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 on the book until it fills or you cancel it.
- Optionally switch on Expires to have it lapse automatically after 24 hours or 1 week.
#Market — FAK
- Fills immediately for as much as the current order book allows within your slippage tolerance, across several orders and price levels if it needs to.
- A fill can take a few transactions, and crossing orders that arrive within that range meanwhile are taken too — until the rest is filled or cancelled, the order may briefly show Partial.
- Whatever is left is then cancelled automatically and never appears in the order book (Fill-And-Kill). Notifications and your activity show only what filled; a market order that filled nothing is reported as cancelled.
- The slippage tolerance is 1% by default; you can set it to 0.5%, 1%, 2%, 5%, or a custom value.
A market order only takes prices within your tolerance of the best price; whatever lies beyond that is cancelled rather than filled. Against a shallow book this means a partial fill — raise the tolerance, or use a Limit order, if you need the full size.
#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 (0.001 to 0.999 on markets with a 0.1¢ tick) 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 (a market order only for the few seconds until its rest is filled or cancelled) |
| Matching | Being settled on-chain — it can't be cancelled until it returns to Pending / Partial or fills |
| Filled | Fully filled |
| Cancelled | Cancelled by the user (or the remainder of a market order) |
| Expired | The optional expiration you set has passed |
| Failed | The fill failed |
#Cancelling
An unfilled order sitting in the order book can be taken down with Cancel. No gas is required, and any already-filled quantity is unaffected. An order that is being matched at that moment can't be cancelled until the match completes.