Order Types

BLADE currently offers the following order types:

Market Orders

Market orders are filled immediately at the best available price. They are used when the certainty of execution is a priority over the price of execution.

Market orders may be split across multiple counterparties which could result in multiple prices for the same market order.

Limit Orders

Limit orders are filled at a specified price or better. They are used to control the price of execution rather than the certainty of execution. A limit order may result in a missed trading opportunity if the price moves away from the limit price before the order can be filled.

Limit orders default to a good-til-canceled order duration which means limit orders will remain active until they are filled or canceled. Alternatively, users can choose a good-til-time order duration which means limit orders will remain active until the date and time specified or they are filled or canceled, whichever comes first.

Any portion of limit orders that can be immediately matched are immediately filled.

Stop Orders

Stop orders are filled immediately as market orders once the price reaches a specified entry/exit point, known as the stop price. They are used to protect unrealized gains or minimize losses.

Stop orders are of two types: buy stop orders and sell stop orders. A buy–stop order is entered at a stop price above the current market price. A sell–stop order is entered at a stop price below the current market price.

Since stop orders become market orders, they are not guaranteed a specific execution price and may execute significantly away from its stop price, especially during volatile market conditions.

Post-Only Orders

Post-only orders are either added to the order book as limit orders or rejected because they would immediately match against pre-existing orders.