Introducing Limit Orders

We are thrilled to announce the testnet launch of our new limit order functionality for Integral. This feature will allow our users to submit buy or sell orders into a smart contract with a price trigger. Once the market price triggers their limit order, on chain keepers will automatically enqueue the order and execute just like a normal trade on Integral.

With this new functionality, users will have the ability to specify order parameters such as the type of order (sell or buy), token amounts, and limit price. This will enable them to have more control over their trades and execute them at the right moment.

We will proceed with a period of testing on Goerli network before deploying on Ethereum Mainnet. You can now try out this new feature at https://testnet.integral.link.

How do Limit Orders work on Integral?

Users can navigate to the Integral interface and switch to the limit order interface in order to enter their trade. Users then select a direction for the trade (i.e. buying ETH with USDC), the limit order price, and a time expiry limit for the order.

To place a Limit Order, follow the steps below:

  1. Select your trading pair.
  2. Select the direction of your trade
  3. Choose the limit order price where you want the trade to be executed.
  4. Choose an expiration time for your limit order. You can choose 1 hour, 1 day or a custom expiry.
  5. Choose the TWAP duration you want your order to be executed at once your limit price is reached. You can choose 1 minute, 30 minute or a custom duration.
  6. Choose your slippage tolerance.
  7. Click “Confirm” to submit the transaction and place your limit order.

Advantages of Integral Limit Orders

One of the significant advantages of this new feature is that users will have self-custody of their funds at all times, and funds waiting for execution will be held in a smart contract. This will ensure that the security and integrity of the user’s funds are maintained at all times. The same self-custody guarantees that you get with Integral, you get with our limit orders. This eliminates counterparty risk and other issues that come with trading on a centralized exchange.

In addition, users will be able to cancel their pending limit orders and withdraw funds, which will give them even more flexibility and control over their trades.

Partial fills, custom TWAP durations and more

Partial fills are also possible, if there is not enough liquidity in the pool.

For instance, if a user submits an order to sell 1 ETH for 1900 USDC, and the pool has 2,000 USDC in it, the ETH will be sent to a delay contract and wait to be executed. However, if the relayer used 1500 out of 2,000 USDC during the wait period, the order will be partially filled with 500 USDC. This applies to both original TWAP trading and limit order.

It is essential to note that the “TWAP price interval” is not the TWAP duration that will be used to execute the order, but rather the duration of the past-x-minute TWAP that will trigger the execution. For instance, if a user sets the TWAP price interval to be 60 minutes and the trigger price at 1800 USDC, when the past 60-minute TWAP price of ETH to USDC is equal to 1800 USDC, the order will start execution. It will then be sent to the delay contract, wait for 30 minutes, and executed with a 30-minute TWAP.

The minimum and maximum values for both “expires in” and “TWAP price interval” is one minute and seven days. This provides users with enough flexibility to set their trade parameters to their preferred duration.

Limit Orders add more features For traders on Integral

In conclusion, the new limit order functionality for Integral provides our users with more control and flexibility over their trades. With self-custody of funds and the ability to cancel orders, they can rest assured that their trades are secure and executed according to their preferences. We believe this feature will enhance their trading experience, and we look forward to hearing their feedback.

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