Opyn v2 Limit Order Tutorial
One of the most requested feature improvements for Opyn v2 has been to add limit order functionality to the options chain. This will be a step by step tutorial on how to place limit orders using the Opyn v2 interface.
Placing limit orders on Opyn is free, the taker of the order pays fees.
What is a Limit Order?
A limit order is a type of order to purchase or sell an asset at a specified price. For buy and sell limit orders, the order will be executed only at the limit price. This functionality allows traders to better control the prices they pay or receive when trading.
By using limit orders, traders are allowed to specify a set price where they are willing to buy or sell options rather than buying or selling based on current market prices. If the asset does not reach the specified price, the order will not be filled.
Opyn Limit Order Characteristics:
- Placing limit orders on Opyn is free, the taker of the order pays fees
- Users must lock up collateral for sell limit orders
- Users can cancel limit orders at any time by returning to the orderbook
- Cancellation of limit orders costs gas
- Orders will be cancelled automatically after the order deadline, and users will not need to pay gas for expired orders
- Orders may be fully filled or partially filled by other users or market makers
- Executed limit orders will appear in the Opyn dashboard
- Users will be notified on screen when a limit order executes, not when a limit order expires unfilled
- Limit orders may not execute immediately. Cancellation of orders and filling orders cost gas, which can cause orders that are crossed to sometimes occur due to gas and 0x fees
Limit Order Step by Step Guide:
Step 1. Go to Opyn.co
Step 2. Click on the Launch App button in the top right corner
Step 3. Connect your wallet
Step 4. Select your preferred Options Series from dropdown in the top left corner of the screen and select the desired Expiry Date from the dropdown menu
Step 5. Select your preferred options series from the Opyn options chain
Step 6. On the options order card, select limit order to showcase limit order fields (limit order price and limit order deadline)
Step 7. Input limit order price and limit order deadline, select create order, and sign the MetaMask transaction
Step 8. View your limit order on the orderbook
*Note, you can cancel limit orders at any time by returning to the orderbook, however cancelling limit orders costs gas.
Opyn Community
At Opyn we value our community and we strongly encourage anyone to contribute in improving Opyn. There are several ways you can contribute:
- 🛠️ BUIDL on top of Opyn. There are many applications and interfaces that can be built using Opyn. More info on: https://medium.com/opyn/buidling-with-options-otokens-in-defi-pt-2-f561eb67f4af or Join #dev channel on Opyn Discord
- 🐞 Participate in the Bug Bounty. Security is one of our highest priorities, so you can participate to v2 Bounty Program with rewards up to $100k. Learn more on https://opyn.gitbook.io/opyn-v2/get-started/security#bug-bounty-program
- 👩🚀 Become an Opynaut: members of the Opyn Community who share our values and are eager to take the responsibility to Spread the Knowledge! More info on https://medium.com/opyn/calling-for-opynauts-eaf8703fa8e5
- 🍄 Join Opyn. We’re hiring! You can find the available positions here: https://angel.co/company/opyn-4
- ✍️ Give us a feedback. We wouldn’t be here without inputs of the community. Join #feedback channel on Opyn Discord
Resources
Opyn v2| FAQ | Github | Security
