Types of Orders and Their Usage in Perpetual Futures
To meet the diverse trading needs of users, 8V USDT perpetual futures support three types of order: market order, limit order, and take profit/stop loss. The differences between these order types are as follows:
Market Order:
As the name suggests, a market order is executed at the current best market price, ensuring quick execution and position locking for users. However, it may incur slippage costs due to market fluctuations.
Limit Order:
A limit order allows users to set their desired maximum buy price or minimum sell price, along with the quantity to be traded. When the market price reaches the user’s specified price, the system executes the trade at the best price within the limit range.
Limit orders provide users with a way to execute trades at optimal prices. However, in practice, limit orders may be executed immediately. This occurs when:
The buy order price is higher than the ask price.
The sell order price is lower than the bid price.
Please note that executing trades in these two ways will incur taker fees.
Take Profit/Stop Loss (TP/SL):
8V’s take profit/stop loss feature allows users to set both take profit and stop loss for the same position. When the price reaches the specified take profit or stop loss trigger price, the system closes the entire position at market price.
For Long Positions:
If the mark price is greater than or equal to the set take profit price, the take profit is triggered, locking in profits at market price.
If the mark price is less than or equal to the set stop loss price, the stop loss is triggered, controlling losses by closing the position at market price.
For Short Positions:
If the mark price is less than or equal to the set take profit price, the take profit is triggered, locking in profits at market price.
If the mark price is greater than or equal to the set stop loss price, the stop loss is triggered, controlling losses by closing the position at market price.
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