Core Concepts¶
This page explains the fundamental concepts you need to understand when trading on Sera.
Order Types¶
Sera supports three primary order types:
Swaps¶
Instant swaps execute immediately at the best available price. You specify the tokens and amount you want to trade, and Sera finds the best route.
No prior Vault deposit required
Swaps can use wallet funding and available Vault funds. This does not mean the route bypasses Vault: settlement can pull, credit or withdraw tokens through it. Separate approval transactions may require ETH.
- Price Protection — Set a minimum output amount to protect against unfavorable prices
- Multi-Leg Routing — Swaps can route through intermediate currencies for better rates
For the full guide, see Swaps.
Limit Orders¶
Limit orders rest on the book until filled, cancelled or expired. They need Vault collateral; the relayer sends settlement transactions.
- Bid (Buy) — Specify the maximum price you're willing to pay
- Ask (Sell) — Specify the minimum price you're willing to receive
For the full guide, see Limit Orders.
Virtual Liquidity Batches¶
Virtual Liquidity (VL) batches let you place limit orders across multiple trading pairs backed by a single shared budget, maximizing capital efficiency for multi-pair strategies.
- Shared Collateral — Freeze the max of any single order cost, not the sum
- Unique Markets — Each sibling must target a distinct market; inverse pairs such as
XSGD/USDCandUSDC/XSGDcount as duplicates - Automatic Amendment — When one order fills, siblings are resized to fit remaining budget
For a full guide, see Virtual Liquidity.
Order Lifecycle¶
Every order follows a defined lifecycle. The public API surfaces five statuses:
stateDiagram-v2
[*] --> Pending: Place Order
Pending --> Pending: Partial Fill (still active)
Pending --> Matched: All Legs Crossed
Matched --> Settled: Chain Confirmed
Matched --> Failed: Settlement Reverted
Pending --> Cancelled: Cancel
Pending --> Failed: Rejected or Settlement Failed Eligible failed limit takers may have their depth restored during recovery and return to pending; explicit user cancellation, expiration and non-limit order types prevent this recovery. Read the current order together with settlement_summary, /fills and balance movements rather than assuming every status transition is permanent.
| Status | Description |
|---|---|
pending | Submitted, resting on the book, or partially filled |
matched | All legs crossed in the matching engine; on-chain settlement is in flight |
settled | Fully filled and on-chain settlement confirmed |
cancelled | Cancelled by the owner before full fill |
failed | Rejected at intake or settlement reverted |
For partially filled orders, pending means "still resting", not "unfilled". Use the filled/remaining amount fields, settlement_summary, /fills, and public settlement_economics to show execution progress and owner balance movement.
Settlement proceeds follow the signed recipient: the zero recipient credits the owner’s Vault ledger, while an external recipient receives tokens in that wallet. There is no separate claim step.
For a complete walkthrough, see Order Lifecycle.
Non-Custodial Architecture¶
Assets are held and settled on chain. The API, matching and accounting services coordinate instructions and reservations. Signing checks and contract roles define the authorization boundary; see Non-Custodial Design.
Vault & Balances¶
Wallet balances are external tokens. vault_available and vault_frozen are off-chain accounting amounts against on-chain custody; availability is not a guarantee of current spendability. Use vault_spendable, spendability_status and recovery/sync fields in balances.
Virtual Liquidity¶
VL shares one collateral budget across distinct markets. The engine deducts consumption and shrinks or cancels siblings when required; it does not increase their remaining signed quantity. Read the active minimum and maximum from GET /config → limits.vl_batch (default 2–50). See Virtual Liquidity.
Fees & Gas¶
Settlement transactions consume EVM gas and are signed and broadcast by a relayer executor, whose wallet pays the chain fee. This does not require the limit-order owner to hold ETH merely for that settlement. User-visible fees are described by the quote and settlement_economics.fees_paid; this is not a promise that every deployment offers free trading. Transactions you send yourself, such as approve, deposit and withdrawal, require network gas.
See Fees & Costs.
EIP-712 Signatures¶
All trading operations on Sera are authorized via EIP-712 typed data signatures. This means:
- You sign a structured message with your wallet (e.g., MetaMask)
- The signature authorizes a specific action (place order, cancel, withdraw)
- Your private key never leaves your device
- Each signature is bound to a specific chain and contract, preventing replay attacks
For API users, see Authentication to learn how to construct and sign these messages.
Next Steps¶
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Deep dive into limit orders, swaps, and more
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Multi-pair orders with shared capital
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Start building with the Sera API