Make Bids (Limit Buy)
Last updated
Last updated
When making bids on our CLOB, you gain the advantage of automatic trade execution against all markets. This means by placing a bid into our system, listings made on any other marketplace at or below your desired price gets automatically executed against. Note that other users on Sniper are also able to directly find and accept your bids.
The following are concepts essential to making bids:
Trading funds are required in order to fill a bid. They are made accessible to all bids for maximum capital efficiency. This allows you to make an infinite number of bids on the same set of funds. For example, if you have 10 SOL of trading funds, you can make 1,000 bids each priced at 10 SOL.
This is a powerful tool but please take care! If one of your bids executes and depletes your trading funds, the other bids will still remain active though unable to execute because the trading wallet does not have funds. Unless you cancel the remaining bids, the next time you load your trading wallet all of the prior bids will attempt to execute. This can sometimes lead to an outdated bid purchasing an NFT at an undesireable price.
We strongly recommend funding each individual bid completely, and closing out collection bids when funds are depleted or when the entry point is no longer desireable.
When you create new bids, you have the option to top-off your trading funds with the current bid size (i.e. price x quantity). Topping-off prevents all of your bids from closing at once in the case one of them is executed leaving the rest with insufficient funds to execute.
So let's try it out!