At Bayes Market, trading is powered by a Central Limit Order Book (CLOB), which allows you to interact with the market in two primary ways: market orders and limit orders. This system is paired with the Conditional Tokens Framework (CTF) to handle the underlying share mechanics. This is the legacy contributed by Gnosis.
Market Order
A market order is a request to buy or sell a specific number of shares immediately at the best available price in the order book. It's the simplest and fastest way to execute a trade. However, because it prioritizes speed over a specific price, a large market order may be filled at multiple prices if there isn't enough liquidity at the single best price.
For example, if you place a market order to buy 1,000 shares, and there are only 500 shares for sale at 60¢, your order will fill those 500 shares at that price. The remaining 500 shares of your order will then be filled at the next available price(s), such as 61¢ or 62¢, until your order is complete. This can result in a higher average price than you might have anticipated.
Visibility and Management:
The total position will be shown on your Portfolio page under your current positions.
The position will be reflected on your Asset page under your "Positions."
Your successful transaction will be displayed in the lower right corner of the market page as well as in the "Activity" section under your Asset page.
Limit Order
A limit order is an order to buy or sell a specific number of shares at a specific price or better. Unlike a market order, a limit order is not guaranteed to execute immediately.() It rests on the order book until a matching order is placed by another trader.
For example, if the current market price for a YES share is 65¢, but you only want to buy at 60¢, you can place a limit order at that price. Your order will wait in the order book until the market price drops to 60¢, at which point it will be executed. This gives you more control over your trading price and helps you avoid slippage on larger orders.
Visibility and Management:
Your open limit order will be visible in the "Open Order" section of the market you traded in and on your Asset page, under the "Open Order" tab.
You can see how much of the limit order's total shares are being filled (partially executed) in real-time.
You retain full control over your unexecuted limit orders. You can cancel your open positions before they are filled from both the "Open Order" section on the individual market page and the "Open Order" tab under your Asset page.