When you create a Limit Order, the tokens you are selling are locked until the order is executed or cancelled. Jupiter continuously checks market prices. When the trigger price is reached, a keeper executes the trade on your behalf, and the tokens you are buying (minus fees) are sent to your wallet.
On Limit v1
- Trigger price is based on the pool price between the two tokens
- The output amount is guaranteed, but the order may not execute if the market moves too quickly
- LImit v1 supports partial fills.