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  4. Trade Orders

Take-Limit

  • Updated

A take-limit will place a limit order in the opposite direction to price movement, only once the trigger price has been hit. The mark price, index price, or last price can be chosen as the trigger. For a take limit order to buy, the trigger price needs to be lower than the current value. For a take limit order to sell, the trigger price needs to be higher than the current value.

Example of a take limit order

For Long Positions:

If the current price of bitcoin is $100,000 and the client wishes to take profit with a limit order that is triggered at $120,000 for an open long position, a take-limit order is one way of achieving this. A take limit with a trigger price of $120,000 could be placed. The take limit could have a limit price the same ($120,000), lower (such as $119,000), or higher (such as $121,000) than the trigger price. Once the take limit has been triggered, the resulting limit order will operate like a normal limit order. The limit order is only created after the trigger price for the take limit has been reached. The trigger price can be set to use the last price, mark price or index price.

For Short Positions:

If the current price of bitcoin is $100,000 and the client wishes to take profit with a limit order that is triggered at $80,000 for an open short position, a take-limit order is one way of achieving this. A take limit with a trigger price of $80,000 could be placed. The take limit could have a limit price the same ($80,000), lower (such as $79,000), or higher (such as $81,000) than the trigger price. Once the take limit has been triggered, the resulting limit order will operate like a normal limit order. The limit order is only created after the trigger price for the take limit has been reached. The trigger price can be set to use the last price, mark price or index price.

Placing a take limit on Deribit

  1. 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.

  2. 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.

  3. A profit and loss calculator.

  4. Order type. Some order types are not available for certain instruments.

  5. Order amount

  6. Order price

  7. Trigger Price - The price which once reached, will trigger the placement of the order.

  8. Trigger

    • 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.

    • 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.

    • 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.

  9. Buy and Sell buttons

  10. TIF

    • Good till cancel (GTC) - GTC is the default setting. The order will remain open until it is filled, cancelled, or the instrument expires.

    • Good till day (GTD) - If it has not already been filled or cancelled, the order will be cancelled automatically at the end of the current daily session (8 AM UTC).

    • Immediate or cancel (IOC) - Any portion of the order that cannot be filled immediately will be cancelled.

    • Fill or Kill (FOK) - The order is either filled immediately and completely, or not at all.

  11. Special ordertype

    • 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.

    • A hidden order will sit in the order book, but will not be visible to other traders. A hidden order will always match as a taker order for fee purposes. Non-hidden orders at the same price level have a preference over hidden orders in the matching engine.

    • Post only (post_only) - This setting will ensure the order will not act as a taker, and therefore will not match against orders that are already resting in the orderbook (excluding hidden orders). If the price of the order is such that it would otherwise execute against the best available price, the post only order will be placed into the order book one tick away from the best available price.

  12. The current position size on the selected instrument.

  13. The maximum leverage possible on the instrument.

  14. Take profit as secondary order.

    1. On/Off toggle.

    2. Order type. Some order types are not available for certain instruments.

    3. Trigger Price - The price which once reached, will trigger the placement of the order.

    4. Order price

    5. Trigger

      • 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.

      • 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.

      • 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.

    6. Special

      • 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.

    7. Estimated profit if the primary order is filled and then the secondary order is also filled.

  15. Stop-loss as secondary order.

    1. On/Off toggle.

    2. Order type. Some order types are not available for certain instruments.

    3. Trigger Price - The price which once reached, will trigger the placement of the order.

    4. Order price

    5. Trigger

      • 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.

      • 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.

      • 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.

    6. Trigger Offset - Used to set the maximum distance from the current price for a trailing stop.

    7. Special

      • 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.

    8. Estimated profit if the primary order is filled and then the secondary order is also filled.

  16. Initial margin requirement

  17. Position impact PM (portfolio margin).