Itayose step-by-step guide

Your Simple Path to a Smooth Market Start

Published in

Secured Finance

4 min readDec 20, 2024

TL;DR: Itayose is a “pre-open” phase that occurs right before the new zero-coupon bond (ZC bond) market goes live on Secured Finance. By placing your orders early, you help set a fair, efficient opening price. It may sound complicated, but we’ve made it easy. Remember, there are no fees for Itayose trades, and all matching orders will execute at the same, fair opening price.
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Step 0: Visit the Web App & Connect Your Wallet

Go to the Secured Finance Web App: Open your preferred browser and navigate to “Pre-Open Order Book” on Secured Finance Fixed-Income App.
Connect Your Web3 Wallet: Click on “Connect Wallet” button and follow the prompts to link your wallet (e.g., MetaMask).

With your wallet connected, you’re ready to explore the upcoming market, this time DEC2026 market, and participate in Itayose.

Step 1: Find the Pre-Open Market (e.g., DEC 2026)

You can access the Itayose Orderbook directly using the provided link, or

Via the Info Bar:
Just beneath the main navigation, you’ll find an info bar indicating that the Itayose event is active. Click “Place Order Now” to jump straight to the Itayose orderbook.
Via the Yield Curve:
Click on “DEC2026” on the Yield Curve to jump straight into the Itayose Orderbook.
Via the Currency & Maturity Dropdown:
Use the dropdown menu (often found at the top of the dashboard) to select your preferred currency and maturity. Choose “DEC2026” to navigate to the pre-open orderbook.

Step 2: Place Your Orders

Pick Your Side:
In the Itayose orderbook, choose either Buy (Lend) or Sell (Borrow). You cannot place orders on both sides at the same time.
Set Your Price & Amount:
Enter your desired limit price and the quantity you wish to trade. A reference Fixed APR will be displayed, helping you understand the cost or return associated with your chosen price.

***No Fees: No transaction fees apply for Itayose orders.

Tip: Aim near the estimated opening price for a higher chance of execution.

Step 3: Modify or Cancel Anytime (Until 1 Hour Before Start)

Full Flexibility: You can cancel your orders in “Open Orders” tab as often as you like until one hour before the official market start.
Orderbook Lock: During the last hour before launch, no changes can be made. At that point, you’re all set for Itayose execution.

Step 4: The Market Opens (Itayose Execution)

Automatic Matching:
At market open, the system identifies the price level where the most volume can be executed and sets that as the opening price.
One Fair Price:
All matched orders are filled at this single opening price, ensuring everyone gets a fair deal.
At or Better Execution:
If your order is executed, it will fill at your limit price or a better price — never worse.

Step 5: After Itayose

Normal Trading Begins:
Once Itayose completes, the market transitions into regular trading mode, where trades occur continuously.
Unfilled Orders Remain:
Any orders not matched during Itayose stay active in the orderbook. You can cancel or edit your orders as usual, just as you would during normal trading.

Why Itayose Matters

Fair & Transparent Start: Itayose ensures a balanced, market-driven opening price.
No Surprises: With pre-open data and an estimated price, you can plan your strategy confidently.
No Fees, No Hassle: Free trades during Itayose and flexible order management give you peace of mind.

By following these steps — starting from connecting your wallet, placing orders in the pre-open phase, and understanding the locked period — you’ll be well-prepared for the Itayose process. Enjoy a fair, well-informed kickoff to the new market!

Reference

Mastering Itayose & Auto-Rolling
Itayose — Fair Price Discovery (Official Docs)
Revolutionizing DeFi: Unfolding Secured Finance’s Unique Features (3) — Itayose Article
Setting up MetaMask Wallet