Using Limit Orders on HyperDEX
If you’re ready to trade on DeFi at the prices you want, then all you need to do is trade on HyperDEX using Limit Orders. There are many ways you can set a Limit Order but the two most common are:
- A buy limit order sets a buy limit price. Your swaps execute only at that price or lower, if market conditions become available. Hence, you get the amount of tokens you want, but usually more.
- A sell limit order, which sets a sell limit price. Your swaps execute only at that price or higher, if market conditions become available. In this case, you get at least the selling price you want, but usually better.
Here are the steps to set a Limit Order on HyperDEX:
- 1.Go to PlasmaFinance HyperDEX and connect your wallet.
- 2.Select the asset you want to swap and enter the amount. If you don’t see the asset, simply search for the token and add it first to your wallet.
- 3.Next, select the asset you want to receive in return for your swap. HyperDEX will automatically give you the best rates from over 40 different DEXes on your network (ETH, Polygon, or BSC). The Current Rate value will appear based on the current market rate. The Output (in the Buy field) is the estimated amount of asset/currency you should receive from swapping your asset.
- 4.Adjust the Limit Rate or Output to set the desired price you want or the amount of asset you wish to receive for the swap. These fields will adjust themselves as you adjust the values, as they are dependent on each other. Additionally, a message may appear in this format: “Order XX% above/below market”. This indicates that the rate you set is a certain percentage above or below the current market price across the best available market on HyperDEX.
- 5.Set the Expiry time. This will determine how long you want the order to remain in place. It will continue to fill as long as it remains active. If it is still active and reaches the Expiration time, the Limit Order will cancel itself. It is a good idea to set an expiry time to save on manual cancellation gas fees.
- 6.Click the Review Limit Order button to place your limit order. You will need to sign the confirmation prompt to place the Limit Order!
- 7.After successful placement of your limit order, you will see it in your history tab and you can close this order anytime you want and receive back the asset that you wish to sell. If you place many Limit Orders, you will see them all here.
Note A: Cancelling a limit order is possible, just click Cancel from the history. You will have to pay a TX fee to cancel them, however. So if you have multiple Limit Orders, you can cancel them in one transaction.
Note B: To set the limit order for the native currency of the chain (ETH) you need to use the wrapped version of native currency: Wrapped ETH (wETH) on Ethereum; wBNB on BSC, wMatic on Polygon.
On HyperDEX, wrapping and unwrapping is a zero-fee transaction. Simply swap the native currency to its wrapped version or vice versa to set Limit Orders! E.g. ETH to wETH or vice versa.