# Liquidity ## Who is a liquidity provider? A liquidity provider is anyone who deposits and locks the base asset of a market such that others can trade it for another asset (the quote asset). ## Who sets the liquidity price? Liquidity providers can set the price of their liquidity at all times. They can also delegate the task to a liquidity manager (ex, a bot). ## Who is a liquidity manager? A liquidity manager is another account authorized to update the price of liquidity. Users may optionally grant permission to another account to help them keep the price of their liquidity close to the market price. Ideally, an automated service should be granted this role. ## Can I add or remove liquidity? Yes! Liquidity providers can add or remove liquidity at any time. ## Do liquidity providers earn a fee? No. Unlike AMM exchanges, liquidity providers on Joint protocol are more similar to makers on centralized exchanges; they do not earn a fee. They can only set the price of their liquidity. ## How many open swap orders can I have? The Joint protocol allows a maximum of 5 open swap orders. When the limit is reached for specific liquidity, no new swap can be initiated until the open orders are finalized. ## Can I set the duration I expect to handle payment? Yes. Liquidity providers can set a duration they expect to receive a payment (if they are the payee) or send payment (if they are the payer). After this time elapses, the protocol will enter into a grace period. If the grace period ends without the trade being marked as paid, it will enter the cancellation phase, where the liquidity provider or the taker can cancel the trade. ## When can I cancel a trade? After the liquidity provider's preferred payment window and the protocol's grace duration elapsed, at that point, any of the participants can cancel the trade. ## When can I start a dispute? Disputes can be started after the trade has been marked as PAID. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.joint.exchange/faq/liquidity.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.