Limit
A limit order refers to an order placed at a specified price and amount preset by the user. You can set the order amount and the maximum acceptable bid price or minimum acceptable ask price. When the market price matches your expectations, the system will execute the trade at the best available price within the limit price range.
What is BBO?
BBO (Best Bid and Offer), also known as the best bid and ask price. A BBO order is a type of limit order that allows traders to quickly place the order at a price that matches the best counterparty price in the order book, enabling faster execution.
How does a BBO order work?
When you place a BBO order, the order price automatically adjusts to the lowest ask price in the order book for buy orders, or to the highest bid price for sell orders.
How is a BBO order different from other order types?
“For a limit order, the price is preset by the user and does not adjust automatically while the order waits in the order book for a match. In contrast, for a BBO order, the order price automatically adjusts to the best counterparty price (the lowest ask price for buy orders or the highest bid price for sell orders) at the time of placement.
A market order will be filled at the best available price in the market. If the depth at the best counterparty price is insufficient, the order will move to the next available price level until it is fully filled. In contrast, a BBO order will not adjust to the next price level when the depth at the best counterparty price is insufficient; instead, it will remain at the best counterparty price, waiting for execution.”
How to use BBO?
BBO orders are available for USDT-M perpetual, Coin-M perpetual, and delivery futures. To place a BBO order, you can switch to the limit order type, click the BBO button, and then click Buy or Sell.
Advanced Limit
An advanced limit order is a special type of limit order that includes Post-Only, Fill or Kill (FOK), and Immediate or Cancel (IOC) options.
- Post-Only: A Post-Only order can only be added to the order book as a maker order and cannot match with any existing orders immediately. It will only be posted and will not be filled right away, avoiding taker fees.
- Fill or Kill (FOK): An FOK order requires enough liquidity to fill the entire order at once. If it cannot be fully filled immediately, the order will be canceled completely. This is suitable for large trades.
- Immediate or Cancel (IOC): An IOC order requires that the order be filled as much as possible immediately upon submission, and any unfilled portion will be canceled. This is ideal for executing partial trades quickly.
Market
A market order is an order that is executed immediately at the current market price. Once you submit a market order, the system will immediately execute it at the best available price in the market, which is the current best bid or ask price.
Smart Market
A smart market order is an advanced type of market order that combines the features of a market order with other conditions or algorithms to achieve higher execution efficiency and better fill prices. When executing, a smart market order may consider factors like market depth, price fluctuations, and the state of the order book to optimize the trading outcome.
Conditional
A conditional order is a limit or market order that only becomes effective when certain conditions are met. Conditional orders can be triggered based on the mark price, the last price, or the index price.
TP/SL (Take-Profit/Stop-Loss)
A TP/SL order allows you to preset a trigger price, order price and amount. When the market’s last price, mark price or index price reaches the trigger price, the system will close the position at the order price you set. These orders are typically used to manage position risk. Setting a take-profit order can lock in profits during market fluctuations, while a stop-loss order helps limit potential losses. For more information on other types of TP/SL orders, please refer to Introduction of Take-Profit / Stop-Loss (TP/SL).
Gate.io offers three types of TP/SL orders: Order TP/SL, Position TP/SL, and Trigger TP/SL.
- Order TP/SL: Set TP/SL conditions for the current order when placing it. When the market price reaches the trigger price, the system will automatically place buy or sell orders at the preset price and amount.
- Position TP/SL: When the mark price, last price or index price reaches the trigger price you set, the system will close the position at the order price. Once the position is closed, any previously set take-profit and stop-loss conditions will automatically be canceled.
- Trigger TP/SL: Set specific conditions to determine when to lock in profits or limit losses, and you can set the order amount for partial position reduction.
For instructions on setting TP/SL conditions, please refer to How to Set Take-Profit and Stop-Loss (TP/SL).
TWAP (Time-Weighted Average Price)
TWAP (Time-Weighted Average Price) is an algorithmic trading strategy that allows a user to split a large order into multiple smaller orders over a period of time and place them at specified intervals.
For more details about TWAP orders, please refer to Time-Weighted Average Price (TWAP) Order.
Trailing Stop
A trailing stop order is a type of strategy order that tracks market prices, allowing users to set orders within a specific percentage or price range from the market price during market fluctuations. When the market reverses (pulls back), the trailing stop order submits the trader’s preset order to the market.
For instructions on using trailing stop orders, please refer to How to Set Trailing Stop Orders.
Iceberg Pro
Iceberg Pro is commonly used to handle large orders by splitting them into smaller ones to control market impact, hide trading intent, and prevent significant price fluctuations.
For instructions on using iceberg pro, please refer to How to Use Iceberg Pro.
Gate.io reserves the final right to interpret the product.
For further assistance, please visit the Gate.io official support page or contact our customer support team.
