Private trading
The Dark Pool
Private orders filled at the book's price, where nobody sees what you trade.
The Dark Pool fills private orders at the public book's price, without them ever showing on a book. The chain sees a private transaction: no tokens, no amounts, no parties.
The Dark Pool is still being finished. It comes to the Preview testnet first, and opens on mainnet after its audit.
How an order works
- You make an order. On the Private page, choose a market, how much of one private twin you give, and the least of the other you'll take. Your wallet proves it as a private swap offer and sends it to Nightshade's Dark Pool, with an expiry of 10 minutes, 1 hour, 1 day or 1 week.
- The keeper checks it against the public book, by the rule below.
- It fills in one transaction. The keeper takes your offer and pays you from its own private tokens. Both sides settle together, or nothing moves. Orders that cross each other are filled together in one transaction.
An order fills whole. With the passkey wallet, a large order can be split into up to 4 lots, each filled whole on its own. Lace places single orders.
The rule
The keeper fills by one public rule, the same for everyone, as soon as it sees an order:
- A buy fills when what you pay is at least what the book would charge for the same amount, fee included, plus 0.3%.
- A sell fills when what you ask for is at most what the book would pay, after its fee, less 0.3%.
So you pay the book's price plus 0.3%, for not showing on the book. Anything your order gives beyond that goes to the pool, so set your price close to the book's.
What you trust
Your order is a proof your wallet made, so nobody can change its amounts, pay you less than it says, or take anything you didn't offer. Nightshade holds none of your tokens: they stay in your wallet until the order fills.
What you trust is the operator, on two points:
- Nightshade sees your order's terms, because its keeper has to judge them against the book. Nobody else does: the order is never shown to anyone, and its offer is deleted once the order is no longer open.
- Nightshade decides when to fill, within the rule. It could fill late, or not at all. Orders expire, and you can cancel at any time.
Each day's filled volume per market is published as one total, so anyone can see how much the pool trades without seeing any order.
See and cancel your orders
The Private page lists your Dark Pool orders while they're open, with Cancel.
Cancelling an order stops the keeper and moves all of that twin to new coins in your own wallet (one small transaction), so the offer can never be taken. That cancels every open order and swap link you have in that twin.
Expiry
A private offer has no expiry on chain. The keeper fills nothing after an order's expiry, and when it expires the page moves its coins the same way, but only while the page is open. If you close it before then, cancel the order when you're back.