[//]:content-type-MARKDOWN-DONOT-DELETE ## Limit A limit order refers to an order placed at a specified price and amount preset by the user. You can set the order amount and the maximum acceptable bid price or minimum acceptable ask price. When the market price matches your expectations, the system will execute the trade at the best available price within the limit price range. ### What is BBO? ![](https://gimg2.gateimg.com/image/article/1733371788bboen.png) BBO (Best Bid and Offer), also known as best bid and ask price, is a type of limit order that allows traders to set limit order prices that match the BBO option quickly. When placing an order using a BBO option, the system will automatically select the matched price on the order book for the order. ###How do BBO orders work? When you place a BBO order, the BBO option you select will determine the actual order price. - Counterparty 1 sets the order price to the best available counterparty price on the order book: the lowest ask for buy orders and the highest bid for sell orders. - Counterparty 5 sets the order price to the fifth best available counterparty price on the order book: the fifth lowest ask for buy orders and the fifth highest bid for sell orders. - Queue 1 sets the order price to the best price on the same side of the market: the highest bid for buy orders and the lowest ask for sell orders. - Queue 5 sets the order price to the fifth best price on the same side of the market: the fifth highest bid for buy orders and the fifth lowest ask for sell orders. Note: the order book used here is based on the highest price precision, not the one adjusted by your custom display precision. ###What are the differences between BBO orders and normal limit/market orders? 1.Normal limit orders require you to enter the specific limit price; while the BBO order determines the order price at the time of order placement. It can be Counterparty 1, Counterparty 5, Queue 1, or Queue 5 based on your preferences. 2.Market orders fill at the best available price on the order book. If the market depth at the best counterparty price is insufficient, the unfilled portion will be moved to the next available price until the order is fully filled or terminated; while for BBO orders, in the case of insufficient market depth, the unfilled portion remains open in the order book at the matched price. ###How to use the BBO function? The BBO function is available for USDT Perpetual and BTC Perpetual. To place a BBO order, switch to [Limit], tap [BBO], and select a BBO option when setting the order price. ## Advanced Limit An advanced limit order is a special type of limit order that includes Post-Only, Fill or Kill (FOK), and Immediate or Cancel (IOC) options. - Post-Only: A Post-Only order can only be added to the order book as a maker order and cannot match with any existing orders immediately. It will only be posted and will not be filled right away, avoiding taker fees. - Fill or Kill (FOK): An FOK order requires enough liquidity to fill the entire order at once. If it cannot be fully filled immediately, the order will be canceled completely. This is suitable for large trades. - Immediate or Cancel (IOC): An IOC order requires that the order be filled as much as possible immediately upon submission, and any unfilled portion will be canceled. This is ideal for executing partial trades quickly. ## Market A market order is executed immediately at the best available counterparty price. If the fill price deviates by more than 5% from that price, or if the taker order consumes more order book levels than allowed, the system will terminate the execution and cancel the unfilled portion of the order. ## Smart Market A smart market order is an advanced type of market order that combines the features of a market order with other conditions or algorithms to achieve higher execution efficiency and better fill prices. When executing, a smart market order may consider factors like market depth, price fluctuations, and the state of the order book to optimize the trading outcome. ## Conditional A conditional order is a limit or market order that only becomes effective when certain conditions are met. Conditional orders can be triggered based on the mark price, the last price, or the index price. When market depth is insufficient, the triggered market order may be terminated early if slippage exceeds the 5% threshold or if the taker order consumes more order book levels than allowed. ## TP/SL (Take-Profit/Stop-Loss) A TP/SL order allows you to preset a trigger price, order price and amount. When the market's last price, mark price or index price reaches the trigger price, the system will close the position at the order price you set. These orders are typically used to manage position risk. Setting a take-profit order can lock in profits during market fluctuations, while a stop-loss order helps limit potential losses. For more information on other types of TP/SL orders, please refer to Introduction of Take-Profit / Stop-Loss (TP/SL). Gate.io offers three types of TP/SL orders: Order TP/SL, Position TP/SL, and Trigger TP/SL. - Order TP/SL: Set TP/SL conditions for the current order when placing it. When the market price reaches the trigger price, the system will automatically place buy or sell orders at the preset price and amount. - Position TP/SL: When the mark price, last price or index price reaches the trigger price you set, the system will close the position at the order price. Once the position is closed, any previously set take-profit and stop-loss conditions will automatically be canceled. - Trigger TP/SL: Set specific conditions to determine when to lock in profits or limit losses, and you can set the order amount for partial position reduction. For instructions on setting TP/SL conditions, please refer to How to Set Take-Profit and Stop-Loss (TP/SL). When market depth is insufficient, the triggered market order may be terminated early if slippage exceeds the 5% threshold or if the taker order consumes more order book levels than allowed. ## TWAP (Time-Weighted Average Price) TWAP (Time-Weighted Average Price) is an algorithmic trading strategy that allows a user to split a large order into multiple smaller orders over a period of time and place them at specified intervals. For more details about TWAP orders, please refer to Time-Weighted Average Price (TWAP) Order. ## Trailing Stop A trailing stop order is a type of strategy order that tracks market prices, allowing users to set orders within a specific percentage or price range from the market price during market fluctuations. When the market reverses (pulls back), the trailing stop order submits the trader's preset order to the market. For instructions on using trailing stop orders, please refer to How to Set Trailing Stop Orders. ## Iceberg Pro Iceberg Pro is commonly used to handle large orders by splitting them into smaller ones to control market impact, hide trading intent, and prevent significant price fluctuations. For instructions on using iceberg pro, please refer to How to Use Iceberg Pro. Gate reserves the final right to interpret the product. For further assistance, please visit the Gate.io official support page or contact our customer support team.

Order Type Overview

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