Limit orders

A limit order buys or sells at a price you choose and waits on the book until someone trades with it. Orders that wait on the book pay no fee.

Place one

Open a market, switch the trade form to Limit, choose Buy or Sell, and type the price and amount. Prices have four significant digits, so the form rounds what you type to the nearest price on the grid.

Your order joins the pool at that price. Everyone with an order at the same price shares the pool, and when a trade reaches it, everyone in it fills in proportion to what they put in. A pool that has started to fill takes no new money: a later order at that price opens a new pool behind it, so it never shares fills that came before it.

Crossing the book

A buy above the lowest sell, or a sell below the highest buy, fills what it crosses straight away, like a swap, and puts the rest on the book. The form shows the part that Fills now, which pays the 0.2% taker fee; the part that rests pays nothing.

Minimum order

Each market has a minimum order, shown in the form. A smaller order can't rest on the book.

Collect and cancel

A filled order's proceeds stay in its pool until you collect them, because one fill can belong to thousands of makers. Your wallet page lists your positions, with Withdraw, which pays out your share of the pool: the part that filled and the part that didn't. Nothing is ever locked.

Orders that flip

An order that sells and then buys back lower, over and over, is auto-flip liquidity.