Orders
Trading on Conviction happens through orders. You build an order and sign it once, and Conviction handles execution automatically. You never need to send a transaction or pay gas yourself.
#Limit vs Market
#Limit
- Set the price you want, post it to the order book, and wait for a fill.
- The unfilled portion stays alive until the expiration time you set.
- You can cancel it yourself at any time before expiration.
#Market — FAK
- Fills immediately for as much as the current order book allows.
- Any portion that doesn't fill is cancelled automatically and doesn't remain in the book (Fill-And-Kill).
- In a thin or volatile market, slippage can be large.
Slippage on Market orders
A large market order against a shallow book can fill at a price far worse than intended. It's the same risk as a market order on a regular exchange.
#BUY vs SELL
- BUY — pay USDT to buy outcomes (shares).
- SELL — sell outcomes you hold to receive USDT.
Buying YES and selling NO are bets in a similar direction. Because the order book matches buys and sells across both outcomes together, a trade can be completed with just a buy order even for an outcome you don't already hold.
#Price and quantity
- Price is a value between 0.01 and 0.99 that represents the probability of that outcome occurring. The UI also shows it as a %.
- Quantity (shares) is the number of outcomes you buy or sell. One share is worth up to 1 USDT at settlement.
For details, see Prices.
#Order states
| State | Meaning |
|---|---|
| Pending | Registered in the order book, waiting for a fill |
| Partial | Partially filled, with the remainder still waiting |
| Filled | Fully filled |
| Cancelled | Cancelled by the user (or the remainder of a market order) |
| Expired | The expiration time you set has passed |
| Failed | The fill failed |
#Cancelling
An unfilled order sitting in the order book can be taken down instantly with Cancel. No gas is required, and any already-filled quantity is unaffected.
#Next concepts
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