Kyberswap Limit Orders make a target price the condition for execution

Last updated - 2026/09/17

Kyberswap Limit Orders suit a trade that can wait for a chosen target price, while an immediate swap suits a trade that needs a prompt execution attempt against a current quote. A signed order can remain open until a taker fills it, its expiry arrives or the maker cancels it.

In short: Choose a limit order for a target rate, or an immediate swap when prompt execution matters more than waiting.

Set the order terms and check balance and allowance before signing

Choose between them based on whether the trade needs a prompt execution attempt or can wait for an acceptable exchange rate. A limit order favors rate control and accepts uncertain timing. An immediate swap favors a prompt execution attempt against a live quote, although network conditions can still cause that transaction to fail.

Rate direction and token amounts

A target rate is a relationship between the token offered and the token requested. Reversing that pair changes the meaning of the number, so check both amounts rather than relying on a chart level alone. The signed terms set the maker amount, the requested amount and the expiry. A taker may fill only within those terms at the stated rate or a better one for the maker.

Expiry and spendable balance

The maker chooses when the order expires. A market move after that time cannot revive the signed order. Offered tokens remain spendable in the wallet while the order waits, which preserves control but creates a live dependency: the wallet must still hold enough of the offered token when a taker attempts settlement.

Authorization before signing

An ERC-20 allowance authorizes the limit-order contract to transfer the offered token during a fill. If the existing allowance cannot cover active orders, a separate on-chain approval may be necessary before signing. That approval is different from the off-chain order signature and can incur network gas.

Before committing, compare the displayed request with the intended trade:

• the active network and exact token contracts
• the offered and requested token amounts
• the direction of the displayed rate
• the maker-selected expiry
• the spender and allowance amount, when approval is needed

Signed intent and on-chain settlement

The hybrid design separates the maker’s trading instruction from the transaction that exchanges the tokens. Signing records consent to specific order parameters, but it does not transfer the offered asset. A valid signature also prevents someone from changing those parameters while keeping the same authorization.

A signed maker order stays off-chain until a taker submits a matching fill for on-chain settlement. The taker pays the network gas for that settlement. The fill must still find an unexpired order with enough maker balance and allowance, or the on-chain attempt cannot complete.

On-chain settlement supplies the durable completion record. The order interface can show whether the order is active, partly filled or complete, while the transaction receipt and resulting wallet balances confirm the transfer. A signature alone proves only that the maker authorized the stated terms.

Gasless placement should not be read as a promise that every related action costs nothing. An ERC-20 approval uses an on-chain transaction when one is required. A hard cancellation also uses gas, while a gasless cancellation changes the off-chain order state and may need time to become final. Takers may also pay a protocol fee on fills, depending on the chain and how the pair’s tokens are classified.

Does the trade need a target rate or immediate execution?

Use a limit order when the exchange condition matters more than timing; use an immediate swap when submitting the trade now matters more than waiting. Neither choice guarantees settlement. The first depends on a taker and valid maker state, while the second depends on the accepted quote, available route liquidity and successful on-chain execution.

The target rate sets the exchange boundary, not a deadline or a fill guarantee. Immediate swaps provide a prompt execution attempt but still depend on the live route and its minimum received condition. The decision changes when the cost of waiting becomes larger than the value of holding the chosen rate.

Order states that can change the decision

Open, partially filled, filled, expired and cancelled states each require a different response. Reading the current state prevents a signed instruction from being mistaken for a completed trade.

Open and partially filled amounts

A taker can fill part of a Kyberswap Limit Order while the remaining amount stays active. The unfilled portion still depends on the maker’s balance, allowance and expiry. Moving the remaining tokens or reducing the allowance can make a later settlement attempt fail, even though the interface still lists an active remainder.

A visible market rate near the target does not mean the order has settled. A taker must find the fill worthwhile after considering the available amount and settlement cost. Order status and the on-chain record carry more weight than an external price chart.

Expiry and two cancellation paths

An expired order can no longer be filled. Where available, gasless cancellation asks the off-chain operator to stop renewing the authorization needed by takers, so finality may be delayed when the order has already entered a quote. Keep treating the order as live until its displayed state confirms cancellation.

Hard cancellation sends an on-chain transaction and requires network gas. It nullifies the order after confirmation, provided the cancellation reaches the chain before a competing fill. That transaction-ordering condition matters most when the target sits close to an executable market rate.

One order from target to verified fill

Suppose the goal is to exchange an input token only when it can receive an output token at a chosen rate. The durable rule is the signed rate, amount and expiry. Wallet balance, allowance, taker interest and network execution remain live conditions.

Before the signature

Start with one order on the intended supported network. The expected state is a wallet holding the offered amount, plus adequate allowance for the contract. Compare that expectation with the observed network, token contracts, spendable balance and approval request before signing. If approval is short, authorize the intended spending first and wait for its confirmation.

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Create one signed order with the selected amount, target rate and expiry. Immediately afterward, the observed order should appear as active with those same terms. The offered token should remain in the wallet because signing creates an instruction rather than a transfer.

After the order changes state

If a taker fills the entire amount, the expected end state is a completed order, an on-chain settlement receipt and wallet balances that reflect the exchange. Accept the result only when the observed order status and on-chain state agree. A partial fill should show the filled portion and an active remainder instead.

If the target appears to trade but the order remains active, it has not filled completely. Check whether the order expired, whether the remaining balance and allowance still cover it and whether only part of it settled. Keep the order only if its unchanged terms still serve the original goal.

Keep, replace or cancel the order as conditions change

Keep an existing order only while its rate, expiry, spendable balance and allowance still match the intended trade. A change to the offered amount, target rate or expiry requires an edit that cancels the old instruction and creates a new signed order. The token pair itself cannot be amended through that edit.

If the need changes from rate control to immediacy, cancel the resting order and confirm that cancellation before broadcasting an immediate swap. Otherwise, the old signature may remain fillable while the new transaction uses the same spendable tokens. Where available, a gasless cancel suits a maker who can wait for off-chain finality; a hard cancel suits a time-sensitive exit and costs network gas.

Finish by checking the final order or transaction state. For a limit order, that means a confirmed fill, a confirmed cancellation or an expiry, together with the corresponding balances and records. For an immediate swap, it means a successful transaction receipt and the received balance, or a reverted receipt that leaves the intended exchange unfinished.