FAQ

#Is placing an order free?

Signing an order is free; it’s a message, not a transaction. You pay a network fee only for the allowance, and only when your current allowance doesn’t cover your orders. Chord takes no fee from fills. See Costs.

#Do I need CHORD to trade?

No. Orders, allowances, fills and cancels never touch CHORD. Staked CHORD governs the treasury and markets and backs every solver. See The CHORD token.

#Why do I wait about 13 seconds after approving?

The collector checks your allowance against finalized chain state, and finality trails the newest slot by a few seconds. The app waits until your approval is final so the collector accepts your order on the first try.

#Can I lose tokens if the batch fails?

No. Your input moves only in the same instruction that pays your output. If a solver fails to finish, whatever wasn’t filled never left your wallet, and the solver’s bond is slashed.

#Why didn’t my order fill?

The batch cleared at a price outside your limit, or the winning quote didn’t include your order. Your tokens didn’t move. Place again signs the same order for a new batch, and you can widen the limit first.

#Can my order be front-run?

Inside a batch, position doesn’t change anyone’s price, so there’s nothing to gain from getting in ahead of you. The collector does see orders before the window closes; see the Security model.

#Why do I have to sign again for the next batch?

Your signature names one batch. Chord never reuses it for a different one, because that would be acting on a signature you gave for something else.

#How do I stop trading completely?

Revoke the allowance on each token account in Your orders. Any wallet that can send an SPL revoke can do this too, without Chord.

#What price will I get?

The batch’s one clearing price, the same for everyone in it. Your limit decides whether you fill, not the price you get: a buyer with a generous limit pays the same as one with a tight limit.

#Which wallets work?

Browser wallets that support Wallet Standard and message signing, such as Phantom, Solflare and Backpack. The app finds them automatically.

#Can I use Chord without the app?

Yes. Build and sign orders with the SDK, and submit them to the Collector API.

#Who can be a solver?

Anyone who registers a bond, stakes CHORD, and holds inventory in both tokens of the pair. See Run a solver.