# EVM Limit Orders







A limit order lets you offer to buy or sell Principal Tokens (PT) or Yield
Tokens (YT) at your chosen implied APY. Other traders can fill all or part of
it; an order may remain unfilled.

## Place an order [#place-an-order]

1. Connect your wallet, open a supported PT or YT market, and select **Buy** or **Sell**.
2. Open **Limit**, choose the token and enter the **Input** amount.
   Your tokens stay in your wallet after placement. They are spent when the order fills.
3. Enter your target **Implied APY** and choose **Expires in**.
   The default is 30 days, capped at maturity; choose a shorter duration if needed.
4. Review **Output (est.)** and approve the token in your wallet if prompted.
   Approval costs gas and allows the offered tokens to be spent when a trade happens.
5. Choose **Place Order**, sign in your wallet, then check **My Orders**.
   Signing a resting order costs no gas.

Spending tokens elsewhere, or filling another order backed by the same tokens,
can leave too little to fill this order. Orders cannot fill after expiry.

If the button instead shows **Fill … now** or **Fill … & place …**, review
[immediate fills](#when-part-can-fill-immediately) before confirming.

[<img alt="Limit order form to buy PT with 150 jEURx at 14% implied APY and an 18-day expiry" src="__img0" />](/images/limit-orders/place-order.png)

## Follow and cancel [#follow-and-cancel]

Open **My Orders** on the market page to see your PT and YT orders, their
filled percentage, status and expiry. **Active Orders** shows open and partly
filled orders; **Past Orders** shows orders that are no longer active.

[<img alt="My Orders showing an open Buy PT order for 150 jEURx at 14% implied APY, 0% filled, its expiry and the Cancel action" src="__img1" />](/images/limit-orders/my-orders.png)

After a partial fill, the remaining amount stays open until it fills,
expires or you cancel it. Choose **Cancel** on desktop or **Cancel Order**
on mobile, confirm in your wallet and wait for confirmation.

Cancellation requires gas and cannot undo an earlier trade. A trade may
complete before a pending cancellation is confirmed.

<Callout type="warn">
  **Cancel all** cancels your open EVM limit orders across all markets on the
  selected network, including markets not shown on this page. Check your other
  orders before confirming.
</Callout>

An order you cancelled can currently appear as **Filled** in **My Orders**.
Check your cancellation transaction to confirm the outcome; the label alone
does not mean a trade happened.

## Choose your rate [#choose-your-rate]

Your chosen implied APY stays fixed. &#x2A;*Output (est.)** can change with the
time left until maturity and the value of the tokens being exchanged.

| Order   | A more favorable price corresponds to     |
| ------- | ----------------------------------------- |
| Buy PT  | Higher implied APY: less paid per PT.     |
| Sell PT | Lower implied APY: more received per PT.  |
| Buy YT  | Lower implied APY: less paid per YT.      |
| Sell YT | Higher implied APY: more received per YT. |

**Latest** copies the displayed market APY. It does not guarantee that the
rate remains available when you trade.

For PT, the displayed APY assumes you hold until maturity and remain exposed
to the yield source's risks. For YT, it helps set the trade price; it does not
promise a return on your purchase.

## Fees [#fees]

The trader filling an order pays a fee on the implied yield, currently
&#x2A;*2%**. The fee is included in the quoted trade price.

## When part can fill immediately [#when-part-can-fill-immediately]

If trades are already available at your rate or better, the preview separates
**Fills now** from **Rests at your limit**. Review the displayed amounts,
trading fees and gas.

| Button or message                | What to do                                                                |
| -------------------------------- | ------------------------------------------------------------------------- |
| **Fill … now**                   | Confirm the immediate trade in your wallet.                               |
| **Fill … & place …**             | Confirm the trade, then sign to place the remaining amount at your limit. |
| **Fill on the Swap tab instead** | Switch to **Swap** to review the immediate trade.                         |

<Callout type="warn">
  For &#x2A;*Fill … & place …**, the trade completes before you sign the remaining
  order. If you reject that signature or placement fails, the completed trade
  stays completed. Check **My Orders** before trying again.
</Callout>

If the app warns that you would trade against your own orders, cancel those
orders or choose another rate. Check any extra confirmation if your remaining
order would offer a worse rate than the current market.

## Common questions [#common-questions]

### What does Min. received mean? [#what-does-min-received-mean]

For **Swap**, **Output** is an estimate. **Min. received** is the minimum you
accept after allowing for price changes. If the trade cannot meet it, the
trade fails instead of giving you less.

### What happens if a trade fails? [#what-happens-if-a-trade-fails]

A failed trade does not move the tokens in that trade, but it can still cost
gas. An earlier approval or completed trade remains effective. Refresh the
preview and check **My Orders** before retrying.

### How is this different from an OTC offer? [#how-is-this-different-from-an-otc-offer]

Limit orders can fill partly through the market's order book. For direct
counterparty offers and requests for a quote, see [OTC trading and RFQ](/docs/spectra/guides/otc-rfq).