Documentation Index
Fetch the complete documentation index at: https://docs.outcome.xyz/llms.txt
Use this file to discover all available pages before exploring further.
Outcome supports two order types: limit orders and market orders. Each makes a different tradeoff between price control and execution certainty.
Limit orders
A limit order specifies the worst price you’re willing to accept. For a buy, that’s the maximum price you’ll pay. For a sell, the minimum price you’ll accept.
A limit buy at C40 only fills if someone is willing to sell at C40 or lower. If no one matches, the order rests on the book at C40 until either the price moves to where someone will trade with you, or you cancel.
Use limit orders when:
- You have a specific price in mind and aren’t in a rush.
- The spread is wide and you’d rather wait for a better price.
- You’re willing to potentially not get filled.
The tradeoff is fill uncertainty. If the market moves away from your price, your order sits unfilled until you adjust or cancel it.
Market orders
A market order takes whatever price is currently available, starting at the best price and walking through deeper levels of the book if needed.
A market buy of 100 tokens with a best ask of C40 (for 50 tokens) and next ask of C41 (for 50 tokens) would fill at an average price of C40.5: 50 tokens at C40 and 50 tokens at C41.
Use market orders when:
- You need to fill immediately.
- The spread is tight and slippage will be small.
- The price you can get right now is acceptable.
The tradeoff is price uncertainty. In a thin book, your market order can walk through multiple price levels and end up with a worse average price than you expected. This is called slippage.
Maker vs taker
Limit orders that rest on the book before filling are maker orders.
Limit orders that fill immediately (because the price you set matches an existing offer) are taker orders.
Market orders are always taker orders.
The fee schedule differs between makers and takers. See Fees for current rates.
Tick size and minimum order
Prices on Outcome are quoted in cents and range from C0.001 to C99.999. The tick size is 0.001 cents, meaning prices move in increments of one one-thousandth of a cent. You can place a limit order at C40.001, C40.002, or C40.003, but not at C40.0015.
The minimum order size is 10 USDH in value. For a buy at C40 per token, that’s at least 25 tokens. For a buy at C10 per token, at least 100 tokens. The minimum scales with the price so the total value stays at least 10 USDH.
Choosing between them
The simple version: limit orders give you control, market orders give you speed. For most trading on Outcome, limit orders are the better default because they let you control your entry price. Use market orders when you need certainty of fill more than certainty of price.
