Order Trading

This guide explains how to navigate markets and place orders on Conviction.

Navigating to a Market

1. Browse markets on the homepage, or use the search bar to find a specific market.
2. Click on a market to open its trading page.
3. On the trading page, you will see:
   • Price Chart — Historical price movement for each outcome.
   • Orderbook — Live bids and asks from other traders.
   • Trade Panel — Where you place your buy and sell orders.
   • Market Details — Description, resolution criteria, expiry date, and category.

Order Types

Limit Order

• You set the exact price (1¢–99¢ or 0.1¢–99.9¢, depending on the market's spread) at which you want to buy or sell.
• Your order enters the orderbook and waits until matched by another user.
• Best for getting a specific price you are comfortable with.
• You can cancel open limit orders at any time.

Market Order

• Fills immediately at the best available prices in the orderbook.
• Faster execution, but the final price may differ from the displayed price due to slippage.
• Configure your slippage tolerance: 0.5%, 1%, 2%, or 5%.
• Best for when you want instant execution and are willing to accept minor price variation.

Placing a Buy Order

1. Select the outcome you want to trade (e.g., YES or NO).
2. Choose the order type — Limit or Market.
3. For Limit Orders: Enter your desired price (1¢–99¢ or 0.1¢–99.9¢).
4. Enter the amount in USDC you want to spend (minimum: $3).
5. Review the potential payout displayed below the order form.
6. Click "Buy".
7. Sign the order with your wallet (EIP-712 typed signature).
8. Your order is submitted to the orderbook.

For limit orders, your order will sit in the orderbook until matched. For market orders, execution happens immediately.

Placing a Sell Order

1. You must already hold shares in the outcome you want to sell.
2. Select the "Sell" tab in the trade panel.
3. Choose your order type (Limit or Market).
4. For Limit Orders: Set the price at which you want to sell.
5. Enter the number of shares to sell.
6. Review the expected proceeds.
7. Click "Sell" and sign the order.

Order Expiration

When placing a limit order, you can choose how long it remains active:

Expired orders are automatically removed from the orderbook.

Quick-Fill Amounts

For convenience, the trade panel offers preset amount buttons:

• $3 — Minimum order size
• $20 — Standard amount
• $100 — Larger position

Click any preset to auto-fill the amount field.

Understanding Prices

Share prices on Conviction range from 1¢ to 99¢ (or 0.1¢ to 99.9¢ depending on the market's spread) and reflect the market's implied probability for an outcome.

Key Principles

• A lower buy price means higher potential return but lower implied probability.
• A higher buy price means lower potential return but higher implied probability.
• YES price + NO price approximates $1.00 (minus spread).
• You can sell your shares at any time before market resolution to lock in profit or cut losses.

Next Steps

• Claim & Redeem — Collect your winnings after market resolution.
• Split & Merge — Advanced share operations.
• Glossary — Review key terms.