Trading

This page is provided for informational purposes only and is subject to the disclaimers set out in Disclaimers.

How It Works

From the user's perspective, trading a Stove token works like an on-chain swap: you specify an amount, receive a quote, submit the order, and settle on-chain. Behind that experience, each order is fulfilled against the real securities market, as set out below.

Purchase (mint)

1. The user submits a purchase order and pays in the supported settlement asset.
2. The corresponding exposure is sourced in the live securities market, and the underlying security is acquired into custody.
3. A Stove token is minted to the user's wallet, backed 1:1 by the newly custodied security.

Sale / redemption (burn)

1. The user submits a sale or redemption order.
2. The token is burned, and the corresponding underlying security is sold in the market.
3. The settlement proceeds are delivered to the user's wallet in the supported settlement asset.

Because every token is created only against a security actually acquired and held, circulating supply stays matched to assets in custody. See How Stove Differs.

Partial fills. Because your order is filled against real market depth, large orders may fill partially or at a price that moves as the order is worked — the same dynamics you would encounter trading the underlying security directly. You can also set a slippage tolerance to cap the price you are willing to accept, in which case any portion that would fill beyond your limit is left unexecuted. See Pricing & Costs. This is normal market behavior, not a malfunction.

Pricing & Costs

The price you see quoted for a token and the price at which your order actually executes may differ slightly.

• The reference price displayed for a token is an estimate derived from the underlying security's market price.
• The execution price is the price at which Stove can actually source or offload the corresponding exposure for your specific order, at the moment you trade. It reflects live market conditions, order size, and the spread between buying and selling prices that exists in any market.

Any difference between these prices, together with the costs of providing the service, is reflected in the execution price you receive. Stove does not add a separately itemized fee on top of your quote — the all-in price is the price you see when you confirm.

Slippage tolerance. When you place an order, you can set a slippage tolerance — the maximum deviation you are willing to accept between the reference price displayed for the token and the price at which your order actually executes. Stove fills your order only within that tolerance:

• The portion of your order that can be filled within your tolerance executes.
• Any portion that would only fill at a price beyond your tolerance is left unexecuted, rather than filled at a worse price.

As a result, an order may fill partially: you receive (when buying) or sell (when redeeming) the amount that could be filled within your limit, and the remainder is simply not executed. This keeps you in control of the worst price you are willing to accept — particularly useful for larger orders, or during periods of thinner liquidity.

Gas. You are responsible for the blockchain network (gas) fees associated with your own transactions.

Secondary market. If you acquire a Stove token on a secondary market rather than directly through the protocol, other parties may charge their own fees. See Transferability & Secondary Market.

Market Hours and Trading Availability

Stove tokens are generally available to trade during the hours the underlying securities trade in their home market.

(Specific session coverage — including pre-market, post-market, and any overnight session — to be confirmed.)

• Trading availability tracks the underlying market's sessions.
• Outside those hours, and on market holidays, trading is generally unavailable.
• There may be short pauses around the open and close of each session for platform and security reasons.

When Trading Is Paused

Trading may be paused at the platform level or for specific assets. Common reasons include:

Trading Halt — short, routine pauses, for example a few minutes around the transition between trading sessions in the underlying market, or while a corporate action is processed. See Corporate Actions.

Suspension — longer or unscheduled pauses, for example if certain platform- or asset-level risk thresholds are reached, during scheduled or emergency maintenance, or where required to comply with applicable law or to protect users.

Market Holidays — trading is generally unavailable on the underlying market's holidays, when the real securities market is closed.

Risk When Equities Markets Are Closed

Stove tokens derive their pricing and liquidity from the real securities market. When that market is closed:

• The reference price may remain static, reflecting the last available market price.
• New orders may be unavailable, or may be subject to additional limits, until the underlying market reopens.
• Events affecting the underlying security can occur while the market is closed (for example, news released after hours), and the token price will only reflect them once trading resumes.

Holders should understand that a Stove token is only as continuously tradable as the market for its underlying security.