A market order will execute immediately at the best bid (for a market sell) or best ask (for a market buy). If it fails to fill completely at the best bid/ask because there are not enough orders at that price for a complete fill, the remaining portion of the order will then move on to the next best price. If after exhausting all the orders at that level the market order is still not completely filled, it will again move deeper to the next best price. This process will repeat until the entire order has been filled.
There is one exception to this. If the order moves so deep into the order book that it hits the trading bandwidth, at this point, a limit order would be left at the bandwidth price for the remainder.
As you might imagine this has the potential to execute at a worse price than intended if the order book does not have a lot of opposing orders in it for the market order to execute against. This phenomenon is known as slippage i.e. how far the order slipped into the order book.
A market order gives a guaranteed fill, but not a guaranteed price. The exception to this guaranteed fill is if the order hits the trading bandwidth limit, in which case a limit order will be left at the trading bandwidth limit price.
For example, let’s assume Bitcoin is currently trading with a best bid of $100,000 [1] and a best ask of $100,001 [3]. If a market order to buy is placed, the order will now fill against the best ask at $100,001 [2,3]. If the quantity of the best ask is larger than the size of the market order, the market order will be fully filled at this price. However, if the best ask is not sufficiently large to fill the entire market order, any remaining portion will then move up to the next best ask and begin being filled there. This process will continue until the entire market order has been filled.
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USD or asset selection. Choose whether you want to enter the size of the order in USD or an amount of the underlying asset. Values will be rounded to the nearest valid amount.
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RFQ. This button allows traders to send a notification to market makers that indicates they are interested in trading the instrument. This will allow market makers to put a quote into the order book for the requested size. This button is informational only, not an execution mechanism.
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A profit and loss calculator.
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Order type. Some order types are not available for certain instruments.
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Order amount
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Buy and Sell buttons
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Special
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Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.
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The current position size on the selected instrument.
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The maximum leverage possible on the instrument.
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Take profit as secondary order.
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On/Off toggle.
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Order type. Some order types are not available for certain instruments.
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Trigger Price - The price which once reached, will trigger the placement of the order.
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Order price
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Trigger
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Mark - When “Mark” is selected for the trigger price, the mark price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Last - When “Last” is selected for the trigger price, the last traded price of the instrument reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Index - When “Index” is selected for the trigger price, the index price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Special
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Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.
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Estimated profit if the primary order is filled and then the secondary order is also filled.
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Stop-loss as secondary order.
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On/Off toggle.
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Order type. Some order types are not available for certain instruments.
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Trigger Price - The price which once reached, will trigger the placement of the order.
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Order price
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Trigger
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Mark - When “Mark” is selected for the trigger price, the mark price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Last - When “Last” is selected for the trigger price, the last traded price of the instrument reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Index - When “Index” is selected for the trigger price, the index price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.
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Trigger Offset - Used to set the maximum distance from the current price for a trailing stop.
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Special
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Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.
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Estimated profit if the primary order is filled and then the secondary order is also filled.
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Initial margin requirement
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Position impact PM (portfolio margin).