We are excited to announce the arrival of advanced order types on Polynomial Trade!
Traders can now enhance their trading strategies and improve their risk management techniques. These advanced order types come with fast and secure execution.
TL;DR:
Polynomial's integration of advanced orders revolutionizes traders' capabilities and strategies. With real-time price feeds from Pyth and an enhanced execution mechanism, traders can swiftly capitalize on market conditions and achieve optimal prices. Multiple order types, such as Take Profit and Stop-Loss, enhance risk management and profitability. Benefits include improved risk management, better trade execution, and automation for a convenient trading experience.
How Things Work at Polynomial
The integration of advanced orders on Polynomial is revolutionizing traders' trading capabilities and strategies like never before.
Why?
Polynomial has implemented an enhanced execution mechanism by integrating a new Oracle for advanced order execution. When the execution price hits the trigger price, limit/stop orders are transformed into delayed orders and executed by keepers.
This upgraded integration, combined with leveraging the Pyth price, enables swift verification and execution of transactions. As a result, users can obtain optimal prices and efficiently manage risks in volatile markets. Polynomial's execution process outperforms other Synthetix perp platforms in terms of speed and precision.
What does it mean for Polynomial traders?
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The adoption of real-time price feeds revolutionizes order execution, eliminating reliance on outdated and inaccurate on-chain prices.
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An enhanced execution mechanism enables traders to capitalize on current market conditions promptly and efficiently.
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The upgraded version provides a seamless and reliable trading experience for traders.
These advanced orders enhance risk management and optimize trading outcomes by:
- Faster Execution: Delayed orders are placed immediately when the desired price is reached, ensuring more accurate risk management
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Reliable Execution: The new mechanism is highly reliable, guaranteeing that your orders will always be executed.
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Multiple Take Profit and Stop Loss Orders: Users can set multiple take profit and stop loss orders for different sizes, even within the same market.
- Position-wide Take Profit or Stop Loss Order: Users can apply a take profit or stop loss order to the entire position, regardless of its size.
- A stop order is used to capitalize on an upward price movement or to enter a trade at a specific level. It is commonly used by traders who wish to buy an asset once its price surpasses a predetermined stop price.
Benefits of Limit Order v2
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Enhanced Risk Management: Advanced order types enable traders to set exit points, limiting losses and securing profits. This improves risk management by reducing emotional decision-making.
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Improved Trade Execution: Traders can specify desired price levels for entering or exiting positions, enhancing trade execution. This minimizes exposure to unfavourable market conditions and slippage, especially during high volatility.
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Automation and Convenience: Advanced orders automate trading, eliminating manual monitoring and execution. Traders can pre-set parameters for automatic execution when specific conditions are met. This saves time and reduces the need for constant market monitoring.
Suite of tools
We are continuously expanding the range of tools available on our platform to enhance usability. In addition, we recently introduced two significant features:
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Funding Rate Chart: Users can now access historical funding rate data for each market. With just one click, it is possible to switch from the Price chart to the funding rate chart. This feature is particularly useful for arbitrageurs seeking to analyze funding rate trends.
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USDC Deposits: When trading, USDC deposits are seamlessly converted into sUSD. This conversion process occurs automatically with a single click, ensuring a smooth experience for our users.
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Multiple authorities for SC wallet: control your smart wallet with multiple accounts.
The introduction of advanced orders is another step towards expanding our trading capabilities and enhancing the overall trading experience.
Useful links
Polynomial trade Official doc 👇
- Polynomial Team
About Polynomial
Polynomial Trade is a decentralised derivative trading exchange powered by the Synthetix protocol on Optimism. The exchange allows leverage trading up to 25x with a faster and smoother UI and lower fees than other derivative exchanges.