February 4, 2023

This post was originally published on Openocean

OpenOcean’s introduction of gasless limit orders on Arbitrum helps users trade on any tokens at better prices with superior routing and unrelenting speed! Since we have successfully launched limit orders on Ethereum, BNB Chain, Polygon, Avalanche and Fantom, we decided that rightfully Arbitrum should be our next destination for rollout. Arbitrum is an optimistic layer 2 scaling solution for Ethereum which promises cheaper transactions and improved speed but with the familiarity of Ethereum network.

Why are limit orders so good?

What’s the main advantage to using limit orders over traditional orders? Users of the platform can enter lower-bids for their desired tokens, if that token price is reached then the order is executed. The main benefit of placing limit orders on Arbitrum is one of flexibility. Traders can set the trades and walk away, they’ll only remain open for as long as they specify- meaning they can go on holiday and let the limit orders execute whilst they are away. When conducting large trades, users normally have to be very cautious with the swap rate and slippage, using limit orders is a good way to guarantee your price. In the volatile cryptocurrency markets, limit orders can protect traders from paying a higher price than they expected; a lifesaver for traders in the unpredictable cryptocurrency markets.

Why OpenOcean?

Highest order fulfillment rate
OpenOcean utilizes a combination of AMM (Automated market maker) and RFQ order-flows (request for quote) in our limit order functionality. Together with OpenOcean’s aggregation protocol, it significantly increases the order fulfillment rate for all sizes of trade.

Gasless swaps
There is no cost when the order executes, only when the limit order fills, meaning users do not need to have ETH to get the order executed. The only gas fees needed are fees to approve tokens for trading, gas won’t be required to create or perform the trades. Once tokens are authorized for trading you wont need to authorize them again. Remember that OpenOcean’ limit orders will never lock tokens from users, you can still trade with the token that is in the orders.

Supports all token pairs
Arbitrum limit orders on OpenOcean are available to use with any token pair. Even if the tokens you desire to trade are not whitelisted, the platform will still allow you to place a limit order. The order system we’ve implemented is fully capable of submitting limit orders on ad hoc tokens or tokens where manual inputting of the contract is required, meaning there’s even greater flexibility when it comes to trading.

Advanced charting
OpenOcean is the only DEX aggregator with a full charting suite built in. TradingView is supported to help users by collating comprehensive information for every trade including trading ideas and opinions, strategies and analytics, etc. This caters all kinds of users to implement their investment strategies and enjoy the trading experience similarly as on a CEX.

Start and place a limit order on OpenOcean Arbitrum

Let’s take an example of using the token pair of USDC/GMX on Arbitrum.

We want to set a limit buy in case GMX price drops so that we can buy the dip. As shown in the chart, we can set our buy price a little lower than what it’s on now to catch any negative price action.

If you forecast that the asset is going to start trending down, you can set the price as seen in the example as well as the expiration date and place the order. In this case we’ve chosen to pick up some extra GMX by bidding at the last low-point on a medium-time frame 1h chart.

Directly beneath the Tradingview is where you will find pending orders. If at any time you would like to cancel any of the orders, you can cancel right away and make it again at another price without paying any fees whatsoever for gas.

For more detailed guidelines you can visit our tutorial here.

Limit Order API & SDK is available

OpenOcean now runs on 18 different chains and we’ve launched limit order API/SDK support for most of the chains including Arbitrum. OpenOcean limit order API offers the most optimal fulfillment rate in the market. The response time of API is competitively fast at 200ms on average making it very easy to use for implementing trading strategies. Don’t forget that limit order support for the API/SDK is completely free to use on any token available on Arbitrum. Check out the API/SDK in OpenOcean docs with detailed instructions and examples. Soon more chains will also be supported.

So whether you’re a seasoned #EthMaxi, one of the Arbinauts, a budding developer or a curious community member, it’s worth checking out gasless limit orders on Arbitrum for their speed and ease of use alone!

About OpenOcean
OpenOcean is the most efficient DEX aggregator, integrating major DEXs across 18 blockchains. OpenOcean’s intelligent routing algorithm optimizes swaps for maximum returns and is completely free to use!

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