Skip to main contentOrder Types
Market Orders
- Execute immediately at the best available price.
- Provide certainty of execution but not certainty of price.
- Cannot include Good-Till-Cancelled (GTC) instructions.
Limit Orders
- Specify both quantity and price limit (max for buy, min for sell).
- If not filled immediately, rest in the order book at the specified price.
Add Liquidity Only (ALO) Orders
- Execute only if they add liquidity.
- If an ALO order would immediately match with an existing order, it is cancelled instead.
Any of the above types can optionally specify a take_profit and stop_loss price.
This stages Stop Order(s) at the exchange:
Stop Orders
- Must be either
take_profit or stop_loss.
- Convert to a Market Order when the Mark Price reaches the specified price.
- Act only to decrease position at the time of execution; otherwise, the order could be rejected, or other stop orders cancelled.
Time In Force
Fill-or-Kill (FOK)
- Must execute entirely and immediately, or be cancelled.
- Suitable for large block trades or hedging strategies.
- Executes any immediately available portion, cancelling the rest.
- Reduces risk of resting orders in volatile markets.
Good-Till-Cancelled (GTC)
- Remains active until executed or manually cancelled.
- Applies only to limit and ALO orders (not market orders).
- Persists across sessions.
Instruction Availability Table
| Order Type | FOK | IOC | GTC |
|---|
| Market Orders | ❌ | ✅ | ❌ |
| Limit Orders | ✅ | ✅ | ✅ |
| ALO Orders | ❌ | ❌ | ✅ |
| Stop Orders | ❌ | ✅ | ❌ |
