Myriad Markets is rolling out its Order Book on select markets. On Order Book markets, liquidity is provided by traders who place Limit orders.
The order book is two-sided list of all open buy and sell orders for a market.
Side | Description |
Bids | Buy orders—the highest prices traders are willing to pay |
Asks | Sell orders—the lowest prices traders are willing to accept |
The Myriad Order Book is hybrid-decentralized
- Offchain matching — A Myriad service matches the buy and sell orders
- Onchain settlement — The smart contracts settle the orders
Market Orders
You can buy and sell positions using the same familiar interface. Your trade will execute immediately at the best available price.
- Buying: You pay the lowest ask price
- Selling: You receive the highest bid price
Market Order Types
At launch, the Myriad.Markets application uses what’s known as Fill Or Kill (FOK) to execute your market trades, which means that your order will only succeed if there’s enough liquidity to fill it entirely.
The Myriad API and Myriad CLI also support Fill And Kill (FAK) orders.
FOK | Fill Or Kill — fill entirely or cancel immediately |
FAK | Fill And Kill — fill what’s available, cancel the rest |
Limit Orders
Limit orders, as well as collateral splitting and outcome merging, are now available in the Myriad.Markets application, as well as in the Myriad API and Myriad CLI
The Myriad CLI includes Skills that make it easy to build agents.
Check out Builders to get started.
Limit orders only execute at your specified price, or better.
- Your order is posted to the order book and waits for someone to trade it.
- Orders can be partially filled as different traders match portions of your order.
- You can cancel unfilled orders at any time.
Limit orders are currently rewarded with 100% fee rebates. Competitive limit orders placed near the midpoint have a higher weight on weekly Points distributions.
Limit Order Types
GTC | Good Till Cancelled — valid until they are filled or are until you cancel them |
GTD | Good Till Date — order auto-expires at a specified time |
Fees
Orderbook fees only apply to taker orders. Maker orders do not incur fees and are entitled to rebates.
Myriad.Markets indicates the amount of fees you’ll pay for any market order. The API details the fee schedule for all markets.
Role | Description | Fees |
Maker | Adds liquidity to the order book via a limit order that waits to be matched. | Does not incur fees. Receives rebates from fees paid by takers. |
Taker | Removes liquidity from the book via a market or limit order that is filled immediately. | Pays a trading fee. |
Formula
The peak fee rate applies at $0.50 and decays linearly towards $0 at the extremes.
The formula is:
plain textfeeBPS(p) = peakBPS × min(p, 1 - p) / 0.5
Or equivalently in the contract’s bucket terms (buckets 1–100):
plain textfeeBPS(i) = peakBPS × min(i, 100 - i) / 50
Where:
pis the trade price (0 to 1)
iis the bucket index (p × 100)
peakBPSis the configured peak fee rate (e.g. 150 BPS)
- BPS is symmetric:
feeBPS(p) = feeBPS(1 - p)
- Peak fee is at
p = 0.50wherefeeBPS = peakBPS
- Fee scales linearly to 0 at the extremes
Fee Schedule
Currently, the peak fee rate at $0.5 is 1.5%.
The table below exemplifies the different rates and amounts at different prices and sizes.
Price | Taker Fee rate | Trade Value | Taker Fee |
$0.01 | 0.03% | $1 | $0.0003 |
$0.05 | 0.15% | $5 | $0.0075 |
$0.10 | 0.30% | $10 | $0.0300 |
$0.15 | 0.45% | $15 | $0.0675 |
$0.20 | 0.60% | $20 | $0.1200 |
$0.25 | 0.75% | $25 | $0.1875 |
$0.30 | 0.90% | $30 | $0.2700 |
$0.35 | 1.05% | $35 | $0.3675 |
$0.40 | 1.20% | $40 | $0.4800 |
$0.45 | 1.35% | $45 | $0.6075 |
$0.50 | 1.50% | $50 | $0.7500 |
$0.55 | 1.35% | $55 | $0.7425 |
$0.60 | 1.20% | $60 | $0.7200 |
$0.65 | 1.05% | $65 | $0.6825 |
$0.70 | 0.90% | $70 | $0.6300 |
$0.75 | 0.75% | $75 | $0.5625 |
$0.80 | 0.60% | $80 | $0.4800 |
$0.85 | 0.45% | $85 | $0.3825 |
$0.90 | 0.30% | $90 | $0.2700 |
$0.95 | 0.15% | $95 | $0.1425 |
$0.99 | 0.03% | $99 | $0.0297 |
Maker rebate
At launch makers receive 100% Taker Fee Rebate, which means that 100% of the fees paid by takers revert back to Makers.
Rebates will be paid out periodically.
Maker vs Taker
Maker | Adds liquidity to the order book | Your order is not immediately matched and rests on the order book. |
Taker | Removes liquidity from the order book | Your order matches immediately against maker orders. |
Note that placing a buy or sell limit order that is immediately matched is a taker order.