There is no order book and no counterparty. The contract quotes you, and your own order is part of what moves the price.

Your order is not filled at one price. It walks up the curve as it fills, so you pay the average of every slice — about 20% above the price on the screen when you signed, for an order this size. The trade panel estimates that before you sign, and the slippage limit is what refuses the trade if it comes out worse.

These markets are thin. A large order moves the price a long way, immediately, and the figures you are shown are estimates that can change between the moment you see them and the moment your transaction lands.

The trade panel estimates the impact before you sign and lets you set a slippage tolerance — the worst result you will accept. If the trade would come out worse than that it is refused rather than filled. A wide tolerance means you may get far less than you expected.

Selling works the same way in reverse: your tokens go back to the curve, and a large sale walks the price down as it fills. Both directions pay the creator's tax, on that side of the trade.

The minimum buy. Every coin has one, fixed when it was made. On a NEAR coin it is one yoctoNEAR, which in practice is any amount; on every other pair it is about 0.1 NEAR's worth of the pair. A payment below it is not partly filled: it is refunded whole.

NEAR coins

You pay NEAR and you are paid NEAR. A buy is one approval. A sale is one approval too: it credits you and collects the credit in the same transaction. Getting paid has why it is built that way.

Coins in other pairs

A buy is one approval if you pay in the pair, or you pay with NEAR and it is turned into the pair first. Pay in what you hold has the approvals and minimums for each pair. A sale gives you two choices:

Get paid in	How	Approvals
The pair	The sale and the collection happen in one transaction	1
NEAR	The sale, then a swap from the pair into NEAR	2

On a SHARDS coin, the swap into NEAR is a sale of SHARDS in the SHARDS pool on Shards, and takes seconds. On a Zcash or stock coin it goes through NEAR Intents and has the same dollar minimum as paying with NEAR. If a swap cannot be made, or you decline a fresh quote, you keep the pair in your own wallet.

On a RHEA coin, NEAR is swapped to RHEA on Rhea's exchange, and back to plain NEAR when you sell: two approvals, seconds each, and a new wallet approves a one-time setup first. Paying or being paid in RHEA stays one approval. If the second step does not go through, you hold RHEA and can swap it back to NEAR in the trade panel.

On a Quantus coin there is no NEAR option. You pay in QTC and a sale pays QTC, one approval each. QTC and NEAR are swapped on the Swap page.

Rhea coins after graduation

A token whose creator picked a Rhea pool trades on the curve here like any other. Once it graduates, it trades in its pool on Rhea, and the same trade panel swaps there for you.

• A buy is one approval. Your first buy of that token adds one more, to register you on it.
• A sale is one approval. On a NEAR coin you are paid plain NEAR.
• The token's tax is charged on every trade, including trades made on Rhea's own site or in another app. Those apps may show a price before the tax, so what arrives can be less than they quoted.