How to make an order on SOLBERG DEX
In this article, it will be explained how to set an order on the SOLBERG DEX Trade page.
Before starting to make an order, the first connection to the wallet needs to be established. An example of how the wallet can be set can be found on the How to set up Phantom wallet page.
Once the connection to the wallet is established on the top-left corner, from the drop-down box, choose a token pair:
On the list, Markets' pre-defined Solana pairs or a custom one can be picked. To add new personal custom token pairs, click the plus (+) button next to the drop-down list and fill in the Add custom market form with required data:
More about Markets' pre-defined Solana pairs can be found on the GitHub page.
In this example, the custom SLB/USDT token pair will be selected:
Once the token pair is selected, you’ll be able to see the available balances of that pair on the left side of the page:
· Token account: Contains the address to that currency (token) · Wallet balance: How much money do you have in the wallet for that currency (token) · Unsettled balances: Indicates how many funds are on the intermediary wallet that interacts between you and the DEX · Deposit button: Show window with information on the token address to send funds to if needed · Settle button: Transfer funds from the intermediary wallet to your wallet
In the Orderbook section, all selling/buying orders for the selected token pair will be listed. The red ones are the orders for selling and the green ones are the orders for buying the currency (token). Here can be seen all of the open buying and selling orders for a specific market:
In order to make an order, whether it is buying or selling a token, click the BUY or SELL button; otherwise, by default, the BUY button is selected.
The graph indicates the historical prices for orders that have been executed:
In our example, the buying process will be shown(the selling process is similar to buying). Each order indicates the Size in (SLB) and Price in (USDT).
In the Orderbook section, select the selling (red) price and the Price and Size fields will be automatically filled in with data from the selected item from Orderbook:
Now, in the Size field, change the size of the order to the desired size and the price will be automatically calculated:
POST (Post Limit Order) - A post-limit order ensures that the order is not immediately matched and executed. A post-limit order must either be added to the order book or canceled. The reason for this is that orders which are immediately matched and executed will incur a taker fee of 22 bps, or basis points, for taking liquidity out of the order book.
IOC (Immediate-Or-Cancel) - specifying that the order is executed immediately and any portion of an IOC order that cannot be filled in immediately will be canceled. This is helpful when you don’t want a partial fill-on order and the remaining funds to stay in the intermediary account until filled or canceled.
When all is set, click the Buy SLB button. The Phantom Wallet window will appear to approve the transaction. Click the Approve button:
Network Fee is an amount taken from the crypto being exchanged to reward miners for confirming transactions on a blockchain. Each cryptocurrency has its network fee which can vary depending on the demand for the cryptocurrency.
Once the transaction has been approved the assets will not be immediately transferred to your wallet (account), they will be sent to an intermediary account. This means that assets from your wallet will be deposited into an intermediary account until you settle them back into your wallet.
To transfer funds from an intermediary account to your wallet, click the Settle button under the order form:
Or, in the Balances tab, click the Settle button. All funds from an intermediary account will be transferred to your wallet:
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