Thalex offers the following order types:
- Market orders
- Limit orders
- Stop limit orders
- Stop market orders
- Bracket orders
- Trailing stop orders
These order types are described in more detail below.
A market order is an order that is immediately executed at the best available price.A market order ensures execution, but it does not guarantee a specific price.
Example: A market order is placed to buy 1 BTC-PERPETUAL. The best offer in the order book is $50,100 at a size of 1 BTC. The buyer buys 1 BTC-PERPETUAL at a price of $50,100.
A buy limit order is an order that buys a contract with a restriction on the maximum price to be paid (the limit price). A sell limit order is an order to sell a contract with a restriction on the minimum price to be received (the limit price)
Example: A sell limit order is placed for 1 BTC-PERPETUAL with a limit price of $50,000. The best bid is $50,005 at a size of 0.5 BTC and the next best bid is $49,995 at a size of 0.75 BTC. The sell limit order is partially filled and the trader sells 0.5 BTC-PERPETUAL at $50,005. The remaining part of the order is unfilled and will sit in the order book until a buy order with a price of at least $50,000 is placed.
|Stop market order||
A stop market order, also known as a stop-loss or take-profit order, is a market order that is submitted if the contract trades at a specified price.
Example: A buy stop market order is placed at $51,000 (the stop price) for 1 BTC-PERPETUAL. The order does not appear in the order book, but a market order will be submitted as soon as the instrument trades at or above $51,000. When the order is submitted, if the best offer is $51,010 with a size of 2 BTC. The trader who placed the stop market order buys 1 BTC at $51,010.
|Stop limit order||
A stop limit order is an order that places a limit order in the order book once the market price of the contract reaches a specified price (the stop price).
Example: A stop limit sell order is placed for 1 BTC-PERPETUAL with a stop price of $50,000 and a limit price of $49,500. If the price of the BTC-PERPETUAL falls below $50,000, an order to sell 1 BTC-PERPETUAL at a limit price of $49,500 is immediately placed in the order book (which may or may not be filled).
A bracket order combines two stop market orders at different prices. If one stop market order is reached, the other one is cancelled.
Example: While the BTC-PERPETUAL trades around $51,000, a sell bracket order is submitted with a stop price of $50,000 and a take profit price of $51,500. If the BTC-PERPETUAL trades at or below the stop price, a sell market order will be placed. Similarly, if the BTC-PERPETUAL trades at or above the take profit price, a sell market order will be placed. If the stop price is reached, the take profit market order will be cancelled, and vice versa.
|Trailing Stop order||
A trailing stop is a stop market order that dynamically adjusts the stop price. This order is useful for traders who want to lock in profits automatically, while still taking advantage of an ongoing price trend.
Example: A sell trailing stop order is placed for 1 BTC-PERPETUAL with a stop price of $51,000 and a callback rate of 1%. If the BTC-PERPETUAL trades at or below $51,000, a sell market order will be submitted. Alternatively, if the BTC-PERPETUAL trades at $52,000, the stop price will be adjusted to $51,480 (1% below the price of the BTC-PERPETUAL). If the BTC-PERPETUAL subsequently trades at or below $51,480, a sell market order will be submitted as the adjusted stop price has been triggered.
Submitting a Post-Only order will not allow the order to be immediately matched in the order book. If this is not possible at the requested price, the order will automatically be placed in the order book at the best available price. This only allows maker trades to occur, charging the corresponding fee instead of taker. The maker-taker fees are shown here.
Example: A Post Only order to buy a call option at a size of 0.0125 BTC is submitted. The order book already contains an ask price available for 0.0125 BTC, therefore the order to buy a call option is placed at 0.0120 BTC.
A Reduce-Only order can only reduce a currently open position. If the order size is larger than the currently open position, the order size is automatically reduced to match the size of the currently open position.
Example: A Reduce-Only stop market sell for 1 BTC-PERPETUAL is submitted at $51,000. Currently, the trader has a long position in the BTC-PERPETUAL of 0.4 BTC. Therefore, the size of the Reduce-Only stop market sell order will be automatically reduced to 0.4 BTC. If the BTC-PERPETUAL trades at or above $51.000, the sell market order will be submitted.
Time in Force
|GTC (Good Till Cancel)||After execution, any unfilled portion of the order will remain in the order book until manually cancelled.|
|IOC (Immediate or Cancel)||After execution, any unfilled portion of the order will be immediately cancelled.|