Concepts
Order books
Each band has an UP book and a DOWN book on Solana. Orders rest there until they fill or you cancel them.
Bids and asks
- A bid offers USDC for tokens. Placing one locks the USDC it could spend.
- An ask offers tokens for USDC. Placing one locks the tokens.
Prices are in USDC per token, above zero and no higher than the band's width, since a token never pays more than that.
Priority
The best price fills first: the highest bid and the lowest ask. Between orders at the same price, the one placed first fills first.
Taking an order
Buying takes the best ask and selling fills the best bid, for as many tokens as you choose up to that order's size, at that order's price. In the app this is Buy and Sell in a band's book.
Crossing orders
A bid placed at or above the best ask, or an ask at or below the best bid, rests in the book, and Bell's keeper then matches the two at the price of whichever order was placed first.
Size
A book holds up to 64 bids and 64 asks. Each band has two books, one for UP and one for DOWN.
Cancelling
Cancel a resting order at any time to get back what it locked: USDC for a bid, tokens for an ask. Your resting orders are listed under Your positions in the app.