PancakeSwap, BNB Chain’s Leading AMM, Integrates Gelato to Offer Native Limit Orders
Native Limit Orders on PancakeSwap, powered by Gelato
Native Limit Orders are one of the most requested features in the DeFi space. Gelato has partnered with BNB Chain (formerly known as Binance Chain) and PancakeSwap to deploy Limit Orders. However, they were only available via Sorbet Finance. PancakeSwap now offers native limit orders powered by Gelato. So users no longer have to leave PancakeSwap to get the same reliable Limit Order experience.
How Do We Start Placing Limit Orders on PancakeSwap?
Placing a Limit Order on PancakeSwap using Gelato is a breeze. It’s as simple as specifying the assets you are looking to swap, setting your Limit Price, and then lastly submitting the order — all in a matter of minutes.
Step 1. Select your Input and Output tokens
Starting at https://pancakeswap.finance/limit-orders, we are presented with the Limit Order pane where firstly we will begin by connecting our preferred wallet to PancakeSwap, then selecting our Input and Output tokens. This refers to the tokens that we will be swapping from, to the tokens that we want to receive in return.
Step 2. Specifying your Order size and Limit Price
Now we must determine the quantity of the order that we want to place, as well as specify the Limit Price for where we aim to have our particular order executed.
For this example, we want to facilitate a Limit Order to swap 1 unit of our BNB for CAKE. The current market exchange rate is 1 BNB = 63 CAKE. However, we want to sell our 1 BNB for 65 CAKE. Therefore, we will specify our Limit Price to 65.
According to our Inputs, this order of 0.1 BNB will be executed when the price of our Limit Order reaches our Real Execution Price, then in turn we will be successfully filled and receive 6.5 CAKE for. It is important to pay attention to the Real Execution rate when placing an order, as this is where we will actually be filled. The large spread shown is because of the small order size we specified in the example, however in most realistic scenarios it will be much closer to your specified Limit Price. What this means is that actually the order will execute at the Real Execution Price, which takes into consideration your execution gas fees paid for by the spread between your specified price and the Real Execution Price to always ensure that you are receiving the amount specified of your Output token.
By varying your Limit Price, the Output amount will be readjusted automatically, always displaying the Minimum amount that you will receive if your Limit Order is successfully executed.
Step 3. Place the Order
Once you are happy with all of your inputs, you can go ahead and place your Limit Order.
Before confirming your order, please read the Summary to ensure that the order you are placing looks correct to you as well as adhering to the Disclaimer outlined.
One of the most important things to pay attention to in the Disclaimer is that: “Fee on transfer” tokens should not be used with Limit Orders (use at your own risk).
Confirm the prompt in your wallet, and you’re done! You have successfully placed your first Limit Order via PancakeSwap powered by Gelato 🎉
Step 4. Monitoring our Limit Orders
Now we are able to navigate to our Open Orders at the bottom of our screen, which will show you all of the active orders that you have currently open. Once an Order is successfully executed, naturally, it will move to Order History.
If at any point you would like to cancel your order, for instance, if the price starts moving in the adverse direction as to where you initially intended, simply hit the three dots beside Open, then go ahead and Cancel your order.
If your order doesn’t execute and remains open for a while, please note there is a 3 month expiration time on all Limit Orders, This means that your order expires after 3 months, and if it doesn’t execute until then — you should cancel it manually.
At times the BSC Subgraph may be delayed (as shown in this example), so your order may Execute well in advance compared to what the User Interface displays, but don’t worry — your order won’t disappear, it always remains either active or executed — even if the UI shows otherwise.
Forget about sitting at your computer staring at charts all day waiting for the perfect dip opportunity. Setting late-night alerts to wake you in the middle of the night is now a thing of the past. Instead, sit back and let the Gelato bots execute the perfect Limit Orders on your behalf.
Thank you for reading!
If you have any questions or need some further guidance, please don’t hesitate to join our Community Channel over on Telegram and Discord.
About Gelato Network
Gelato Network is web3’s automation network, enabling developers to automate & relay arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum.
Gelato’s goal is to provide developers with a reliable, scalable & decentralized network to which they can outsource all of their web3 related DevOps operations.
Examples of which features are powered by Gelato include:
- Limit Orders on PancakeSwap
- Periodically updating debt ceilings on MakerDAO
- Offering users gasless token claims on Connext
- Automatically compounding yield farming vaults on Beefy Finance
- Automating the breeding of new digital racehorse NFTs on ZED RUN
- Rebasing of algorithmic stablecoins with Tomb Finance
- Updating price oracles on Abracadabra
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