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Order Types and Execution Instructions

  • Updated

We offer a variety of order types and execution instructions to provide you with flexibility and control over your trades. Here's an overview:

 

The following table describes the order types available on BitMEX:

Order Type Description Conditions & Outcomes Best Use Case

Limit

 An order that executes at a specified price (the limit price) or better
  • May not execute if the trigger price does not reach the limit price
  • Will execute at market if the limit price is set at or better than the current market price
 To control the maximum purchase price or minimum sale price

Market

 An order that executes immediately at the best available market price Execution price may differ from the expected price due to slippage When urgent execution is required

Trailing Stop

 A stop order that can be set at a specified price distance from the market price. The stop price adjusts as the market price fluctuates Triggers a Market Order if the price moves against your position by the trail value To protect profits or limit losses while allowing a position to follow a favorable market trend

Take Profit (TP)

 A combined order type that allows for securing profits at a specified level. It consolidates TP Limit and TP Market into a single interface
  • Select between Limit or Market execution within the TP settings.
  • Triggers when the market reaches your target price to close a profitable position.
 To lock in gains automatically once your profit target is reached.

Stop Loss (SL)

 A combined order type designed to protect a position by limiting potential losses. It consolidates Stop Limit and Stop Market into a single interface
  • Select between Limit or Market execution within the SL settings.
  • Acts as a hard "Close" instruction that triggers when the market moves against you.
 To protect a position from significant downside and ensure an exit at a pre-set level.

Conditional

 An order that will only be executed once the trigger price is met. It can be used for opening or closing of positions
  • Can be configured for both Limit and Market execution
  • The trigger price is the price a certain asset needs to meet


 

 To enter a new trade when the market reaches a specific condition

 

Execution Instructions

Execution instructions are parameters that can be added to orders to specify how they should be executed. The available instructions vary depending on the order type, as shown in the following table:

Order Type Execution Instructions  Description

Limit

TP/SL

 Adds a Take Profit or Stop Loss order to your Limit order

Chaser

 Automatically adjusts the order price to follow the market price

Post-Only

 Only accepted if the order will not be immediately executed (i.e., to ensure you are a market maker, not a taker)

Hidden

 Conceals your order from the orderbook. An Iceberg Order is a Hidden Order where a part of the order is displayed in the public orderbook. Hidden portion of your order always pays Taker Fee.

Time In Force

GoodTillCancel (GTC)

 The order remains active until it is filled or you cancel it

ImmediateOrCancel (IOC)

 Attempt to execute the order immediately; any unfilled portion is cancelled

FillOrKill (FOK)

 The entire order must be filled immediately; otherwise, it is cancelled

Market

 TP/SL Adds a Take Profit or Stop Loss order to your Market order

Reduce-Only

 Ensures the limit order only reduces the size of your existing position. Same as Close on Trigger except this is applicable to limit orders and there is no ability to cancel other open orders.


TP Market, SL Market, Trailing Stop

Trigger Price

 Specifies the price at which the order is triggered (Last, Index, or Mark Price)

Close on Trigger
  • Can only reduce your position size once order is triggered. Order is automatically cancelled if it would increase position size
  • If sufficient margin is not present to execute, the system will attempt to cancel other open orders in the same contract to free up margin

TP Limit, SL Limit

 Trigger Price Specifies the price at which the order is triggered (Last, Index, or Mark Price)
Close on Trigger
  • Only Closes/reduces your position once order is triggered. Order is automatically cancelled if it would increase position size
  • If sufficient margin is not present to execute, the system will attempt to cancel other open orders in the same contract to free up margin
Post-Only Only accepted if the order will not be immediately executed (i.e., to ensure you are a market maker, not a taker)
Hidden Conceals your order from the orderbook. An Iceberg Order is a Hidden Order where a part of the order is displayed in the public orderbook. Hidden portion of your order always pays Taker Fee.
Time In Force GoodTillCancel (GTC) The order remains active until it is filled or you cancel it
ImmediateOrCancel (IOC) Attempt to execute the order immediately; any unfilled portion is cancelled
FillOrKill (FOK) The entire order must be filled immediately; otherwise, it is cancelled



 

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Access to trading or holding positions on BitMEX is prohibited for any person or entity that is located, incorporated or otherwise established in, or a citizen or a resident of: (i) the United States of America, Québec (Canada), the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; (ii) any state, country or other jurisdiction that is embargoed by the United States of America; or (iii) any other jurisdiction where the services offered by BitMEX are restricted (collectively “Restricted Jurisdictions”). If it is determined that any BitMEX user has given false representations as to their location, incorporation, establishment, citizenship or residence, or HDR detects a user is from a Restricted Jurisdiction as described above, HDR reserves the right to immediately close their accounts and liquidate any open positions. HDR may, in its sole discretion, implement controls to restrict access to the BitMEX trading platform in any of the Restricted Jurisdictions.