Limit Order
A Limit Order is an order placed by a trader at a specific price (limit price), requesting execution of a buy or sell order at that price or better.
Limit orders are not executed immediately; instead, they enter the Order Book and wait for the market price to reach the specified price for matching.
How to set the price and quantity for a Limit order?
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Click on Limit Order — enter the price — enter the quantity — select Buy/Sell;
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When the market price reaches or is better than the limit order price, the exchange's matching engine pairs the order;
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For example, a buy limit order at 90,000 USDT will be executed when there is a sell order ≤90,000 USDT in the market;
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Similarly, if you submit a sell limit order for 0.1 BTC at 80,000 USDT, the order will enter the sell (Ask) side of the order book, waiting for a buy order ≥80,000 USDT to be matched.
Market Order
A Market Order is an order where a trader immediately buys or sells a specified quantity of an asset at the current best available market price.
How to set the price and quantity for a market order?
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Click on Market Order — Enter the quantity — Select Buy/Sell.
Price Risk Control: Market orders are automatically converted within the system into Limit orders with Immediate or Cancel (IOC) characteristics, with the price set to fluctuate within 10% of the market price. This ensures that market orders have a limited impact on the order book while simplifying the processing logic of the trading engine.
Example: If the current market price is $500:
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For a buy order, the price cap is $550, meaning buy orders with a price >$550 cannot be placed, but lower prices (e.g., $10) are unaffected.
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For a sell order, the price floor is $450, meaning sell orders with a price <$450 cannot be placed, but higher prices (e.g., $9999) are unaffected.
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Internally, market orders are automatically adjusted to IOC limit orders with a 10% range, so market orders may not be fully executed.