> ## Documentation Index
> Fetch the complete documentation index at: https://kamino.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Limit Orders

> Place standing orders that execute at your target price — zero slippage, zero fees

Kamino Limit Orders (LIMO) are standing orders that execute when the market reaches a target price. Unlike market swaps, limit orders guarantee execution at your specified rate — there is no slippage on fill. They charge no platform fees.

## How limit orders work

<Steps>
  <Step title="Select tokens">
    Choose the input token and output token for your order.
  </Step>

  <Step title="Set the rate">
    Enter the minimum output amount per input token. By default, orders are placed at ±0.1% from mid-price for efficient fills. You can set any price: below the current market rate or above it, depending on your intended execution parameters.
  </Step>

  <Step title="Place the order">
    Confirm the transaction. The input token is escrowed on-chain until the order fills or is cancelled.
  </Step>

  <Step title="Order fills">
    When the market reaches your rate, the order executes. Partial fills are possible — an order can fill incrementally as liquidity becomes available.
  </Step>

  <Step title="Claim the output">
    Filled tokens and any tips accumulate until you claim. Open the order and select "Close Order & Claim Tip" to receive your output.
  </Step>
</Steps>

## Tips and surplus

Two benefits unique to Kamino Limit Orders:

* **Tips** — SOL payments made directly to you when your order fills. They are generated by searchers competing to fill your order via auction: the winning searcher pays a tip to you as part of the execution.
* **Surplus** — If execution produces more output than your specified minimum rate, the surplus goes directly to you. Orders fill at the available execution price, which may exceed your specified minimum rate.

Cumulative tips and surplus returned to traders: nearly \$98.5K across the first \$200M in limit order volume.

## Order statuses

| Status      | Description                                         |
| ----------- | --------------------------------------------------- |
| In Progress | Unfilled or partially filled; waiting for execution |
| Cancelled   | Manually closed before any fills                    |
| Filled      | Fully filled, or closed after a partial fill        |

## Order management

Open orders appear in the My Overview dashboard and can be cancelled at any time before filling. Cancelling an unfilled order returns the escrowed input tokens to your wallet.

Partially filled orders that are closed return the remaining unfilled input tokens and release the filled output. Tips accumulate per order and are claimed via "Close Order & Claim Tip" once the order is complete.

## Comparison to market swaps

|              | Market Swap                                                         | Limit Order                           |
| ------------ | ------------------------------------------------------------------- | ------------------------------------- |
| Execution    | Immediate, at the execution price determined by the routing auction | When market reaches your target price |
| Slippage     | Possible (set max tolerance)                                        | None — fills at your rate or better   |
| Price impact | Applies to large trades                                             | Does not apply                        |
| Platform fee | None                                                                | None                                  |
| Tips/surplus | No                                                                  | Yes                                   |

Limit orders can be used in conjunction with other Kamino products. Output tokens from a filled limit order can be deployed across the Kamino product suite, including Multiply and Lending.

<Tip>
  Limit orders pair well with Multiply positions. If you want to open a leveraged position only when a token reaches a certain price, place a limit order first and use the proceeds to open your Multiply position.
</Tip>

***

## Disclaimer

Use of Kamino Limit Orders is subject to Kamino's Terms and Conditions and geo-blocking policy, which restrict access for users in the United States, the United Kingdom, and other restricted jurisdictions. By accessing or using Kamino Limit Orders, you confirm that you are not located in a restricted jurisdiction and that your use complies with all laws and regulations applicable to you. Kamino Limit Orders is a non-custodial interface that prepares and broadcasts transactions based solely on the parameters you set. Kamino does not place orders on your behalf, exercise any discretion over your transactions, or hold your assets at any point. This documentation does not constitute financial, investment, legal, or tax advice.