> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/using-icaria/traders.md).

# For traders

A practical guide to swapping on Icaria, from connecting a wallet to reading what comes back.

## Getting set up to trade

1. **Wallet.** Bring Robinhood Wallet, MetaMask or any standard wallet, or create an embedded account with a passkey on the [platform](https://useicaria.xyz/platform).
2. **Eligibility.** The attestation flow runs once. Identity, sanctions status and jurisdiction get checked by the KYC provider, which then issues a `TRADER` attestation to your wallet, and none of your personal data touches the chain. Your eligibility state stays visible on the platform at all times. See [Eligibility registry](/architecture/eligibility.md).
3. **USDG.** USDG is what every market prices against. Starting from Stock Tokens you already hold works just as well, since a token-to-token trade routes through USDG with no additional step for you.

## Reading the ticket

Four lines make up every quote:

| Line         | What it is                                                                             |
| ------------ | -------------------------------------------------------------------------------------- |
| Mid          | The guarded Chainlink price behind the quote, shown with its oracle round              |
| Spread       | What immediacy costs here, in bps and USDG, inventory skew included                    |
| Fee          | The protocol's charge, on its own line                                                 |
| Regime badge | Whether the market is `OPEN`, `EXTENDED` or `CLOSED`, and which multiplier that brings |

See a `CLOSED` badge and you are paying roughly triple the usual spread for weekend liquidity, with a smaller maximum size to go with it. Trading an asset whose underlying market is shut genuinely costs that much. Waiting until Monday's open is cheaper if the trade can wait, and the ticket is telling you so.

## Slippage and expiry

Whatever you sign carries a minimum-output bound and a deadline. Should price or vault state move past that bound before inclusion, the swap reverts rather than filling, which with preconfirmations around 100 ms is uncommon in practice. RFQ quotes expire within seconds too, and the platform fetches a fresh one on its own.

## Large trades

Go beyond the vault clip and the router prices you through [RFQ](/protocol/rfq.md) with no difference on your side: the same ticket, the same breakdown, and a venue line reading "maker" instead of "vault". Working an order over time means splitting it by hand for now, since execution algorithms sit on the [roadmap](/roadmap/phases.md).

## After the fill

Your receipt places the fill next to the on-chain event: the breakdown you were quoted, the venue that executed it, and a Blockscout link. Every fill on the venue, yours among them, gets aggregated against the oracle mid on the [execution quality](/transparency/execution-quality.md) page, so execution is never something you have to take on faith.

## What you hold

A Stock Token is a tokenized debt claim on Robinhood Assets (Jersey) Ltd that follows the underlying share, and it is not the share. Dividends gather inside the token through the ERC-8056 multiplier instead of arriving as cash. Read [Stock Tokens](/assets/stock-tokens.md) and [Issuer risk](/risk/issuer.md) once before trading size; the disclosure at your first swap summarises both.

## When markets halt

Halts, whether from a stale oracle, a corporate action or sequencer recovery, stop quoting in that market alone. Your assets stay where they are, in your wallet, and nothing is locked. Both the reason for the halt and the state that will clear it are shown on the platform. See [Trading regimes](/protocol/trading-regimes.md).


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