots(
         Side::Bid,
         sdk.float_price_to_ticks(60.0),
         sdk.raw_base_units_to_base_lots(11.0),
@@ -1953,7 +1953,7 @@ async fn test_phoenix_orders_with_free_funds() {
         sdk.raw_base_units_to_base_lots(10.0),
     );
 
-    let ioc_buy_params = OrderPacket::new_ioc_by_lots(
+    let ioc_buy_params = OrderPacket::new_ioc_by_base_lots(
         Side::Bid,
         sdk.float_price_to_ticks(34.1),
         sdk.raw_base_units_to_base_lots(10.0),
@@ -1963,7 +1963,7 @@ async fn test_phoenix_orders_with_free_funds() {
         true,
     );
 
-    let ioc_sell_params = OrderPacket::new_ioc_by_lots(
+    let ioc_sell_params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         sdk.float_price_to_ticks(30.0),
         sdk.raw_base_units_to_base_lots(10.0),
@@ -2051,7 +2051,7 @@ async fn test_phoenix_orders_with_free_funds() {
     let new_order_ix = create_new_order_with_free_funds_instruction(
         &sdk.core.active_market_key,
         &second_maker.user.pubkey(),
-        &OrderPacket::new_ioc_by_lots(
+        &OrderPacket::new_ioc_by_base_lots(
             Side::Bid,
             sdk.float_price_to_ticks(250.0),
             sdk.raw_base_units_to_base_lots(10.0),
@@ -3060,7 +3060,7 @@ async fn test_phoenix_place_multiple_memory_management() {
                     &default_taker.user.pubkey(),
                     &sdk.base_mint,
                     &sdk.quote_mint,
-                    &OrderPacket::new_ioc_by_lots(
+                    &OrderPacket::new_ioc_by_base_lots(
                         Side::Ask,
                         0,
                         u64::MAX,
@@ -3133,7 +3133,7 @@ async fn test_phoenix_place_multiple_limit_orders_adversarial() {
     // Normally this would crash due to compute usage, but we now coalesce the orders
     // at the same price in place multiple orders
     sdk.set_payer(clone_keypair(&default_taker.user));
-    let order_packet = OrderPacket::new_ioc_by_lots(
+    let order_packet = OrderPacket::new_ioc_by_base_lots(
         Side::Bid,
         sdk.float_price_to_ticks(101.0),
         700,
@@ -3265,7 +3265,7 @@ async fn test_phoenix_basic_with_raw_base_unit_adjustment() {
     let second_cross_price = sdk.float_price_to_ticks(*bid_price_range.first().unwrap()); // Takes the last price in the bid price_range (40.0)
     let second_cross_size = sdk.raw_base_units_to_base_lots(1000_f64);
 
-    let params = OrderPacket::new_ioc_by_lots(
+    let params = OrderPacket::new_ioc_by_base_lots(
         Side::Ask,
         second_cross_price,
         first_cross_size + second_cross_size,