Limit Orders just got better! Use your Rabby wallet with Matcha to set limit orders and optimize your trading.
Limit orders offer greater control than swaps (market orders) by letting you specify the price you want to pay. Once your price limit is set, you just wait for the market to reach that price and your order will start to fill.
While it's never guaranteed that the limit will be hit, if it does you stand to benefit from a trade that cost no gas to create and caused zero slippage. In this article, we'll show you how to use Rabby wallet to create limit orders on Matcha and level up your trading in a few easy steps!
New to Matcha?
In case we're meeting you for the first time, Matcha is a DEX aggregator built by 0x. We’re making DeFi as frictionless as possible. With 4+ million tokens to choose from, swaps and limit orders, and AMM plus RFQ aggregated liquidity, Matcha helps you do even more with your Rabby wallet.
What is Rabby Wallet?
Rabby Wallet is an open-source wallet for Ethereum and all EVM chains, built by Debank. Available on 95 chains including testnets, Rabby wallet states that its focus is user security. The wallet experience is packed with features to protect traders from unwanted transaction outcomes and ensure a smooth experience in DeFi.
Rabby wallet features include:
Pre-signature security check. Rabby will let you know if you’ve never transacted with a contract or wallet before, and alert you of risk.
Simulated trade outcomes. This feature lets you preview the outcome of an on-chain transaction before sending it, helping to identify and avoid inefficiency or loss.
Approval management. This allows you to view any contract approvals by token and revoke them individually or all at once.
Get more from your Rabby wallet with Swaps and limit orders on Matcha!
What exactly are limit orders?
Limit orders let you set orders that only execute if the price is hit. This gives your trading an advantage, but not all decentralized exchanges (DEXs) support limit orders. Matcha is one of the few DEXs that does offer limit orders, and we've recently rolled out a significant upgrade to enhance trade speed and control.
Why you should set limit orders on Matcha
- Choose your price: perfect for adventurous traders seeking positions in lower-cap pairs or hunting fresh new tokens.
- No slippage or MEV: your trade executes at the price you specify, eliminating a lot of the uncertainty of how a trade will land on the blockchain and protecting from sandwich attacks.
- Zero gas fees: it costs nothing to place a limit order on Matcha.
- No KYC: your assets remain under your control, in your Rabby Wallet, until the trade is executed. This is a key difference from trading on centralized exchanges.
Common uses of limit orders
⚒️ Limit orders empower traders to exercise greater control over their trades. You can preset the order price, specify the time frame, sit back and wait for the price to hit. Takers will fill your orders once the price reaches your specified level, requiring no further actions from users.
📈 Capitalize on market dips: Set your limit order to buy into your favourite token at a discounted price during a quick market dip!
🛡 Risk Mitigation: By employing limit orders, you can bypass the risks associated with MEV attacks and slippage. Your trade executes as planned, without front-runs or back-runs.
👾 Trading low-liquidity tokens: When dealing with low-cap and less liquid tokens, limit orders is an efficient way to buy tokens prices before large price increases.
New features for limit orders on Matcha
- One-click price shortcuts: Easily choose between the market price or set percentages (1%, 2%, 5%, 10%) above the market.
- Lock in exact prices: Set how much to pay and exactly how much you want for it, simple!
- Bi-directional trades: Adjust the limit price using either asset in the trading pair.
- Order batch cancellation: Answering a frequent user request, traders can now cancel multiple limit orders all in one go.
- Duplicate limit orders: A convenient feature for replicating successful trading strategies. One click and you’re set to go again!
To go deeper into these improvements, read about limit orders on Matcha!
How to set up Rabby wallet for desktop or browser
Step 1. Download Rabby wallet at https://rabby.io/ and install on your browser.
You can download an extension for your browser, or download the Desktop app. The mobile app has not yet been launched.
Step 2. Fund your Rabby wallet. Click the extension in your browser to open Rabby then use an on-ramp service or send funds from an existing wallet.
All done? You’re ready to place your limit order! Let’s now go to the Matcha app.
How to place limit orders on Matcha using Rabby wallet
Step 1. Go matcha.xyz, select Connect Wallet and choose Rabby Wallet from the list.
Step 2. Click on the tab ‘Limit’ to the right.
Step 3. Select the token to Pay with and the token You receive.
Note: Native tokens are not compatible with limit orders. Switch to the Market tab in the Matcha trade module to wrap your native tokens if you want to create limit orders with them.
Step 4. Set the price you want your trade to fill at.
Use the newly added percentage % buttons to easily choose a price 1%, 2%, 5% or 10% above the market price. The ‘Market’ button will reset the price to current rates.
Step 5. Select an Expiry time.
Set your timeframe between 1 hour and 1 month. Your order will be valid until expiration or until you cancel.
Step 6. Review and confirm your limit order.
Make sure you’ve got the price, tokens and expiry right, then hit Place order! Note that limit orders are free to create.
You’re done! Sit back and relax: your limit order will fill if the price hits your target.
Go place your limit order on matcha.xyz!
Looking for a guide to a different wallet? You can place limit orders with most DeFi wallets including Metamask, Phantom, Rainbow and more!