Matcha currently supports market orders and limit orders. Regardless of the type of order you place, it's important to understand what price slippage is and how Matcha protects you from it.
To switch between order types, you can select Market or Limit at the top of the trade window.
A market order is an order to buy or sell a token at the best available price in the current market.
This is the default order type, and it provides the quickest way to swap your tokens as the transaction will execute immediately.
When you make a market order, you are responsible for paying the transaction's Ethereum gas fee + 0x protocol fee.
A limit order is an order to buy or sell a token at a specific price.
Since Matcha is a decentralized exchange, limit orders work a little differently than on a centralized exchange.
It's free to create a limit order. When your order gets filled, the taker will be responsible for paying the transaction's Ethereum gas fee + 0x protocol fee.
Matcha limit orders will only fill at the exact Limit Price you specify (not above or below).
Limit orders are partially fillable. They will remain open until 100% filled or until they reach their expiration.
You can set limit orders to expire in 10 minutes, 1 hour (default), 24 hours, 3 days, 7 days. You can cancel a limit order at any time. This will require you to pay a small amount of ETH to cover the cancellation transaction's gas fee. Orders with set expiration times will automatically cancel at no cost.
If your limit order didn't get filled, it might have been due to one of these reasons.
Limit order example: If you want to swap your ZRX for WETH when the exchange rate reaches 500 ZRX (assuming the current rate is 750 ZRX to 1 WETH), you would go to the WETH/ZRX market and create a limit order for this trade.