Make a Trade
Last updated
Last updated
You can simply open a position in either Under or Over by clicking the button, checking the payout, and inputting and committing the order amount.
By design, each user's order amount will affect the option's payout, hence the expected payout will be automatically changed reflecting the new orders.
If it's your 1st time placing an order in a contract, you are required to input the order amount and press the 'Approve' button first, to make the 'Place Order' button activated.
If you have 200 USDB in your wallet but Approve 100 USDB only, you will be able to place an order for up to 100 USDB only.
However, you can always Approve more amount of USDB for further orders.
Once the 'Place Order' button is activated, you can then press the 'Place Order' button.
Please don't forget to press the 'Place Order' button, not just Approve button, especially if you are a first-time trader.
Please beware that the 'Approve' button needs to be pressed for each contract for the 1st order.
For example, even if you have successfully approved and placed order in a round of BTC/USD, you still need to press the 'Approve' button to place order in ETH/USD.
This is because each contract address is different and corresponds to your wallet address independently from each other.
Once you have an order history in a contract's previous rounds, the 'Approve' button will not show up anymore in such contract's future rounds and you only need to press the 'Place Order' button.
The approved amount will decrease as you successfully place orders, and you would need to approve again for orders above the remaining approved amount.
This is for the sake of the security of the user's fund, which is quite an industry standard.
Users can place orders in the best market payout at the time of placing an order. A market order typically ensures participation, but it doesn't guarantee a specified payout.
Market order participants only need to decide (1) whether to place an order and (2) how much to order, which needs to happen during the round 'Open'.
As traders via Market order take the risk of payout changes until the round 'Start', Market order participants will be rewarded by Tokenomics (i.e. platform fee sharing) by effectively "market-making" the round.
Users can specify their payout when placing a Limit order, to participate at a specified payout.
Limit order participants need to decide (1) whether to place an order, (2) how much to order, and (3) at/above which payout they want to place the order, which still needs to happen during the round 'Open'.
Orders via Limit order will be executed only if the market payout is higher than the specified payout at the time of round 'Start'. If not, such Limit orders will not be participated and will be returned to the User's address.
As traders via Limit order do not take the risk of payout changes, Tokenomics will not apply to Limit order participants.
Once you have placed an order in the 1 Day option, either Under or Over, you will see the expected payout changing on a real-time basis, as more traders join in the round while it is open.
You may want to add more orders in the same position (e.g. Over) or the opposite position (e.g. Under), depending on the payout ratio by then.
You can also cancel your position at any time, as long as the round is open.
For the 1 Day option, there is no way to close a position once the round has started. You will need to wait until the option expires for a potential payout, which will take up to 24 hours (for price fixings) to settle.
If only one side of a round has positions participated in it, then the round is deemed to have no winner and all the participation in the round will be returned to the participants.
For example, if User A participates in the Over position while no one else participates in the Under position, then the round will have no winner and User A's order amount will be paid back to User A.
If no one participates in any of the sides of a round, then the round is deemed no winner and no one will receive any payout, which is trivial.
In the very rare occurrence that the Initial Fixing is exactly the same as the Final Fixing, no one wins, and all the order amount in the round will be paid back to the participants in the round.
Let's say 2 October 2023, 11:00 p.m. UTC, Trader A thinks the ETH price will move higher the next day and is willing to stake $100 on buying a binary call option with a strike of 100% (=places order in 'Over ' of 'Strike 100%: Up or Down' round in ETH).
More precisely, Trader A thinks the price of ETH on 4 October 2023, at 0:00 a.m. UTC (End Price) will be above the price of ETH on 3 October 2023, at 0:00 a.m. UTC (Start Price), and decides on 2 October 2023, 11:30 p.m. UTC.
At the same time, there is Trader B who has an opposite view on the ETH price movement of the next day, and stakes $100 on buying a binary put option with a strike of 100% (=places order in 'Under' of 'Strike 100%: Up or Down' round in ETH).
Assuming Trader A and Trader B are the only participants of the ETH 'Strike 100%: Up or Down' round,
if the price of ETH ends up the next day, Trader A will earn a payout of $200 which includes his original order amount of $100 and Trader B loses his original order amount of $100.
if the price of ETH ends low the next day, Trader B will earn a payout of $200 and Trader A will lose his $100.
Below is an illustrative example of an End status, where the traders in various strikes of stVol will see their order result.
