What's the difference between a swap and a limit order?

With swap, you place orders to buy or sell a token at the best available price, whereas a limit order is an order to buy or sell tokens at a specified price or better. Limit orders differ from swap orders in that they'll only be filled if the price of the token reaches the preset price.

Who is the counterparty within OKX DEX limit orders?

Limit orders on OKX DEX don't need a counterparty to function properly. OKX DEX receives liquidity through its decentralized network of solvers - from Automated Market Makers (AMM), DEX aggregators, and Private Market Makers (PMM). Once a solver is able to find an execution path that meets the conditions of a limit order, OKX DEX will execute the order.

How are network fees charged?

Placing and canceling limit orders is completely free. The network fee will only be charged if and when your order is executed. This means we won't execute your order until the market price is sufficient to cover both your limit price and the network fee, which will be taken from the proceeds of the transaction in the form of the token you are selling.

Why isn't my order filled immediately when the market price reaches my preset price?

There are a few reasons for this: 1. Even if the market price reaches your desired price point, it's possible that there may not be enough liquidity in the market to fill your order. OKX DEX currently doesn't support partially filled orders. This means that if there isn't sufficient liquidity to execute the order, it won't be filled at all. 2. OKX DEX pays for your network fee by executing your order at a slightly better price than the limit price you set and sets a 1% slippage protection to ensure that the order can be filled. If the market price reaches your exact preset price but not higher, then the network fee of the order can't be covered and your order won't be executed.

Do I need to pay fees for placing a limit order?

No, you can place a limit order for free.

Do I need to pay fees for canceling a limit order?

No, you can cancel your order for free.

What does a surplus limit order mean?

To ensure that your order is executed successfully, OKX DEX pays for the network fee by executing your order at a slightly higher price than the limit price you set. And a 1% slippage is also set to ensure that it can be completed even if the market price fluctuates slightly. After the order is executed, any surplus tokens from the slippage buffer will be returned to your address.

Why can't I trade ETH?

Because ETH isn't an ERC-20 token, it can't be traded directly on OKX DEX's Limit Order platform, which currently only supports ERC-20 tokens. However, if you wish to sell ETH using a limit order, you can convert your ETH into WETH (wrapped ETH) and place a limit order using WETH instead.