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  "id": "dutch-auction-swap-orders",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/dutch-auction-swap-orders/",
  "collection": "defi",
  "title": "Dutch-auction swap orders: a price that changes until someone fills",
  "description": "Read a time-dependent swap price and understand why the final fill depends on competition and execution timing.",
  "aliases": [
    "UniswapX Dutch auction order",
    "how does a UniswapX Dutch auction work"
  ],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T19:18:00.092Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "A Dutch-auction swap order changes its acceptable exchange amounts over time until a filler finds execution worthwhile. The documented UniswapX example starts with a higher requested output and decays toward a minimum. A later fill can satisfy the signed order while producing less output than the initial auction amount.",
    "claimId": "dutch-auction-swap-orders-quick-answer",
    "sourceIds": [
      "x425-defi-uni-x"
    ]
  },
  "keyFacts": [
    {
      "label": "Curve",
      "value": "UniswapX’s Dutch-auction example defines output amounts over time.",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "id": "curve",
      "claimId": "dutch-auction-swap-orders-fact-curve"
    },
    {
      "label": "Executor",
      "value": "Fillers compete to settle an economically viable order.",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "id": "executor",
      "claimId": "dutch-auction-swap-orders-fact-executor"
    },
    {
      "label": "Scope",
      "value": "UniswapX uses different auction mechanisms on different supported chains.",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "id": "scope",
      "claimId": "dutch-auction-swap-orders-fact-scope"
    }
  ],
  "prerequisites": [
    "intent-based-swaps"
  ],
  "sections": [
    {
      "id": "example",
      "heading": "Evaluate the price at the fill time",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "paragraphs": [
        "Suppose a hypothetical order sells 100 A, initially requesting 102 B, with a linear decay to 99 B over 30 seconds. At 20 seconds, that curve requests 100 B. A fill at 100 B is consistent with the illustrative curve even though it is below the initial 102 B.",
        "This is a teaching example, not a current UniswapX duration, parameter recommendation or claim that every auction uses linear decay."
      ]
    },
    {
      "id": "incentive",
      "heading": "A filler compares the obligation with execution cost",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "paragraphs": [
        "The filler needs to deliver the required output while obtaining the input, paying execution costs and handling its own trading strategy. Competition can encourage earlier execution, but a market move or lack of interest can leave an order unfilled.",
        "The minimum and validity conditions are more useful protections than an expectation that someone will take the initial price."
      ]
    },
    {
      "id": "read",
      "heading": "Do not generalize across auction types",
      "sourceIds": [
        "x425-defi-uni-x"
      ],
      "paragraphs": [
        "The retrieved overview explicitly describes chain-specific mechanisms. Identify the concrete order format before interpreting a curve. Record actual fill amounts and time when comparing outcomes; an initial auction amount is not the same kind of quote as a guaranteed exchange."
      ]
    }
  ],
  "faq": [
    {
      "question": "Does a decaying output mean I can lose more than the signed limit allows?",
      "answer": "A correctly enforced order must remain within its authorized conditions. The limit is the relevant bound; the initial auction amount is not a guaranteed result.",
      "sourceIds": [
        "x425-defi-uni-x"
      ]
    }
  ],
  "claims": [
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      "statement": "A Dutch-auction swap order changes its acceptable exchange amounts over time until a filler finds execution worthwhile. The documented UniswapX example starts with a higher requested output and decays toward a minimum. A later fill can satisfy the signed order while producing less output than the initial auction amount.",
      "sourceIds": [
        "source-2ffecd3d628a4d03"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-2ffecd3d628a4d03",
          "locator": "Signed orders; fillers; auctions"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked UniswapX Dutch auction is an example among chain-specific mechanisms; 102 to99 over30seconds gives100 at20seconds in invented linear case."
        ]
      }
    },
    {
      "id": "dutch-auction-swap-orders-fact-curve",
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      "statement": "Curve: UniswapX’s Dutch-auction example defines output amounts over time.",
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      "sourceLocators": [
        {
          "sourceId": "source-2ffecd3d628a4d03",
          "locator": "Signed orders; fillers; auctions"
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          "Checked UniswapX Dutch auction is an example among chain-specific mechanisms; 102 to99 over30seconds gives100 at20seconds in invented linear case."
        ]
      }
    },
    {
      "id": "dutch-auction-swap-orders-fact-executor",
      "articleSlug": "dutch-auction-swap-orders",
      "statement": "Executor: Fillers compete to settle an economically viable order.",
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      "sourceLocators": [
        {
          "sourceId": "source-2ffecd3d628a4d03",
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        "notes": [
          "Checked UniswapX Dutch auction is an example among chain-specific mechanisms; 102 to99 over30seconds gives100 at20seconds in invented linear case."
        ]
      }
    },
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      "sourceLocators": [
        {
          "sourceId": "source-2ffecd3d628a4d03",
          "locator": "Signed orders; fillers; auctions"
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        "notes": [
          "Checked UniswapX Dutch auction is an example among chain-specific mechanisms; 102 to99 over30seconds gives100 at20seconds in invented linear case."
        ]
      }
    }
  ],
  "sources": [
    {
      "id": "x425-defi-uni-x",
      "label": "UniswapX Overview",
      "publisher": "Uniswap",
      "url": "https://docs.uniswap.org/contracts/uniswapx/overview",
      "locator": "Signed orders; fillers; auctions",
      "note": "Outcome-based swap authorization and filler settlement.",
      "version": "Documentation retrieved for the 2026-10-02 editorial scope; content hash recorded",
      "checkedAt": "2026-10-02T18:53:19.990Z",
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  ],
  "related": {
    "articles": [
      "swap-deadlines-expired-quotes",
      "limit-orders-onchain",
      "batch-auction-swaps",
      "intent-based-swaps",
      "order-book-depth-spread"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and separate automated verification."
    }
  ],
  "citation": "Degrees of Satoshi editorial project. “Dutch-auction swap orders: a price that changes until someone fills.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/dutch-auction-swap-orders/"
}