Currently, Toobit futures support Limit orders, Market orders, Trigger orders, TP/SL orders .
Limit order
There are two types of limit orders: normal limit orders and advanced limit orders
Limit order: These orders where the user has to set the price and amount of the order to buy or sell. When the latest price reaches the price set by the user, the market will give priority to the price that reaches the direction to the user. Users can open or close positions by Limit orders.
For example，
Assuming the latest price of the BTCUSDT perpetual contract is 22,000 USDT, if the buy price is higher than the latest price or the limit sell price is lower than the latest price，then the system will execute orders according to the latest price,
Note: 1. Open position limit order will occupy the margin.Close position limit order will occupy the orders available to close in the users’ account.
2. The buying price cannot be higher than the current "Max price", and the selling price cannot be lower than the current "Min price".
Advanced Order
There are three types of limit order in advanced order.，They are “Post only”、IOC (Immediately or Cancel)” and “FOK (Fill or Kill)”.
Post only order，It will not be immediately traded in the market. If the order is immediately concluded with an existing order, the order will be cancelled to ensure that the user is always Maker.
IOC order，If all orders cannot be executed on the market immediately, the unsettled portion will be cancelled immediately.
FOK order，If all order cannot be completed, all of them will be cancelled immediately.
Trigger order
For example；
1. Place an order to buy BTC via Post only, if the order price is 23894 USDT, the order will not be filled immediately and the order will be put in the market successfully; if the order price is 23990 USDT, the order will be cancelled by the system immediately after placing the order as the order will be filled immediately with (23899.7 USDT).
2. Assume you place an order to buy BTC via IOC (Immediate Or Cancel), if the order price is 23899.7 USDT and the order quantity is 0.04 BTC, then the system will immediately fill 0.019 BTC and the remaining 0.021 BTC will be cancelled by the system.
3. If you place an order to sell BTC via FOK (Fill Or Kill), if the order price is 23896.5 USDT and the order amount is 0.05 BTC, the order will be immediately cancelled by the system as the current pending order amount for Buy 1 is only 0.047 BTC and cannot be fully filled by 0.05 BTC.
- Market order - the system will refer to the IOC to place an order, and the order will be filled at the best price in the current market, and the unfilled amount will be cancelled.
- Trigger order - The user can set the trigger price and its order price and quantity in advance. When the market's latest transaction price reaches the trigger price, the system will place an order based on the order price and quantity set in advance (i.e., limit order).
For example：
If user places a "Buy Long" order using trigger order with a trigger price of 23800 USDT, an order price of 23750 USDT and an order amount of 0.2 BTC, the order will only be triggered when the latest price fluctuates to 23800 USDT and will be placed at the set order price of 23750 USDT with an order amount of 0.2 BTC. The order will be placed on the market at the set price of 23750 USDT and amount of 0.2 BTC.
Tips：
- The trigger order function is only available for trading-status contracts.
- To place a trigger order, the order quantity entered shall not exceed the limit of order quantity to a certain token.
- Before the order is triggered, the user’s margin or positions will not be frozen. Only when the order is triggered, the margin or positions will be frozen.
- When a trigger order is triggered to close a position, if the positions available to be closed is less than the order quantity, the system will place an order based on the position that available to be closed; if the market fluctuates sharply, the trigger order may fail to be triggered or the order may fail to be placed after it is triggered.
- Trigger orders may not be triggereddue to sharp fluctuations, price limits, position limits, insufficient margins, insufficient positions to close, non-trading status, network issues, or other system issues.
- When the order is getting triggered, the system will place an order based on the pre-set price. If the order price exceeds the price limit, the order will fail to be placed.
- Once the trigger order is triggered, it will be transferred to an ordinary limit order and be placed to order book at the pre-set price. Limit Order is a kind of order type that will only be filled at the optimal price when the selling order price is lower than market price or the buying order price is higher than market price. Please note that whether the order can be successfully filled or not depends on the market conditions.
TP/SL order
Take-profit and stop-loss order” refers to a position-closing order with preset trigger conditions (trigger price of take-profit or stop-loss order) and price. When the latest/mark price reaches the preset trigger price, the system will place a position-closing order based on the pre-set price and amount, so as to take profit or stop loss. Currently, there are two methods to place a take-profit and stop-loss order:
Set a take-profit and stop-loss order when opening a position: When placing a position-opening limit order, users can set a take-profit order or a stop-loss order in advance or set a take-profit order and a stop-loss order at the same time for the position. When the position-opening limit order is partly or fully filled, the system will place a take-profit and stop-loss order with the preset trigger price and price of the limit order.
Set a take-profit and stop-loss order for an existing position: User can set a take-profit order or stop-loss order for a certain position, or set a take-profit order and a stop-loss order at the same time. When the latest/mark price reaches the trigger conditions, the system will place a position-closing limit order with preset price and amount to market.
Notes：
- All take-profit and stop-loss orders are only applicable for position-closing orders.
- Once the position-closing limit order is triggered, it will be the same as an ordinary limit order, that is, when the selling price is lower than market price or the buying order price is higher than market price, the order will be filled at the optimal price. Please note that whether the order can be successfully filled or not depends on the market conditions. The unfilled limit order can be checked in [Open Orders-Limit Order].
- Users can set either a take-profit order or a stop-loss order, or set both take-profit order and stop-loss order at the same time.
- The take-profit price entered is required to be higher than the position-opening price when buying to open a long position, while the stop-loss price entered is required to be lower. At the same time, the take-profit price entered is required to be lower than the position-opening price when selling to open a short position, while stop-loss price is required to be higher.
- The take-profit price entered is required to be higher than the latest price when holding long positions, while the stop-loss price is required to be lower. And the take-profit price entered is required to be lower than the latest price when holding short positions while the stop-loss price is required to be higher.
- If the position-opening limit order is cancelled before filled, the related Take-Profit and/or Stop-Loss order will become invalid automatically.
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Before Take-Profit order or Stop-Loss order is triggered, users can close the existing position actively, then the preset Take-Profit order or/and Stop-Loss order will become invalid automatically. When the latest price triggers either a take-profit order or a stop-loss order, the system will place a position-closing order at the preset price, while the other stop-loss or take-profit order will become invalid.