Trading
Pairband exposes one buy/sell flow that routes to the correct venue based on token status. Limits are a separate path onto the on-chain book after graduation.
Venues at a glance
| Token status | Buy / sell routes through | Price discovery |
|---|---|---|
curve | Virtual x·y=k bonding curve | Curve reserves (80 USDC × 1B tokens) |
graduated | PairbandBook → PairbandPair | CLOB price-time, then AMM getAmountOut |
You do not pick the venue manually — the launchpad/router selects it from on-chain state.
Market orders
On the curve
- Pay USDC to receive tokens (buy) or send tokens to receive USDC (sell)
- Slippage is bonding-curve slippage; check the quote before confirming
- Fees (USDC): 1.0% protocol + 0.5% creator
After graduation
Market flow:
- Match the book — walk resting limits at best price, FIFO at each level
- AMM fallback — residual size swaps against the locked pair at 0.30%
The Uniswap-style pair uses constant-product math with fee taken from input; liquidity cannot be withdrawn (LP burned).
Limit orders
Available only when status == graduated:
| Side | Escrow | Behavior |
|---|---|---|
| Bid | USDC | Rests on PairbandBook; fills when a sell crosses your price |
| Ask | Tokens | Rests on PairbandBook; fills when a buy crosses your price |
- Cancel — returns unfilled escrow to the maker
- Partial fills — supported; remainder stays on book
- Ordering — price-time via on-chain linked list (no centralized matcher)
Fees summary
| Venue | Fee | Paid in | Notes |
|---|---|---|---|
| Token launch | $1.00 flat | USDC on Arc | One-time at create — see Business model |
| Bonding curve | 1.0% protocol + 0.5% creator | USDC | Skimmed on curve trades |
| Uniswap pair | 0.30% | Input token | Stays in pool reserves |
| Vault agent proposal | $0.25 flat | USDC on Arc | When policy.agent is set |
| Code cap | 2.00% max | — | No fee charged on failed swap |
Full economics (treasury routing, agent incentives, examples): Business model.
UI chips (preview app)
The preview surfaces venue and state with small labels — useful when demoing:
| Chip | Meaning |
|---|---|
| Curve | Token still on bonding curve; graduation not reached |
| Graduated | LP locked; book + AMM active |
| Book | Last fill or route touched the CLOB |
| AMM | Residual routed to the locked pair |
| CCTP | Cross-chain USDC settlement in progress or completed |
Chips reflect routing intent in the preview engine; on-chain, read status and events from the launchpad and book contracts.
Slippage and failed swaps
- Set a minimum out (or maximum in) consistent with your tolerance
- If the swap would exceed the fee cap or violate
k, the transaction reverts with no fee - Post-graduation, large market orders may walk multiple book levels before hitting the AMM — simulate or quote when possible
Related
- Architecture — graduation and contract roles
- CCTP — funding Arc USDC from other chains
- Contracts — addresses per chain