UniSat, OKX Web3, MagicEden, and other trading marketplaces currently support limit sell orders for Runes tokens, but do not offer limit buy orders. BTCBot has implemented a limit buy order feature for Runes tokens: when the price of a specific Runes token drops to a target level, BTCBot will automatically execute a purchase based on the user’s preset parameters.
Here is the tutorial for the operation:
- Click on Menu, then select Main, choose Runes, and click on “Buy”.
Note: If a Runes token has already been fully minted, entering its name into the dialog box and sending it will prompt the purchase interface to appear.
- Click on “Enter Token,” type the name of the Runes token into the dialog box, and send it.
Note: The name of the Runes token can be recognized whether it includes spaces, dots, or consists solely of letters.
- Set the purchase price, quantity, slippage, and expiration time.
You can set the purchase price directly or adjust it by a percentage below the floor price.
The slippage setting accounts for the impact of gas fees on the purchase price.
Maximum Slippage: This accounts for the impact of gas fees. If you set the purchase price for a token at 100 sats and configure a 5% slippage, the order will be executed as long as the total overall cost (including gas fees) is ≤105 sats. If you set the slippage to 0%, the transaction will only proceed if the total overall cost (including gas fees) is ≤100 sats.
- Click “Buy” to submit your limit order.
Submitting or canceling a buy order incurs no fees.
Note: To cancel a buy order, locate the relevant order in the text above, click “Cancel,” and then click “Confirm” in the popup window to complete the cancellation process.
Showcase
Assuming you set a price of 50 sats/token for a specific Runes token and intend to buy 0.005 BTC worth (10,000 tokens) with a slippage of 10%, BTCBot can help you strictly control the overall acquisition cost (including gas fees) to remain within 55 sats/token.
Formula: 50 * (1 + 10%) = 55 sats/token
Here is a table that clearly shows under what conditions a buy order would be triggered for different orders:
Here is a detailed description of the information in the table:
Order 1: There is one sell order for the Runes token at 50 sats/token for a total of 1,000 tokens. Assuming the gas fee to purchase this order is 3,300 sats (about $2, depending on current network gas prices), the overall cost would be (50*1000 + 3300) / 1000 = 53.3 sats/token. Since the purchase price is below 55 sats/token, the buy order would be triggered.
Order 2: There is one sell order for the Runes token at 50 sats/token for a total of 100 tokens. Assuming the gas fee for this order is 3,300 sats (about $2, depending on current network gas prices), the overall cost would be (50*100 + 3300) / 100 = 83 sats/token. The purchase price exceeds 55 sats/token, therefore the buy order will not be triggered — even though the displayed price is 50 sats/token. Due to the slippage setting, this helps avoid many small orders that seem cheap but actually have a high overall cost.
Order 3: There is one sell order for the Runes token at 20 sats/token for a total of 100 tokens. Assuming the gas fee for this order is 3,300 sats (about $2, depending on current network gas prices), the overall cost would be (20*100 + 3300) / 100 = 53 sats/token. Since the purchase price is below 55 sats/token, the buy order would be triggered.
Note: If an order is not fully filled, it will continue to execute based on the remaining quantity and the set price. For example, suppose orders for 2,000, 1,000, and 3,000 tokens that meet the conditions are executed. In that case, another 4,000 tokens will continue to be processed as matching orders appear, until the entire order is completed.
This concludes the tutorial on how to set up limit buy orders for Runes using BTCBot.
Check the video tutorial below:
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