Perpetual Market Orders

A Perpetual Market Order (PMO) is a custom trade between 2 assets or more, that will be executed at the market price each time a buyer shows up.

Perpetual Market Orders can be created and proposed to the market by anyone, for a fixed duration or not. It is possible to create trades between every asset listed on the platform. One asset can be exchanged for any other, and order creators can accept multiple tokens as counterparty. A PMO stays perpetually open, until it is fulfilled or expired/terminated.

Some examples of Perpetual Market Orders:

• Exchange wBTC vs wETH, at market price;

• Exchange wETH vs wBTC, USDT or USDC, at market price;

• Exchange CVX vs CRV, at market price;

• Exchange CVX vs FXS, CRV or FRAX, at market price.

Orders are represented as NFTs and thus, can be traded on the open market or sent to other wallets.

For small orders, if the swap doesn't involve an important routing, a Perpetual Market Order may not be the most efficient way to trade tokens, on the order creator side.

PMOs are more efficient for large orders, as they act as a TWAP. Indeed, the order will most likely be executed in several times, when the market conditions will make the arbitrage profitable, while still ensuring a fair execution price.