A takeaway from last week’s dip:
Resting limit orders on CoW Protocol kept doing their job while the market moved.
Example: a limit order to buy ETH with 2,000 USDT at $2,232 sat in the book for nearly 4 days. When price slipped on Oct 30, it filled at $2,228.91, 0.13% better than the limit price.
The solver competition found a better price than the limit.
That’s surplus-capturing limit orders in action.