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Shadowbook supports two order types. Both are placed on-chain through the same smart contract and can be cancelled before execution.

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Limit order

A limit order executes only when the market price reaches the price you specify. You set an exact price ratio in the datum, and the protocol fills the order when that price is available.
  • Execution fee: 1.8 ADA (3 × 0.6 ADA)
  • Fills when: market price reaches your specified price
  • Cancellable: yes, before execution
Limit orders are useful when you want to buy or sell at a specific price rather than accepting whatever the market currently offers.

Place a limit order

Full transaction structure, datum fields, and deposit calculation.

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Market order

A market order executes at the current market price. You accept any available price by setting an infinite slippage price in the datum, and the order fills on the next matcher run.
  • Execution fee: 0.6 ADA (1 × 0.6 ADA)
  • Fills when: next available matcher run
  • Cancellable: yes, before execution
Market orders are useful when you want immediate execution and don’t need a specific price.

Place a market order

Full transaction structure, price field setup, and deposit calculation.

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Comparison

Limit orderMarket order
PriceSpecified ratioAny (infinite slippage)
Execution fee1.8 ADA0.6 ADA
Fills whenMarket reaches your priceNext matcher run
Beacon prefix0x000x01

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Cancellation

Both order types can be cancelled before execution. Cancelling returns all ADA from the order — including collateral and execution fees — to the user.

Cancel an order

How to cancel on-chain orders and reclaim funds.