An automated market maker (AMM) calculates a swap price from liquidity held in a pool. Polkaswap’s XYK pools use XOR as their base asset. The larger a trade is relative to available liquidity, the more it can move the execution price.

The order book records buy and sell orders for each available pair. Its depth shows the volume offered at different prices. A market order trades against available orders; a limit order adds a price condition. A token’s displayed price alone does not establish how much either mechanism can exchange at that price.

Polkaswap also supports the Token Bonding Curve (TBC) for buying and selling XOR. Its pricing is separate from XYK pool pricing and order-book limit orders, and selling XOR depends on available reserves.

The chart for an order-book pair reflects activity in that book and excludes AMM swap activity. Read it alongside the book’s available orders; an AMM swap needs its own quote for the selected amount.

A swap’s minimum received is the lower output bound for its destination asset. The slippage tolerance controls how far the exchange rate can move unfavorably between quoting and execution before the swap reverts. Sufficient liquidity is also required for the amount selected.

A buy limit sets the maximum price per unit; a sell limit sets the minimum. Matching orders determine how much can execute within that boundary. A limit order can execute partially or remain unfilled, so submitting it does not establish that the entire amount has traded.

The SORA order-book trading guide describes a default limit-order lifetime of one month, followed by automatic cancellation at expiry. Orders can also be canceled earlier. Check the expiry that applies to the particular order.

Swap quotes separate the liquidity provider fee from the SORA network fee. The order-book trading guide also lists a fee on order placement. Compare the displayed costs for the same pair and amount: a limit price bounds the unit price, while fees affect total purchase cost or net sale proceeds.

View image file

• If the available pool quote meets your needs, compare its minimum received and fees with the output you require.
• If a specific price is essential, check the pair’s order-book depth and accept that a limit order may fill only partly or not at all.
• If timing is critical, do not treat a limit order’s expiry as a completion deadline.