Reference
FAQ
Short answers to common questions about sealed orders, prices, timing and costs.
Orders#
When can I place an order?#
From when a lull is published, shortly before the close, until its reveal window opens (30 minutes before the open by default). The lull clock on the market page shows the phase.
Can I cancel or change a sealed order?#
No. A sealed order is final. To replace it, seal a new order while the lull is still in its commit phase, and don't reveal the old one. The old order never trades, and its bond is forfeited.
Can I place several orders in one lull?#
Yes. Each one is its own ticket with its own bond. When you reveal them, your free balance must cover each one.
Do I need funds when I seal?#
Only SOL, for the bond, the ticket rent and the fee. The USDC or AAPLx must be in your free balance when you reveal, because that is when the amount locks.
Why is a buy sized in USDC?#
The price does not exist until the open. Sizing a buy by what it spends lets the program lock an exact amount at reveal. The number of shares follows from Popen.
Timing#
When do I need to be online?#
During the reveal window, which is 09:00 to 09:29 ET on a normal trading day by default. You can reveal from any device where you have imported your sealed orders.
What if I miss the reveal window?#
The order does not trade and your balance is untouched. The bond is forfeited, and the ticket's rent returns to your wallet.
What about weekends, holidays and early closes?#
They are lulls like any other, only longer or starting earlier. The calendar comes from Pyth's market-hours schedule for the stock. See Lulls.
Prices and fills#
What price do I get?#
If your side of the book is lighter, your whole order fills at Popen. If it is heavier, part fills pro rata at Popen and part may fill against LP quotes at Popen plus or minus their spread. A limit order never fills past its limit. See Order types.
What if nobody takes the other side?#
If a lull has only buys, no volume matches. Market-on-open buys, and limit buys that also clear the worst LP price, fill against LP quotes. The rest is refunded. Sells work the same way in the other direction.
What if Pyth has no price at the open?#
If no valid price arrives by the pricing deadline (2 minutes 30 seconds after the open by default), the lull is cancelled. Every revealed order is refunded in full, and its bond returns. See Popen.
Does anyone see my order before the open?#
Not before you reveal it. The salt stays in your browser, and the service does not receive the order fields. Once your reveal lands on chain, the order is public. See Sealed orders.
Can someone else reveal my order?#
Only someone who has its salt, for example from your export file. They can reveal it exactly as sealed. They cannot change it or move your funds.
Costs and custody#
What does it cost?#
| Item | Paid when | Returned |
|---|---|---|
| Network fees | every transaction | no |
| Bond, 0.01 SOL by default | sealing | at claim if revealed; forfeited if not |
| Ticket rent | sealing | at claim or forfeit |
| Balance account rent | your first deposit in a market | stays with the account |
| Token account rent | a withdrawal that creates the account | stays in your token account |
The order ticket shows the market's current bond. The program charges no trading fee. When your order fills against an LP quote, the LP's spread is part of your price.
Where are my tokens while they are in Lull?#
In the market's vault, a token account owned by the market's program address. Your balance account records your share. Only a withdrawal you sign moves your free balance out. The AAPLx issuer's token controls are the exception; see Risks.
Does Lull hold my keys?#
No. Your wallet signs every transaction. See Connect a wallet.
Which wallets work?#
Solana wallets that implement the Wallet Standard. Hardware wallets that connect over USB, such as Ledger, are not offered.
Who can use Lull?#
The xStocks issuer does not offer xStocks to US persons. Its eligibility rules apply to anyone who holds AAPLx.