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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

Stop Market

An order that becomes a Market Order when the specified stop price is reached

High risk of slippage
  • To protect a position
  • Enter a trade when the market reaches a specific leve

Stop Limit

A Limit Order that becomes a Limit Order when the specified stop price is reached
  • May not execute if the market moves away from the limit price after the stop price is reached
  • Will execute at market if the limit price is set at or better than the current market price
  • To protect a position
  • Enter a trade with a specific price target

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 Limit

An order that is triggered when the trigger price is reached and is then executed as a limit order

Executes as a Limit Order at the limit price or better once the trigger price is reached

To secure profits at a specified price level

Take Profit Market

An order that is triggered when the trigger price is reached and is then executed as a market order

Executes as a Market Order when the trigger price is reached. Slippage can occur

To secure profits with a market order

 

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.

Stop Market, Trailing Stop, & Take Profit Market

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
Stop Limit & Take Profit 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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