Orders

Supported Order Types

Defx supports the following order types

• Market Order: Executes immediately at the current market price, ensuring a quick transaction. This type of order prioritizes speed over price, potentially resulting in price slippage in volatile markets.

• Limit Order: Sets a specific price to execute the order, ensuring trades are only made at this price or better. It provides control over the price of a trade, but execution is not guaranteed if the market price does not meet the limit price.

• Stop Market Order: Triggers a market order once the asset reaches a specified stop price. It's used to limit losses or protect profits, offering a way to automatically exit a position when the market moves unfavorably.

• Stop Limit Order: Initiates a limit order when the stop price is reached, offering precise control over the price at which the order is executed. This combines the features of stop orders with the set price conditions of limit orders, providing a balance between certainty of price and execution.

• Take Profit Limit Order: Aims to secure profits by setting a limit order to automatically close a position once the asset reaches a predefined profit target. This type of order helps in locking in profits by specifying the exit price in advance.

Order Options

• Reduce Only: A reduce only order is designed to ensure it only decreases an existing position, preventing any unintended increase in position size in the opposite direction.

• Post Only: A post-only order guarantees the order will be added to the order book and not immediately executed, ensuring the trader pays the maker fee. This order type helps traders maximize cost efficiency by avoiding taker fees.

Time in Force

Time in Force (TIF) specifies the duration an order remains active in the order book before it is executed or cancelled, allowing traders to set precise control over the timing of their trades. Defx currently supports Good Till Canceled (GTC), Immediate or Cancel (IOC) and Fill Or Kill (FOK) TIF types.

GTC

GTC orders remain on the order book until it is filled or manually cancelled and is ideal for traders who are willing to wait for their price target. When unspecified, GTC is the default TIF type on Defx's order books

IOC

IOC (immediate-or-cancel) orders are those that execute as much as possible in terms of quantity at the best available market price, and cancels the unfilled portion.

FOK

A fok (fill-or-kill) order is an order that executes only if the entire quantity can be filled immediately at the specified price or better.