Sell $NVDA higher.
Get paid while it waits.
Your order waits inside the Uniswap pool, just past the market, and collects trading fees until the price reaches it. Then it fills, and you get the proceeds plus every fee it earned.
Twelve pools. Pick where to wait.
Each stock trades on its own Uniswap pool with USDG. The fee APR is what that pool paid its liquidity over the last 24 hours, and it moves every day.
From price to fill.
- 1
Set your price
Pick a stock and a price above the market to sell, or below it to buy, and how wide the order should be: 0.3%, 1% or 3%.
- 2
It waits in the pool
The order becomes your own one-sided Uniswap v3 position just past the price. Nothing is swapped when you place it.
- 3
It earns as the price comes
Every trade that runs through your range converts a little of the order and pays it the pool fee.
- 4
Filled and closed
Once the price has passed the whole range, a keeper closes the order within a minute: proceeds plus every fee, less Ledge's 10% of fees and 0.05 USDG.
The same order, paid to wait.
- Earns nothing while it waits.
- Fills at one price.
- Sits on an exchange's book.
- Costs exchange fees.
- Earns the pool fee on every trade through its range.
- Fills across your range, at its average, plus the fees.
- Lives in the Uniswap pool as your own position.
- Costs 10% of the fees it earned and 0.05 USDG on close.
Risks.
The order can turn back+
If the price runs into your range and then back out before the order is filled, the part that converted turns back. An order is filled only once the price has passed the whole range.
Fill timing+
A keeper checks every minute. In a fast market the price can come back between the fill and the close.
Fees vary+
The fee APR is what each pool paid over the last 24 hours. An order far from the price earns nothing until the price comes near.
Pool price+
Orders fill on the Uniswap pool's own price, which can differ from other markets for a while.
Control+
The owner can list pools and set the fee share (at most 20%) and keeper fee (at most 1 USDG). It has no function that moves orders. The contracts are new and unaudited.
Questions.
How can a limit order earn fees?+
It is placed as liquidity in the pool, on one side of the price only. Traders who move the price through it pay it the pool fee, like any other liquidity in range.
What does the width do?+
A tight range fills close to one price. A wider one spends longer with the price inside it, earns over a longer stretch and fills at the average of the range.
Which stocks?+
NVDA, SPCX, SPY, GLD, GOOGL, AAPL, QQQ, TSLA, META, MSFT, AMZN and CRCL, each on its deepest Uniswap v3 pool with USDG.
Can I cancel?+
Any time. You get back whatever the order holds at that moment, with every fee it earned and no keeper fee.
Who closes filled orders?+
A keeper Ledge runs every minute. Anyone else may close a filled order too and earn the 0.05 USDG.