What is a limit order?

Limit orders allow you to buy or sell tokens at a specified price. Using limit orders, you can set a maximum price for buying tokens and a minimum amount you want to receive for selling tokens. Orders will only be filled at the specified price.

When you place a limit order, Tokenlon will calculate the tokens you receive based on your price and display the order under [Open Order].

Currently, Tokenlon limit orders are free to use!

How to place a limit order

First, open the Tokenlon website and click [Connect Wallet]. Here we take the Metamask wallet as an example. Select [Arbitrum One] or [Ethereum].

After connecting to Tokenlon, we will use WETH as an example to demonstrate the "limit order" function. Unlike ETH, WETH is a standard ERC-20 token. When using the "Limit Order" feature, we need to use standard ERC-20 tokens to execute the trade. So if you want to exchange ETH, convert it to WETH first. However, remember to keep some ETH in your wallet and don’t exchange all your ETH for WETH. You'll need some ETH to pay for gas. If your WETH balance is 0, Tokenlon will pop up a window to remind you to trade WETH.

Click [Redeem Now] to complete the WETH redemption. Check out the tutorial on how to convert ETH to WETH on Tokenlon here.

After the exchange is completed, return to the limit order page and complete the authorization of WETH. After authorization, you can use WETH to place orders. Taking WETH/USDC as an example, when you enter the amount of WETH, the corresponding USDC amount based on the market price will be given by default.

You can modify the number of tokens received per exchange. For example, if you wanted to exchange 1 WETH for 1,300 USDC, you would enter 1,300 in the USDC box. Remember, the larger the order size, the faster the order will be executed when the target price is triggered.

Tokenlon will automatically calculate the market price of this exchange. When an order is executed, Tokenlon will display the difference between the current and executed prices on the page.

You can also set the [validity period] before placing an order. The default date is seven days. The minimum expiry period is five minutes and the maximum is six months.

After completing all the above steps, click [View Order] to preview all order information, including order execution current prices, validity periods and fees.

Note: The lower the transaction amount, the higher the gas fee accounts for the proportion of the order, so that The closing of orders is more difficult.

If you need to modify the order, click the return arrow in the upper left corner. If the order information is correct, click [Confirm] to authorize and place the order.