Range orders: selling with Uniswap liquidity.
How one-sided liquidity works as a sell order, how it compares to a covered call, and why it can undo itself.
3 min read · Updated Sep 28, 2026A limit order made of liquidity
Uniswap v3 and v4 pools have no order book. What they have is concentrated liquidity: you choose the price range your liquidity covers. A range entirely above the current price can only hold the token, not the dollars.
Put 10,000 tokens there and nothing happens until buyers push the price into the range. As they do, each buy swaps some of your tokens for ETH or USDC. Once the price is above the range, all of it has sold. That is a range order: a limit sell made of single-sided liquidity.
The catch: it can undo itself
An option settles. A range order doesn't. If the price crosses your range and then falls back, sellers swap the token back into it, and your ETH turns back into tokens. A partly filled range can empty the same way.
A range order only sticks once you withdraw it. Done by hand, that means watching the price and pulling the position once it fills.
A $4.8M example
On September 26, 2026, a wallet that on-chain analysts attribute to Aave founder Stani Kulechov placed 30,968 AAVE, about $4.8M at the time by the same analysts' count, in a range one tick-spacing wide just above the price of the AAVE/WETH pool: about as tight as a range order gets. The amount matches what a range placed below the price in February had bought, so it reads like an exit from that earlier position.
As AAVE rose into the range, much of it sold, about 80% at the peak by analysts' count, and the position earned fees. Then the price fell back through the range. By September 28 it held all 30,968 AAVE again. It never fully filled, so a rule that removes only fully filled positions, like Unwind's, wouldn't have kept that 80% either. The lesson is the mechanism: a range order is only a sale once it is withdrawn. Unwind had no part in this sale.
- Pool
- AAVE/WETH 0.3%, Uniswap v3
- Range
- One tick spacing (60 ticks), just above the price
- Size
- 30,968.25 AAVE
- Sold on Sept 28
- 0%, the price is below the range
A range order that sticks
Unwind places the same kind of position and watches it for you. Once a position has fully filled, it is removed automatically, so its proceeds stop depending on where the price goes next. Until that removal confirms, a fill can still reverse, and a partly filled position can un-fill.
One honest difference: Unwind keeps the pool fees as part of its spread, so it is not a way to earn yield while you sell. It is a way to sell that doesn't need you watching.
Questions
Is a range order the same as a limit order?
Close. It fills at the prices inside your range rather than one exact price, and it can reverse if the price falls back before you withdraw.
Does it work on Uniswap v4 and on Base?
Yes. Concentrated liquidity works the same way on v3 and v4 pools, on Ethereum, Base and other chains. Unwind sells on Base, Robinhood Chain and BNB Chain.
Is there a size limit?
Not in practice. The real limit is demand: buyers have to push the price through your range, and a large order is a wall everyone can see.
Sell into demand.
Place your tokens above the price and let buyers take them. 0.5% only on what sells.
