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Overview

Limitless Exchange allows natural language expressions of arbitrary market conditions to be traded freely, creating a forecasting and risk engine for the global economy.

Users buy shares in the outcomes, usually “yes” or “no”, of particular conditions. A simple example may be buying shares in the “Yes” BTC will reach $65k outcome at $0.15, implying a 15% chance the outcome will be realized, and potential ROI of ~560%. That’s because winning shares expire at $1, but losing shares are worthless after market resolution. Prior to the market resolution, 1 “Yes” and 1 “No” share in a particular market can be redeemed for 1 collateral token. Collateral token in this case means the cryptocurrency which is locked away in an onchain smart contract in order to issue outcome shares, typically USDC or Wrapped ETH.

CLOB

Overview

Interacting with Limitless’s order book is simple and familiar for both traders and market makers. Market orders provide instant execution at the best available price, while limit orders allow you to set your price, participate in price discovery, and earn rewards.

Orderbook

Each market has a Yes and No order book, with separate Bids (buy orders) and Asks (sell orders):

For example, in the market concerning the valentines day BTC price traders are offering to sell “Yes” shares at 51 cents—the price you’d pay if you placed a Market Order to buy. Conversely, traders are bidding 49 cents to buy “Yes” shares—the amount you’d receive if you placed a Market Order to sell.

The difference between them is the Spread, and the lower the better.

Placing market and limit orders is the way to buy and sell shares with the orderbook.

Market Orders

Placing a market order is straightforward and ideal for quick trades. Simply choose the number of shares you wish to buy or sell, and the system matches your order to the best available price. This makes market orders simple and efficient, especially for those seeking immediate execution.

Limit Orders (Pro Mode)

For more flexibility and control over your orders, limit orders let you set a specific price at which you’re willing to trade. To place a limit order, decide whether you’re buying (bid) or selling (ask), specify your desired price, and enter the number of shares. The system will add your order to the order book, visible to other traders. Orders closer to the current market price have a higher chance of being filled. This approach enables traders to manage the spread and potentially earn liquidity provider(LP) rewards.