Limit Orders

What is Sorbet Finance

Sorbet Finance is a place where you can place limit orders on Uniswap.

This video may help you make your first Limit Orders on Sorbet:

You can also place limit orders on Sorbet via Polygon. Here's a quick tutorial on how to migrate your ETH assets to the Polygon mainnet to place limit orders on Sorbet:

Why limit orders?

Let’s say you are long ETH and want to buy 1 ETH with USDC. However, you think that the ETH price is likely to decrease in the short term by around 5%. In order to get the best entry price for your ETH position, you can place a limit order at a 5% discount to the current price and if the price of ETH starts to drop below this threshold, your order will automatically be executed.

How does limit order work?

An example: Let’s say currently 1 ETH is worth 2,200 USDC. If you want to sell 1 ETH for an exact 2,500 USDC, i.e. after a ~ 14% increase in price, you input 1 ETH in the “Input” field, set the “Rate” to 2,500 USDC and verify that the “output field also says 2,500 USDC (should be handled automatically). Then you click on “Place” to submit the order.

Gelato will automatically execute your order once 1 ETH equals 2,500 USDC + the gas cost that the Gelato bots will pay on your behalf to execute the price. Gas costs are around e.g. $50 and paid by the bots, so realistically, they will execute your order once 1 ETH equals 2,550 USDC. You only pay for the gas it takes to submit the order.

You can check gas fees on Ethereum Gas Price or Uniswap as you are going to make the transaction on Sorbet.

About Uniswap v3 liquidity provision feature and G-UNI

Uniswap v3 introduces concentrated liquidity to the Automated Market Maker space, overhauling the paradigms of AMM liquidity provision. Most importantly, LPs can set (and adjust) the price range within which their liquidity is active. The tighter the range of an LP position, the more fees earned on trades while the trading price is inside the range; however when prices exit a position's range no fees are earned. This makes the decisions of an LP sufficiently more complex and varied from Uniswap v2. Each LP position is also now unique (has a unique price range) and thus a Non Fungible Token rather than a fungible asset.

As discussed here, "common shared positions can be made fungible (ERC20) via peripheral contracts... making it possible for LPs to participate while maintaining a passive user experience". The G-UNI token is one such fungible shared position that is auto-rebalanced by Gelato bots so that users can keep a passive LP experience but know that their capital is being deployed efficiently (in a tight range around the current trading price, auto adjusted as prices change).

Watch G-UNI debut here.

Do I need to pay the gas fee to place an order?

Yes, you'll need to pay the gas fee.

Do I need to pay the gas fee to execute the order?

No, Gelato's bots take care of the execution fees.

Can I cancel my order before it gets executed?

You can cancel your order by clicking on "Cancel." You will be asked to pay the gas fee, and your money (Input) will be returned.

Why hasn't my order been executed?

Non-execution of transactions are mostly due to high network fees on Ethereum, meaning that you either input a very small trade amount or the rate of your trading pair did not move sufficiently in order for the bots to get compensated for executing the transaction on your behalf.

How long will it take to execute my order?

It depends on when the price moves over or under the threshold that you defined. This is up to the crypto markets themselves. It might take days for that to happen.

I've got a couple of orders pending. Is there a time limit or are the orders good until executed?

Not at the moment. In order to cancel the order, you will have to click “Cancel”.

Can I leave my order as long as I want? Will my order expire at some point?

Yes, your order stays open until it gets executed. But you can cancel at any time before then.

Can I use my hardware wallet on Sorbet?

You can use your hardware wallet like Ledger with Sorbet. But we've identified a bug that you might see the error 635 on your Ledger, so we highly recommend you to connect Sorbert with MetaMask until we fix the bug.

Can I try Sorbet on the Ropsten testnet?

Yes, you can use Sorbet on the Ropsten testnet as well as on the Ethereum mainnet.

If you still have any questions or issues, feel free to reach the Gelato team on Telegram or Discord.