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Users can place a limit order by selecting the token pair, buy/sell amount, and the limit price at which he/she wants the order to be executed.
Order once placed, the source tokens are transferred to a lending platform, where they generate APY till the limit price is reached.
Users also have advanced options to select the expiry time and execution slippage. Octane limit orders are executed using DeFi AMM's within the slippage range specified by the user.
Details shown while placing an order are:
- Estimated rewards: This value shows the possible rewards that can be earned if the limit order takes 1Y to be executed based on the APY provided by the lending pool.
- Order Fee: The transaction fee is taken from the user for this order.
- Fee Discount: Discount received if the order fee is paid in OCTANE tokens.
- Total Amount: Total amount value of the order.
Executors can execute orders by paying the gas fee for the execute transaction in return for incentives.
- Funds are taken out from the lending platform.
- An order is placed to swap source tokens to destination tokens using execution slippage.
- Destination tokens are sent back to the lending platform to generate more APY.
These are all internal transactions happening within the execute transaction.
If the swap fails due to execution slippage or other conditions not being satisfied the order is sent back into the pending order pool, from where other executors can try to execute the order.
Executed funds are sent back for APY generation to the lending protocol, giving users the best returns in all cases.
Users can withdraw destination tokens anytime. A withdrawal request will transfer the funds and APY generated on those funds back to the user's wallet.
Users can cancel orders anytime. On cancellation, order token funds are transferred back to the user's wallet along with the APY generated till cancellation time.
No order fee is charged, it is also returned back to the user. The only cost user has to bear is the gas fee for the cancellation transaction.