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Limit orders

Overview

What are Limit orders?

Limit orders are not a new concept. Although commonplace on centralized exchanges, they have yet to reach wide adoption from decentralized exchange platforms. Realizing the market volatility and traders' needs, we have worked constantly for a month to deliver the remarkable feature of limit orders to all Firebirds.
To get started, we need to understand the concept of a Limit Order and how it works.
A limit order allows users to actively place buy/sell orders and maximize profits according to their strategies. To put it more simply, users can get their swap at desired prices by leaving orders in advance and setting a specific expiration date for them.

Differences between Limit Order and Market Order?

Features
Market Order
Limit Order
Buying/Selling Price
Buy or sell a token at the best available price on the current market.
Buy or sell a token at a specified price.
Transaction Execution
Execute immediately.
Only execute when the desired price is reached.
Ability to set expiration time
No
Yes, you can choose from 10 minutes, 1 hour, 24 hours, 3 days, 7 days, or 30 days.

Firebird Finance Choosing Gelato’s Limit Order

  • The first concept of a limit order consisted of fully on-chain contracts, which guarantees the safety of the limit order but is costly, especially in times of extreme market volatility.
  • Gelato's Limit Order feature has already been used by thousands of users looking to buy on a dip or sell at a top. Limit orders are stored off-chain, and only trade settlement occurs on-chain. This concept allows Firebird to offer free limit orders.