Oder types
Last updated
Last updated
Three types of orders are available for perpetual contract trading on NEXDEX (Market, Limit and Stop).
All positions are opened in hedging mode by default, long and short positions can be opened simultaneously within one contract.
A market order is a request to buy or sell instantly at the current best price once placed. It relies on existing liquidity, meaning it matches with limit orders already in the order book. While a market order ensures the order's completion, the exact fill price isn't guaranteed due to potential rapid market movements. Traders typically use market orders when seeking to capitalize on nearby market trends.
Fee Type: Taker
To place a Market order, simply set the order size, having previously selected the contract, margin type, leverage, and direction (Long/Short).
Time-in-force: FOK (Fill Or Kill) - order must be filled immediately in its entirety or not executed at all.
A Limit Order is a command to buy or sell an asset at a certain price or better. A buying limit order will go through at the set price or lower, while a selling limit order will go through at the set price or higher.
Fee Type: Maker
To place a Limit order, set the Limit Price and the order size.
When you place a limit order, if there are already orders in the order book at the same or a better price, your limit order will be filled right away at the best available price.
For example, the market price of the contract is $25 000. You set a Limit order to buy at a price of $25 500. Since the market price is better than the set price, the order will be executed immediately. In this case, the Limit order will be equivalent to Market, only with a set limit price.
In this case Fee Type is Taker.
1. Allow users to execute their orders at a more precise price.
2. Enable users (especially market makers) to enhance the order book's liquidity.
Important to note!
On NEXDEX, Maker orders are exempt from trading fees. Moreover, those who provide liquidity to the order book, on the contrary, receive rewards through the Open Liquidity Program, earning 260,000 NDT every week for ~5 years from the mainnet launch.
This method is aimed at increasing the exchange's liquidity and boosting trading activity, particularly when combined with the Trading Reward.
Your NDT represent your share of all fees earned by the exchange when you stake them.
Time-in-force: GTC (Good Till Cancel) - order will continue to work until filled or canceled.
You can also activate an additional Post only feature to ensure that your order will definitely go into the order book and won't be executed immediately (as illustrated in the Exceptional case above).
There are two types of stop orders on NEXDEX: Stop-Market and Stop-Limit order. The stop price serves as a trigger for the execution of each of these orders. Such orders usually help traders open or close their positions more accurately with less risk, by adding an additional condition to their strategy in the form of a stop price.
In essence, this is a market order that will be instantly placed and executed once the Mark price of the contract reaches the set Stop Price.
To set such an order, it's sufficient to enter the Stop Price, select Market in the Order Price field, and also set the position size.
Fee Type: Taker
Time-in-force: FOK (Fill Or Kill) - order must be filled immediately in its entirety or not executed at all.
A Stop Limit order operates as a traditional limit order, which is placed only after the Stop Price has been hit. To place a Stop Limit order, it's sufficient to set the Stop Price, the Limit Price, and the order size. As soon as the Mark Price reaches the Stop Price, the limit order will be placed in the order book.
For example, your trading setup stipulates that once the contract price reaches $25000, you plan to close your Long position by selling 1 BTC at a price of $25 100 or higher. In this case, the Stop Price will be $25000, and the Order Price will be $25100. This means that your position will be closed at a price of $25100 or higher.
Fee Type: Maker
Time-in-force: GTC (Good Till Cancel) - order will continue to work until filled or canceled.
Exceptional case:
When placing a Stop Limit order, if the Order Price is lower than the Stop Price while selling 1 BTC, the order will be executed immediately at the market price. Similarly, when buying 1 BTC, if the Order Price is set higher than the Stop Price, the order will be executed immediately. In such a cases, the Fee Type will be Taker.
