Author: BTCBot Chinese

This article is reprinted from:

https://medium.com/@btcbotcn/btcbot-tutorial-how-to-set-limit-buy-orders-for-runes-81e0cae89d47

Trading markets such as UniSat, OKX Web3, and MagicEden currently support the limit sell order function for Runes, but do not have a limit buy order function. BTCBot has now implemented the limit buy order function for Runes: when the order price of a certain Runes token drops to the target price, BTCBot will automatically buy according to the parameters set by the user.

Here is the operation tutorial:

• Click Menu---Main, select Runes, and click "Buy".

Note: If a certain Runes token has already been minted, directly sending the name in the dialog box will pop up the purchase interface.

• Click Enter Token, input the Runes token name in the dialog box, and click send.

Note: The name of the Runes token can be recognized whether it is input with spaces, "dots", or just pure letters.

• Set the purchase price, purchase quantity, maximum slippage, and expiration time.

The purchase price can be set directly or by using a percentage decrease from the floor price.

The slippage setting considers the impact of gas fees on the purchase price.

Maximum slippage: This considers the impact of gas fees. If you set a purchase price of 100 sat for a certain token and set the slippage to 5%, the order will be executed as long as the total cost (including gas fees) ≤ 105 sat. If you set the slippage to 0%, the total cost of the token (including gas fees) ≤ 100 sat will trigger the purchase.

• Click "Buy" to submit the limit buy order.

There are no fees for submitting or canceling buy orders.

Note: In the text above, find the relevant buy order, click Cancel, and after the pop-up appears, click Confirm to cancel the buy order.

Example Explanation

Assuming a price of 50 sat/token is set for a certain Runes token, buying 0.005 BTC (10,000 tokens), with a slippage of 10%. BTCBot allows users to strictly control the total cost price (including gas fees) to be within 55 sat/token.

Formula: 50 * (1 + 10%) = 55 sat/token

For different orders, the following table clearly shows under what circumstances a buy order will be triggered.

The following content provides a specific description of the information in the table.

Order 1: This Runes token has a sell order of 50 sat/token for a total of 1,000 tokens. Assuming the gas fee for purchasing this order is 3,300 sat (about $2, depending on the network gas price at the time), the total cost price is: (50 * 1000 + 3300) / 1000 = 53.3 sat/token. Since the purchase price is less than 55 sat/token, a buy order will be triggered;

Order 2: This Runes token has a sell order of 50 sat/token for a total of 100 tokens. Assuming the gas fee for purchasing this order is 3,300 sat (about $2, depending on the network gas price at the time), the total cost price is: (50 * 100 + 3300) / 100 = 83 sat/token. Since the purchase price is higher than 55 sat/token, a buy order will not be triggered— even if the displayed price is 50 sat/token, because it does not meet the slippage setting, this can avoid many seemingly cheap but actually high total cost small orders;

Order 3: This Runes token has a sell order of 20 sat/token for a total of 100 tokens. Assuming the gas fee for purchasing this order is 3,300 sat (about $2, depending on the network gas price at the time), the total cost price is: (20 * 100 + 3300) / 100 = 53 sat/token. Since the purchase price is less than 55 sat/token, a buy order will be triggered.

Note: If the order is not fully filled, it will continue to execute according to the remaining quantity and the set price. For example, if 2,000, 1,000, and 3,000 orders that meet the conditions are executed, then there will still be 4,000 tokens that will continue to be executed according to the set parameters when suitable orders appear, until all orders are completed.

This is the tutorial for using BTCBot to set limit buy orders for Runes.