# Trading on Panda Factory

### Understanding Trading Mechanics

Trading on Panda Factory is pretty similar to Kodiak V3 DEX, with small differences.

{% hint style="info" %}
Key differences:

* Prices move along a predefined curve
* Trading is always against the Panda Pool liquidity
* Max buy is what's available in the Panda Pool bonding curve
* No token approvals needed to sell!
* Minimum trade requirement must be met
  {% endhint %}

### Trading Interface

<figure><img src="https://584145091-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FOSwqNrRJ9Xh6jO57yoLm%2Fuploads%2FrWsrvTliicDrWbpKGpS1%2FScreenshot%202025-01-14%20at%2008.35.57.png?alt=media&#x26;token=6f786d0c-9895-4f5d-906d-197cdfce5835" alt=""><figcaption></figcaption></figure>

#### 1. Base Token Selection

* When base token is WBERA:
  * Toggle between BERA/WBERA for trading
  * Both use same liquidity pool
* Other tokens:
  * Trade with designated base token

#### 2. Amount Input

* Enter amount to trade
* Quick selection options:
  * Min: Minimum trade size
  * 25%: Quarter of balance
  * 50%: Half of balance
  * Max: Maximum possible trade

#### 3. Balance Information

* Shows your available balance
* Updates based on selected token
* Displays in both tokens

{% hint style="info" %}
When using WBERA as base token, you can seamlessly switch between BERA and WBERA without affecting trade price or impact.
{% endhint %}

#### 4. Trade Details

* Timestamp relative to current time
* Green for buys, red for sells
* Volume in base token value
* Clickable transaction hashes

{% hint style="info" %}
All trades executed through the bonding curve are reflected immediately in the trade history.

All trades are subject to:

* Protocol fees
* Minimum trade size
  {% endhint %}

### Executing Trades

#### Buy Orders

1. Input amount to buy (token or base currency)
2. View calculated output
3. Check price impact
4. Confirm transaction

#### Sell Orders

1. Input amount to sell
2. View expected return
3. Review price impact
4. Confirm transaction

{% hint style="warning" %}
Important considerations:

* Larger trades have higher price impact
* Minimum trade size requirements apply
* Trading fees are applied to all transactions
  {% endhint %}

### Transaction History

View your trading activity:

* Recent transactions
* Buy/Sell orders
* Transaction status
* Price and amount details