BitMEX offers seven order types – limit, market, stop market, stop limit, trailing stop, take profit limit, and take profit market. Each order type supports specific execution instructions such as post-only, hidden, close on trigger, and time in force settings (GTC, IOC, FOK) to give traders precise control over how orders interact with the order book.
What Are the Available Order Types on BitMEX?
BitMEX provides seven distinct order types, each designed for a specific trading scenario.
- Limit: Executes at a specified price or better. Use it to control your maximum purchase price or minimum sale price. The order may not fill if the market never reaches your limit price.
- Market: Executes immediately at the best available price. Use it when speed matters more than price precision. Slippage may occur.
- Stop Market: Becomes a market order when the stop price is reached. Carries a high risk of slippage. Use it to protect a position or enter at a specific level.
- Stop Limit: Becomes a limit order when the stop price is reached. May not fill if the market moves away from your limit price after triggering.
These four types cover the majority of trading scenarios. BitMEX also offers three additional types for more advanced strategies.
What Are Trailing Stop and Take Profit Orders?
- Trailing Stop: A stop order set at a specified distance from the market price. The stop price adjusts as the market moves in your favour. If the price reverses by the trail value, a market order triggers. Use it to protect profits whilst riding a trend.
- Take Profit Limit: Triggers when the price reaches a specified level and executes as a limit order at that price or better. Use it to lock in profits at a precise price.
- Take Profit Market: Triggers when the price reaches a specified level and executes as a market order. Slippage can occur, but execution is guaranteed.
The choice between limit and market variants depends on whether you prioritise price certainty or execution certainty.
What Execution Instructions Are Available for Limit Orders?
Limit orders support the widest range of execution instructions on BitMEX.
- Take Profit/ Stop Loss: Attaches a take profit or stop loss to your limit order.
- Chaser: Automatically adjusts the order price to follow the market price.
- Post-Only: Ensures the order is only accepted if it will rest on the order book. Guarantees maker fee treatment.
- Hidden: Conceals the order from the public order book. An iceberg order is a hidden order where a portion is displayed. The hidden portion always pays the taker fee.
- Time In Force: Controls how long the order remains active.
- GoodTillCancel (GTC): Remains active until filled or cancelled.
- ImmediateOrCancel (IOC): Fills immediately; any unfilled portion is cancelled.
- FillOrKill (FOK): The entire order must fill immediately or the whole order is cancelled.
What Execution Instructions Apply to Market Orders?
Market orders support two execution instructions.
- Take Profit/ Stop Loss: Attaches a take profit or stop loss to your market order.
- Reduce-Only: Ensures the order only reduces the size of your existing position. It functions similarly to close on trigger but applies to limit orders and does not cancel other open orders.
Market orders do not support post-only, hidden, or time in force instructions because they execute immediately against the order book.
What Execution Instructions Apply to Stop and Take Profit Orders?
Stop market, trailing stop, and take profit market orders share two execution instructions.
- Trigger Price: Specifies which price triggers the order – last price, index price, or mark price.
- Close on Trigger: Ensures the order can only reduce your position size once triggered. If it would increase position size, the system automatically cancels it. If insufficient margin exists, the system attempts to cancel other open orders in the same contract to free up margin.
Stop limit and take profit limit orders support trigger price, close on trigger, post-only, hidden, and all three time in force options.