Supported Order Types

12 order types are currently supported for Futures and Spot:

1. Limit
2. Market
3. Pegged
4. Iceberg
5. OCO
6. Bracket
7. Sniper Limit
8. Sniper Market
9. Stop Limit
10. Stop Market
11. Trailing Stop Limit
12. Trailing Stop Market

1. Limit

Limit orders allow the user to either place an order on the book at the limit price for passive execution or to cross the book and take liquidity up to the order's limit price. Limit orders are used to carefully control the purchase price as they cannot execute above(BUY)/below(SELL) limit price.

Example:

Size: 200
Limit Price: 1000
Side: Buy

A bid of 200 contracts will be placed in the order book with a limit price of 1000.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
• Stop Loss
  • Stop loss attribute allows the trader to place a conditional stop order at the same time they are placing the parent order. Stop loss can be a Stop Limit or a Stop Market order. A stop market order gets executed at the market price once the trigger price for the stop order has been reached. A stop limit order attempts execution at a specified limit price and if the execution is not possible the stop will be canceled.
    
• Stop Limit
  • Stop Limit attribute allows the user to add a stop with a specified limit price. The difference from the Stop Loss attribute is that if the stop does not execute when the stop is triggered a limit order will be added to the order book at the specified stop price.
    
    
• TP/SL
  • Take profit/Stop loss (TP/SL) attribute allows the trader to add conditional orders at the same time the parent order is placed. A take profit order is a type of limit order that specifies the exact price at which to close out an open position for a profit. If the price of the asset does not reach the limit price, the take profit order does not get filled. The order will be put on the book only after the parent limit order has been executed. A stop loss order is a market order that triggers if the price of the asset reaches the stop loss price. The stop loss order will be canceled if the take profit limit order is filled and vice versa if the stop loss order is executed the take profit limit order will be canceled. TP/SL is beneficial for traders as they do not need to follow the market closely while in a position.
    
    

• Display/Refresh
  • Display/Refresh allows a trader to display only a portion of the total order size and refresh it once this portion has been filled. Display size is the initial size display in the order book and refresh is the size that will be displayed once the initial size has been filled until the full order size has been filled. 
    
    

2. Market

Market orders allow a user to enter/exit a position at the current market price without regard to the entry/exit price. The order will traverse the book executing at that price level until executed in its entirety, or no more volume is available.

Example:

Size: 200
Side: Buy

A market order to buy 200 contracts will fill at the current market price.

Attributes:

• TP/SL
  • Take profit/Stop loss (TP/SL) attribute allows the trader to add conditional orders at the same time the parent order is placed. A take profit order is a type of limit order that specifies the exact price at which to close out an open position for a profit. If the price of the asset does not reach the limit price, the take profit order does not get filled. A stop loss order is a market order that triggers if the price of the asset reaches the stop loss price. The stop loss order will be canceled if the take profit limit order is filled and vice versa if the stop loss order is executed the take profit limit order will be canceled. TP/SL is beneficial for traders as they do not need to follow the market closely while in a position.
    
    

3. Pegged

A pegged order is a sophisticated order. The trading strategy that places limit orders which are adjusted based on the market conditions.

The order’s limit is based on the best bid or ask in the market, depending on which side the trader is taking. Every time the reference bid or ask is changed, the pegged order will cancel its existing limit order and create a new one at the price derived from the new reference.

Pegged orders allow traders to reap benefits of market orders and limit orders simultaneously. Pegged orders are placed as limit orders meaning that upon execution they will be treated as maker orders, potentially receiving a lower fee structure. Additionally, pegged orders always have a price near the spot price, increasing the expected speed of order execution.

Example:

Size: 200
Bid Price: 40,000
Side: Buy

A limit buy order of 200 contracts will be placed in the order book with a limit 
price of 40,000 and will be cancel/replaced when the bid price changes.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
• Stop Loss
  • Stop loss attribute allows the trader to place a conditional stop order at the same time they are placing the parent order. Stop loss can be a Stop Limit or a Stop Market order. A stop market order gets executed at the market price once the trigger price for the stop order has been reached. A stop limit order attempts execution at a specified limit price and if the execution is not possible the stop will be canceled.
    
    
• Stop Limit
  • Stop Limit attribute allows the user to add a stop with a specified limit price. The difference from the Stop Loss attribute is that if the stop does not execute when the stop is triggered a limit order will be added to the order book at the specified stop price.
    
    
• Display/Refresh
  • Display/Refresh allows a trader to display only a portion of the total order size and refresh it once this portion has been filled. Display size is the initial size display in the order book and refresh is the size that will be displayed once the initial size has been filled until the full order size has been filled. 
    
    

4. Iceberg (ICE)

Iceberg orders are intended to achieve the following:

1. Allow the user to obtain a time-based slot in the order book by placing multiple orders simultaneously at different levels. Each order at the price level establishes a time priority in the order queue.
2. Obtain a better average entry price for the entire order.
3. Iceberg orders follow the upward/downward movement of the order book. A BUY order will move the bottom orders to the top, allowing the still orders to keep their time priority at their current level. It's the opposite for SELL as they will follow downward movements of the book. Iceberg orders will hold their place to be executed as the price moves towards it. They also allow traders to reduce the average entry price as layers establish a time priority.

Example:

Price: 40,000
Side: Buy
Order Quantity: 5
Layers: 5 (Minimum of 2 and maximum of 10)
Price Offset = 0.0 (Price Offset indicates how far from the top of the book should the first order be placed. 0.0 indicates first order should start with the top of the book. A Price Offset of 2 would cause the first order to trail the top of the book by $2).
Price Increment: 5
Size Increment: 1 (Size Increment * Price Increment = OrderQty)

This will cause the following to occur:

Initial order will be placed at 40,000 with a size of 1
2nd order will be placed 39995 with a size of 1
3rd order will be placed at 39990 with a size of 1
4th order will be placed at 39985 with a size of 1
5th order will be placed at 39980 with a size of 1

If the top of the book changes to 40005, this will cause the 5th order above to be cancel replaced, and placed at 40005 since the price offset is 0.0 (top of book bid), with the remaining orders staying at their current price levels.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.

5. OCO

A one-cancels-the-other (OCO) order is a pair of conditional orders where if one is fully or partially fulfilled, the other is canceled. An OCO order combines a stop order with a limit order. When either the stop or limit price is reached and the order is executed, the other order is automatically canceled. Experienced traders use OCO orders to mitigate risk and enter the market.

Example:
BTC is trading between 38,000 USDT and its resistance price of 42,000 USDT. You would like to buy if the price drops to 38,000 USDT or rises above 42,000 USDT.

Size: 200
Price: 40,000
Limit Price: 38,000
Stop Price: 42,500
Side: Buy

A limit order of 200 contracts will be placed in the order book with a limit price of 
38,000 and a stop limit order will be placed at 42,500.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
• Display/Refresh
  • Display/Refresh allows a trader to display only a portion of the total order size and refresh it once this portion has been filled. Display size is the initial size display in the order book and refresh is the size that will be displayed once the initial size has been filled until the full order size has been filled. 
    
    

6. Bracket

A Bracket Order (BO) is represented by a Limit Order (or primary order) that comes attached with two exits: a Take Profit (TP) limit order plus a Stop Loss (SL) limit/market order. Once the BO is fully filled, the TP limit order will immediately be sent out into the order book at a limit price which is specified by an offset of an average execution price of the BO, while the SL order, a conditional order, will be placed if the trigger price is reached.
If the TP order gets partially filled, the quantity of the SL order will be reduced accordingly. If the TP order becomes fully filled, the SL will be canceled.
Once the SL order is triggered, the TP order will first be canceled, and only then will the SL order be sent out. Once the SL is triggered, a TP order will never be sent again, regardless of whether the SL order is fully filled or not. In short, this pair of TP and SL orders behave like a One Cancels the Other (OCO) order.

Example:

Size: 200
Position: 40,000
Limit Price: 43,000
Stop Price: 39,000

A limit sell order of 200 contracts will be placed in the order book with a limit price 
of 43,000 and a conditional stop order will be placed at 39,000.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
• Stop Loss
  • Stop loss attribute allows the trader to place a conditional stop order at the same time they are placing the parent order. Stop loss can be a Stop Limit or a Stop Market order. A stop market order gets executed at the market price once the trigger price for the stop order has been reached. A stop limit order attempts execution at a specified limit price and if the execution is not possible the stop will be canceled.
    
    
    
    
• Stop Limit
  • Stop Limit attribute allows the user to add a stop with a specified limit price. The difference from the Stop Loss attribute is that if the stop does not execute when the stop is triggered a limit order will be added to the order book at the specified stop price.
    
    
    
    
• Display/Refresh
  • Display/Refresh allows a trader to display only a portion of the total order size and refresh it once this portion has been filled. Display size is the initial size display in the order book and refresh is the size that will be displayed once the initial size has been filled until the full order size has been filled. 
    
    

7. Sniper Limit

Sniper orders are hidden and, by definition, are liquidity takers and commonly used for taking advantage of unusual market conditions. A Sniper Limit will cross the book once the entry price is equal or exceeded up to the cross limit price, ensuring the order executes as much as possible.

Example:

Size: 200
Cross Limit Price: 1000
Side: Buy

A bid of 200 contracts will be placed in the order book with a cross limit price of 
1000.

8. Sniper Market

The difference between a Sniper Limit and Sniper Market is the cross limit price. Sniper orders are hidden and, by definition, are liquidity takers and commonly used for taking advantage of unusual market conditions.

Example:

Size: 200
Price: 1000
Side: Buy

A bid of 200 contracts will be placed in the order book with a limit price of 1000.

9. Stop Limit

Stop limit order is a conditional trade that combines the features of a stop loss with those of a limit order to mitigate risk. Stop limit orders enable traders to have precise control over when the order should be filled, but they do not guarantee execution.

Example:

Size: 200
Trigger Price: 1050
Limit Price: 1000
Side: Buy

A bid of 200 contracts will be placed in the order book with a limit price of 1000 
when the price reaches 1050.

Attributes:

• Hidden
  • Traders wishing to hide large-size orders can do use by applying the "Hidden" attribute to a large volume order to completely hide the submitted quantity from the market. The Hidden order type is a simple solution to maintaining anonymity in the market when trying to buy or sell large amounts.
• Post
  • Post-Only orders serve to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fees when it is executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately upon the order placement.
• GTC/FOK/IOC
  • Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell an asset that remains active until either the order is filled or the trader cancels it.
  • Fill or kill (FOK) is a conditional type of order used in trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most often used by active traders and is usually for a large quantity. The order must be filled in its entirety or else canceled (killed).
  • An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
• Display/Refresh
  • Display/Refresh allows a trader to display only a portion of the total order size and refresh it once this portion has been filled. Display size is the initial size display in the order book and refresh is the size that will be displayed once the initial size has been filled until the full order size has been filled. 
    
    

10. Stop Market

Stop market orders allow a user to enter/exit a position without regard to the entry/exit price. Once the trigger price is hit, the order will traverse the book executing at that price level until executed in its entirety, or no more volume is available.

Example:

Size: 200
Limit Price: 1000
Side: Sell

A market order to sell 200 contracts will be placed when the price reaches 1000.
200 contracts will fill at the current market price.

11. Trailing Stop Limit

A trailing stop limit order is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain. A SELL trailing stop limit moves with the market price and continually recalculates the stop trigger price at a fixed amount below the market price, based on the user-defined "trailing" amount. The limit order price is also continually recalculated based on the limit offset. As the market price rises, both the stop price and the limit price rise by the trail amount and limit offset respectively, but if the asset price falls, the stop price remains unchanged, and when the stop price is hit a limit order is submitted at the last calculated limit price.

Example:

Size: 200
Trigger Price: 990
Limit Price: 1000
Trailing Amount: 50
Side: Sell

A sell limit order of 200 contracts will be placed in the order book with a limit price 
of 1,000 if the price reaches 990. The order will be updated as the market moves up.

12. Trailing Stop Market

A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached "trailing" amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit. This technique is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain.

Example:

Size: 200
Trigger Price: 1000
Trailing Amount: 50
Side: Sell

A market order to sell 200 contracts will be placed when the price reaches 1000.
200 contracts will fill at the current market price.

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