Market Orders
Taker trades execute immediately against available rung liquidity.
- Exact-out: you set the amount you want to receive, and the trade reverts unless it fully fills within your guardrails. Trades are all-or-nothing.
- Target-in: you set how much you want to spend, and the trade fills as much as possible, reverting only if the minimum output is not met. Trades can partially fill if your minimum output is met.
If there is no matchable liquidity, the transaction reverts.
Limit Orders
Makers place liquidity on rungs and wait for market orders (takers) to fill them:
- Ask rungs sell base tokens above the midpoint.
- Bid rungs buy base tokens below the midpoint.
Makers need to withdraw proceeds after matching.