# Trading Time

## Opening an order

Depending on your preference, you can act as a Maker or Taker:

Makers can open buy or sell orders at their desired price. Takers match existing orders on the order book.

Notes: You only need to collateralize 5% of the trade volume to open or match an order.\
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For example: To buy 1 $SOL at $100, you only need to collateralize $5.

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## As a buyer

To place a buy order, you pay a small fee plus collateral equivalent to 5% of the trade volume. Once your buy order is matched with a seller, you must wait until the Settlement Time to send the remaining 95% of the trade volume to the platform. Meanwhile, the seller must send the committed tokens. If the seller fails to deliver tokens on time, you receive their entire collateral as compensation.

## As a seller

To place a sell order, you pay a small fee plus collateral equivalent to 5% of the trade volume. Once your sell order is matched with a buyer, you must prepare to send the committed tokens during the Settlement Time. Upon delivering the tokens, you receive the buyer’s payment and recover your collateral.