Napier
Introducing Napier Limit Orders
Trade PT and YT at a target implied APY, with curator-configured fees and market controls.
Napier is introducing Limit Orders for Principal Tokens (PT) and Yield Tokens (YT). Traders can specify a target implied APY instead of trading only at the rate currently available through the AMM.
Limit Orders extend existing Napier markets with orderbook liquidity while following the same market-operator architecture as Napier AMM: curators define market economics and administer market-specific controls.
Trade PT and YT at your target implied APY
Limit Orders support:
- Buy and sell PT / YT at a specified implied APY
- Partial fills
- Order expiry and cancellation
Orders use off-chain signatures, so placing an order does not require an on-chain transaction. Execution occurs on-chain, and on-chain cancellation may require gas. Orders are not guaranteed to fill; execution depends on matching conditions and available liquidity.
Curator-configured fees and administrative controls
As with Napier AMM, market operators can configure the economic and administrative parameters of their markets rather than relying on one fixed, protocol-wide model.
The Limit Order fee model includes:
- Maker and taker fees: Separate fee settings for each side of a trade.
- Maker rebates: When enabled, a portion of taker fees is paid to makers to incentivize resting liquidity.
- Maturity-aware fees: Fee logic accounts for time remaining until maturity.
- Curator and protocol revenue: After rebates, remaining fees are allocated according to configured revenue shares.
Market operators also manage market-specific administrative roles, permissions, and operational controls, consistent with Napier's existing curator-led market architecture. The authority of each role depends on the market's configuration.
One market, two liquidity sources
Limit Orders complement Napier AMM rather than replace it. Existing PT/YT markets can add orderbook liquidity without recreating the underlying market.
- Napier AMM provides continuous on-chain liquidity.
- Limit Orders let traders specify the implied APY at which they are willing to trade.
Napier's smart routing is designed to access AMM liquidity, Limit Order liquidity, or both in a single execution path, taking available liquidity, trade size, pricing, and fees into account.
The result is more choice for traders and more configurable liquidity and execution for market operators—within the same Napier market.
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