Guides
Set an opening price
Buy a position that pays most if the company opens at the price you expect.
What the order buys
Bell buys UP in every band below your price and DOWN in every band above it. In the band your price falls in, it buys both, weighted by where your price sits in that band. The position pays most when the company opens in that band, and less the further the opening price lands from it.
Steps
- In the app, choose the market and connect your wallet.
- Set your price: drag across the bell, use the arrow keys on it (Shift moves a dollar), or move the slider under I think it opens at.
- Choose how much USDC to spend: 50, 100, 250, 1,000, or type an amount.
- Choose a slippage: 0.5%, 1% or 2%.
- Choose Get a quote.
- Read the quote, then choose Review in wallet and approve each fill as your wallet asks.
Reading the quote
| Line | What it means |
|---|---|
| Cost | What the fills cost: each takes one order from a book at that order's price. |
| Pays at your price | What the position redeems for if the company opens exactly at your price, after the settlement fee. |
| In profit | The range of opening prices where the position redeems for more than it cost. |
| Maximum loss | The most the cost can exceed what the position redeems for, at any opening price or at a midpoint settlement. |
| Legs | Each band and side, the whole tokens bought and their average price. |
After a quote, the bell carries the order's payout line and the cost as a dotted rule. Point at any price on the bell to read what the order pays there.
A quote holds for 30 seconds. Changing your price, the amount or the slippage withdraws it; choose Get a quote again.
Fills
Each fill is one transaction taking one order from a book. Your wallet asks for them one at a time, each after the one before it is finalized, and the panel at the foot of the page counts them off.
- Stop after this fill ends the order once the current fill finishes.
- If a fill does not go through, the panel says why. Fills that went through stay in your wallet; get a new quote for the rest.
Slippage
Slippage sets how far above the best ask the quote may reach into a book. Each fill names one order and pays that order's price, and carries the limit as well, so it never pays more.