Order overview

Limit order is used to specify the highest bid price at which a trader wants to buy or the lowest ask price at which they want to sell. Traders use limit orders to minimize their trading costs. However, these orders may not be filled if the set price significantly deviates from the current market price.

There are three types of time in force options for limit orders:

• Good Till Canceled (GTC): A type of order that will remain in effect indefinitely until fully executed or canceled.
• Immediate or Cancel (IOC): A type of order that must be filled immediately at the limit price or better. If the order cannot be filled immediately or fully, the unfilled portion will be canceled.
• Fill or Kill (FOK): A type of order that must be immediately filled entirely at the limit price or better. Otherwise, it will be totally canceled. No partial fills are allowed.

Post-only order

Post-only orders will not be immediately filled in the market to ensure that the user is always the maker. If a post-only order would be filled immediately by an existing order, it will be canceled.

A market order is filled immediately at the best available current price. This type of order is chosen when a trader wants to execute an order as quickly as possible. Therefore, it's advisable to carefully assess the bid-ask spread before placing a market order—especially for low-liquidity assets. Failure to do so can be costly.

Trigger orders are placed at the set quantity and execution price when the trigger price is reached. Trigger orders do not freeze the user's assets before triggering. However, due to factors such as price, position, or tier limitations, these orders may not be filled.

A trailing stop order allows users to place a preset order when a larger trail variance occurs. When the last traded price (mark price) reaches the highest (lowest) price × (1 ± callback rate), the order is placed at the market price.

Take-profit/stop-loss orders are a type of bot order, where users set trigger prices and ideal prices in advance. The orders are placed automatically when the market price hits the trigger price. TP/SL orders serve to help users secure profits or limit losses promptly, either by timing exits or by trailing trends when opening positions. Buy/sell TP/SL orders and short TP/SL orders do not freeze the user's margin or position. Long TP/SL orders, however, do freeze the user's margin.

Placing a TP/SL order

Users can set take-profit/stop-loss in advance for positions they intend to open while placing limit orders/market orders. When the limit order is fully filled, the system will immediately place a TP/SL order at the preset trigger price and order price.

Position TP/SL

Position TP/SL is applied to the entire position (including both existing positions and any subsequent additions or subtractions). When the market's latest execution price reaches the trigger price, an order will be placed at the best execution price for the quantity set for this position. The TP/SL will automatically expire when the position is fully closed.

Trailing TP/SL

With trailing TP/SL orders, the trader's set order will be placed when the market retraces. When the market price/mark price reaches (1± trail variance) of the highest/lowest price since the trader set the bot, the order will be placed at the market's best price.