Types of Order
Basic Order Types
Market Order: Executes immediately at the current market price.
Limit Order: Executes at a specified price or better.
Stop Market Order: Becomes a market order once the asset reaches the chosen stop price. Commonly used to limit losses or secure profits.
Stop Limit Order: Becomes a limit order once the stop price is hit.
Scale Order: Places a series of limit orders across a defined price range.
TWAP (Time-Weighted Average Price): Splits a large order into smaller chunks, executed every 30 seconds to minimize market impact. Each suborder is limited to a maximum slippage of 3%.
TWAP Mechanics
The TWAP algorithm targets execution based on elapsed time relative to total order duration.
A new suborder is placed every 30 seconds.
If early suborders don’t fill due to low liquidity or wide spreads, later suborders will increase in size (up to 3x the standard size) to catch up — while still respecting the 3% slippage cap.
Like regular market orders, TWAP suborders won’t execute during post-only periods (e.g. during network upgrades).
Additional Order Options
Reduce Only: Ensures the order only reduces an existing position, never increases or flips it.
Good Til Canceled (GTC): Stays active on the order book until filled or manually canceled.
Post Only (ALO): Adds the order to the book without matching immediately — ensures maker-only execution.
Immediate or Cancel (IOC): Executes all or part of the order immediately; cancels any unfilled portion.
Take Profit (TP): Triggers a market order when the target price is reached, helping lock in gains.
Stop Loss (SL): Triggers a market order when the price hits a specified loss threshold, limiting downside.
TP and SL orders are typically used to automate trade exits. You can customize the trigger price, limit price, and the portion of your position to be affected.
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