A Market Order is an order to buy or sell an asset immediately at the current Market Price.
Users can set a maximum slippage tolerance. A slippage tolerance sets an upper bound for the price that the order can be filled at, which is effectively a limit price versus the current market price.
For instance, if the mark price of ETH is $3,000 and a user goes long, a user can set a maximum slippage tolerance of 0.1%. As such, the worst price that a user can fill at is $3,003. The order will fail if the quoted price exceeds the limit price (with slippage tolerance) for makers.
Market orders can be opened with or without Take Profit and Stop Loss.
Place Market Order with Take Profit or Stop Loss
Select Long or Short
Enter Collateral
Select Leverage
Enter Stop loss
Enter Take profit
Click on Market Long or Market Short
Limit-Order
Limit order allows traders to set the order price and the order will be executed at the order price or a price better than the order price.
Example Limit-Order
Bob sets a limit buy for 1 BTC at $50,000 while it is trading at $55,000. Due to the market situation, the price drops from $55,000 to $50,000, so his order will be executed.
Set Limit Order
Select Long or Short
Enter Collateral
Enter Trigger Price
Select Leverage
Click on "Place Order"
Take Profit-Order
The purpose of using Take Profit orders is that traders want to secure their profits at a certain price target.
Example Take Profit
Bob already has a long position of 10 ETH and just wants to take profits, so he sets the price of the Take Profit order to $3,500. His order will only be executed at the specified price or at a price better than the order price.
Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to:
The mark price which is an aggregate of exchange prices did not reach the specified price
The specified price was reached but not long enough for it to be executed
No keeper picked up the order for execution
Place Take profit order for an open position
Go to the Position
Click on TP/SL column on "+Add"
Click on "+Add" in the TP/SL column.
Enter Close Size and Trigger Price
Confirm
After creating a trigger order, it will appear in your "Positions" row as well as under the "Orders" tab, you can edit the order and change the trigger price if needed.
If you close a position manually, the linked trigger orders will remain open. You would need to cancel them manually if you do not want the order to be active when opening future positions.
Stop Loss-Order
The purpose of using Stop Loss is that traders want to close their position in case of a price loss in order to limit potential losses.
Example Stop Loss
Bob opened an ETH long position with an entry price of $3,000 and ETH is currently trading at $2,900. He wants to protect his position by placing a stop order at a trigger price of $2,850. The bots will only execute the stop order at the specified price or at a price worse than the trigger price.
Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to:
The mark price which is an aggregate of exchange prices did not reach the specified price
The specified price was reached but not long enough for it to be executed
No keeper picked up the order for execution
Place Stop loss order for an open position
Go to the Position
Click on TP/SL column on "+Add"
Click on "+Add" in the TP/SL column.
Enter Close Size and Trigger Price
Confirm
After creating a trigger order, it will appear in your "Positions" row as well as under the "Orders" tab, you can edit the order and change the trigger price if needed.
If you close a position manually, the linked trigger orders will remain open. You would need to cancel them manually if you do not want the order to be active when opening future positions.
