Everything you need to know about Sushi Limit Orders
Q: What is a Limit Order on Sushi?
A: A Limit Order on Sushi allows you to set a specific price at which you want to buy or sell a token. The trade will only execute if the market reaches your desired price, providing you with greater control over your trading decisions. This feature is ideal for those who want to target a particular price point without having to monitor the market constantly.
Q: How do I set up a Limit Order on Sushi?
A: To set up a Limit Order on Sushi, follow these steps:
- Navigate to the Sushi interface and select the "Limit" option under the "Swap" section.
- Choose the token pair you wish to trade. For example, you might sell ETH and buy SUSHI.
- Enter the amount you want to sell or buy.
- Set your target price, either manually or by selecting one of the quick options, such as +1%, +5%, or +10% above the market price.
- Optionally, set an expiry date for your order by choosing between 1 Day, 1 Week, 1 Month, or 1 Year. Your order will automatically be canceled if it is not filled by the selected expiration time.
- Review your order details and click "Place Order" to confirm.
Example: You are setting up a Limit Order to buy ETH using USDT when the price of ETH drops to $2200. This allows you to accumulate more ETH at a lower price without having to monitor the market constantly. Once the price of ETH reaches $2200, the order will automatically execute, converting your 300 USDT into 0.136363 ETH (at the target price), provided the order is still active and has not expired.
Q: What happens if the market doesn't reach my specified price?
A: If the market does not reach your specified price, your Limit Order will remain active until it is either executed, canceled by you, or expires if you set an expiration date.
Q: Can I cancel my Limit Order after placing it?
A: Yes, you can cancel your Limit Order at any time before it is executed. Simply navigate to your “Open Orders” on the Limit/DCA interface, select the order you wish to change, and cancel the order entirely.
Q: What does the expiry date option do?
A: The expiry date allows you to set a time limit on your Limit Order. If the order is not filled within the specified time frame (1 Day, 1 Week, 1 Month, or 1 Year), it will be automatically canceled. This feature helps prevent your order from remaining open indefinitely.
Q: Are there any fees associated with using Limit Orders on Sushi?
A: 0.25%
Q: How do I know if my Limit Order has been executed?
A: Once your Limit Order is executed, you will receive a notification within the Sushi interface. Additionally, you can always revisit your orders via the “Open orders” on the Limit/DCA interface, and select filter by “Completed” to see your completed orders.
Q: Is the Limit Order feature available on all networks?
A: As of now, the Limit Order feature is in a beta release and is available on the Katana, Arbitrum, Base and Ethereum networks. We plan to roll out this feature on more networks in the future, so stay tuned for updates.
Q: Can I set multiple Limit Orders for the same token pair?
A: Yes, you can set multiple Limit Orders for the same token pair, each with different price targets or expiration dates. This allows you to execute a more complex trading strategy and take advantage of different market conditions.
Q: What does "powered by Orbs" mean under the feature?
A: "Powered by Orbs" indicates that the feature on Sushi is built using technology provided by the Orbs network. Orbs is a decentralized infrastructure layer that enables smart contracts and other blockchain applications to execute more efficiently and securely.
