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1inch limit order protocol is a set of smart contracts, that can work on any EVM based blockchains (Ethereum, Binance Smart Chain, Polygon, Arbitrum, Optimism, Gnosis chain, Avalanche). Key features of the protocol is extreme flexibility and high gas efficiency that achieved by using two different order types - regular Limit Order and RFQ Order.

Smart Contract allows users to place limit orders and RFQ Orders, that later could be filled on-chain. Both type of orders is a data structure created off-chain and signed according to EIP-712.

I. Limit order#

A limit order is a financial instrument with which you can put up an ERC-20 token for sale at a fixed price.
For example, you can put up 2 WBTC tokens for sale at the price of 82415 DAI tokens.

1inch limit orders protocol has many tools for flexible trade management:

  • Partial fill
  • Predicates
  • Single cancellation
  • Bunch cancellation
  • Fullness check
  • Validation

Note: For market making, there are RFQ orders that have special optimization that does not require a large amount of gas for execution.

Limit order execution#

  1. 1inch users can place their limit orders via 1inch dApp.
  2. Anyone can fetch this signed orders using 1inch Limit Orders Liquidity Source API to perform trade by filling order on-chain.
  3. To do that he or she pass signed order to the fillOrder method on the contract:
    • Latest addresses is always here

      Note: Trades buyer and seller should approve their asset to be used by 1inch limit order contract.

  4. Pathfinder algorithm use limit orders placed via dApp and REST API, as a liquidity source, and make it available to fill to any 1inch user. So, 1inch limit orders are integrated into the DeFi ecosystem from the day one.

Limit orders are extremely flexible limit order, can be configured with:

  1. Order execution predicate.
    • Typical usage is checking that certain time stamp or block number. With this you can set certain expiration time.
    • You can specify construct any predicate that you want, for example check that certain price is higher than oracle price, to implement stop loss or take profit stategies
  2. Helper function for asset price evaluation.
    • Function that will allow to extract assets price from arbitrary on-chain source
  3. Callback, for to notify maker on order execution.

II. RFQ order#

A request for quotation (RFQ) is a business process in which a customer requests a quote from a supplier (market maker) for the purchase of some tokens.

RFQ orders have different use cases, and are dedicated to market makers in the first place. The typical scenario is following: Market maker creates a bunch of RFQ Orders, and exposes it via the API. Trader or the platform algorithm ask for market maker quotes. If the quotes match traders' needs, the trader receives signed RFQ order from the market maker.

Gas optimized order with restricted capabilities suitable for market makers

  • Supports expiration time
  • Supports cancelation by order id
  • RFQ Order could be filled only once
  • Partial Fill is possible (once)

Supported tokens#

  • ERC 20
  • ERC 721
  • ERC 1155
  • Other token standards could be supported via external extension

More resources#