Order Types¶

Sera supports several order types to suit different trading strategies.

Limit Orders¶

Limit orders let you specify the exact price at which you want to buy or sell. They sit on the order book until filled, cancelled, or expired.

• Requires Vault deposit — collateral is frozen when the order is placed
• Gas paid in real ETH at settlement time
• Supports partial fills
• Amend an order by cancelling it and submitting a new signed order

For the full guide, see Limit Orders.

Instant Swaps¶

Swaps execute immediately at the best available price. They are Fill-or-Kill — either the full amount executes or the swap is rejected.

• No pre-funded Vault required — the signed route can pull the exact input amount from your wallet at execution time
• No ETH needed for gas — gas is automatically factored into the swap quote
• Choose gas mode: receive_less (deducted from output) or pay_more (added to input)

For the full guide, see Swap Trading.

Virtual Liquidity Batches¶

VL batches group 2 to 50 limit orders across distinct markets under a single shared budget (active cap returned at runtime by GET /config under limits.vl_batch). The Vault freezes only the maximum individual order cost (not the sum), and when any sibling fills, the remaining siblings are automatically amended or cancelled to stay within budget. Exact duplicates and inverse pairs count as the same market and are rejected.

For the full guide, see Virtual Liquidity.

Choosing the Right Order Type¶