# What is an orderbook and a limit order?

An orderbook lists every open order to buy or sell at a set price. A limit order waits on the book until the market reaches its price, instead of trading at whatever the price is right now.

Also called limit order or order book.

## How it works on Rujira

Rujira runs an orderbook for native coins on THORChain, with live prices, charts and depth for each market. Market orders and liquidations trade against the same book.

## What a public wallet gives away

On a public orderbook every order shows the wallet behind it. Large or regular orders get noticed, copied and traded against, and a single order can expose everything else that wallet holds.

## In Redacted

A private limit order sits on Rujira’s orderbook like any other order and meets the same liquidity. What Redacted hides is who placed it, because it comes from a Spending account with no visible link to your wallet.

More: [Private limit orders](https://redacted.gg/private/trade/)

## Related terms

- [Spending account](https://redacted.gg/glossary/spending-account.md): A Spending account is your personal private account in Redacted: a smart-contract account with no visible tie to your public wallet, from which you trade, swap, stake, lend and borrow on Rujira.
- [Front-running](https://redacted.gg/glossary/front-running.md): Front-running is trading ahead of an order you can see coming. On public chains, bots and traders watch visible orders and wallets and act first, at the expense of the person whose order they saw.
- [Recurring order](https://redacted.gg/glossary/recurring-order.md): A recurring order buys or sells in equal parts on a schedule, for example the same amount of Bitcoin every day, instead of all at once. This is also called dollar-cost averaging, or DCA.
- [Rujira](https://redacted.gg/glossary/rujira.md): Rujira is THORChain’s app layer: orderbook trading, swaps, lending, borrowing, staking and more, all with native coins held as THORChain secured assets.
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Page: https://redacted.gg/glossary/orderbook/