- Limit order
A limit order allows users to set a specific order price. The order will be executed at the specified price or a better price.
When a limit order is placed, if there are existing orders in the order book at prices equal to or better than the specified order price, the order will be filled immediately at the best available market price. Since the order consumes market liquidity, a 0.0500% taker fee will be charged.
If there are no existing orders in the order book at prices equal to or better than the specified order price, the limit order will be placed into the order book and remain pending until filled. Since the order adds liquidity to the market, a reduced maker fee of 0.0200% will be charged once the order is executed.
Limit orders are subject to price restrictions. The order price cannot deviate by more than 10% from the average mark price over the past 5 minutes (the actual limit may vary by product, refer to the trading page for details). For open orders, if the order price deviates from the mark price by more than 10% for over 7 days, the order will be automatically canceled.
- Market order
A market order allows users to place an order without specifying a price. The order will be executed immediately at the best available price in the order book. When the order size is large, it may be matched against multiple orders in the order book until fully filled, which may result in slippage. To manage risk, a protection mechanism is applied to the execution range of market orders. The fill price of a market order may deviate by up to 2% from the market price. Any portion exceeding this range will not be filled and will be automatically canceled.
A market order ensures fast execution, but the fill price is not guaranteed. During periods of high market volatility or insufficient market depth, significant slippage may occur.
When should a market order be used?
Market orders are typically used when users want to react quickly to market movements, such as chasing rallies or cutting losses.
- Trigger order
A trigger order allows users to preset a trigger price as the condition for order execution. When the mark price reaches the trigger price, the system will automatically place the order. Support for using the last price or index price as the trigger condition will be added in future updates.
Will a trigger order freeze margin?
A trigger order does not freeze margin before it is triggered, which means users can set trigger orders with any price and order size as needed. However, if there is insufficient margin in the account when a trigger order is triggered, the order will be rejected by the system.
- Take profit and stop loss
Take profit and stop loss allow users to preset take profit and stop loss prices. When the mark price reaches either condition, the system will automatically execute a market order to close the position.
How to set take profit and stop loss
1. When opening a position using a limit order or market order, you can set the take profit and stop loss prices before submitting the order. The corresponding take profit or sop loss conditions will be created once the order is fully filled.
2. When setting take profit and stop loss for an existing position, the corresponding take profit or stop loss order will be created immediately.
Will setting take profit/stop loss freeze the position?
Take profit and stop loss settings only apply to existing positions. Therefore, the corresponding position size will be frozen. You can modify the take profit and stop loss prices and order size in the TP/SL panel.