A limit order is an order you place into a 0x mesh network through the 1inch UI. While placing a limit order, you specify a rate and terms. A limit order is not intended for a specific user and can be filled by anyone. When the market price matches the price set in the order, arbitrage traders will fill it, collecting a small fee on top of the deal value.
To place a limit order on 1inch, perform the following steps:
- go to 1inch.exchange and switch to the tab ‘limit’;
- connect your wallet, using this guide;
- in the section ‘maker asset’, select the asset you want to sell and enter the amount;
Please, note that you can always set the maximum amount available to you.
- in the ‘taker asset’ field, type or pick from the drop-down list the token you want to buy;
Grey numbers above the amounts of selected coins correspond to approximate values in US dollars.
- type in the 'price' at which you want your order to be executed and set the validity period in the ‘expires in’ field;
E.g.: you are swapping DAI for WETH, your ‘maker asset’ amount is 1 DAI and the price is 1DAI = 0.0017 WETH. Once you've entered the amount of ‘maker asset’, the WETH amount will be calculated automatically, based on market rates. In our case it will look like this:
Certainly, by placing a limit order you aim to get more WETH for your DAI than the current market can offer you. Keeping this in mind, you have to adjust the price of DAI, specifically, increase it, for instance to 0.002 WETH per 1DAI. Please, note that the amount of WETH will increase in accordance with the rate 1WETH = 500 DAI:
Once you've set a target price for your DAI, you are good to go.
Please, note that by clicking on the rate, you can switch it to the inverse rate. This small adjustment is for your convenience. Also, know that limit orders work only with erc20 standard tokens, meaning that instead of ETH you have to use WETH.
- click on 'unlock token' and choose one of the unlock options, confirm the transaction in your wallet;
- click on ‘review limit order’, verify the order, and sign it in your wallet;
- after that, the order will appear on the UI in the ‘active orders’ section;
If you no longer want to keep this order, use the ‘cancel’ option in the right-hand part of your order. The option ‘cancel all orders’ will allow you to cancel all active orders in one go.