> For the complete documentation index, see [llms.txt](https://docs.afx.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.afx.xyz/trading-rules/order-types.md).

# Order Types

AFX supports multiple order types to accommodate different trading strategies.

## Market Order

A Market Order executes immediately at the best available price in the order book.

* **Size** can be specified in the base currency (e.g., BTC) or in USDC.
* A **slippage tolerance** is applied to protect against unfavorable price movements. The default slippage is 3% (configurable from 0.5% to 5% per trading pair).
* The execution price is bounded by: Long — `Last Price * (1 + slippage)`, Short — `Last Price * (1 - slippage)`. Any portion of the order beyond the slippage boundary is cancelled.
* Market orders support attaching **Take Profit / Stop Loss** triggers.

## Limit Order

A Limit Order is placed at a specific price and will only execute at that price or better.

* **Price range:** 10% of Mark Price to 999,999.
* Supports quick-fill from the last traded price.
* **Time-in-force** options:
  * **GTC** (Good-Til-Cancelled) — The order remains active until fully filled or manually cancelled. This is the default.
  * **IOC** (Immediate-Or-Cancel) — Any unfilled portion is immediately cancelled.
  * **FOK** (Fill-Or-Kill) — The order must be filled entirely or it is cancelled completely.
  * **Post-Only** — The order will only be placed as a maker order. If it would immediately match, it is rejected instead.
* Limit orders support **Take Profit / Stop Loss** and **Reduce Only** options.

## Conditional Market Order (Stop Market)

A Conditional Market Order becomes a Market Order when the trigger price is reached.

* **Trigger Price** can be based on **Last Price** or **Mark Price**.
* Price range: 10% of Mark Price to 999,999.
* No margin cost check at the time of placement — the check occurs when the order is triggered.
* Supports **Reduce Only**.

## Conditional Limit Order (Stop Limit)

A Conditional Limit Order becomes a Limit Order when the trigger price is reached.

* Both a **Trigger Price** and a **Limit Price** are required.
* Trigger price can be based on **Last Price** or **Mark Price**.
* No margin cost check at the time of placement.
* Supports all time-in-force options available for Limit Orders.
* Supports **Reduce Only**.

## TWAP Order

TWAP (Time-Weighted Average Price) execution splits a large order into smaller sub-orders over a specified time period to reduce market impact. Availability may vary by market, account state, and product rollout stage.

## Reduce Only

Reduce Only is a special order attribute (available in One-Way mode) that ensures the order will only reduce an existing position — it will never open a new position or increase exposure in the opposite direction.

* If you are long, a Reduce Only sell order will only reduce or close your long position.
* If you are short, a Reduce Only buy order will only reduce or close your short position.
* If there is no open position, the Reduce Only order is rejected.
* If the position is closed before the Reduce Only order executes, the order is automatically cancelled.

## Order Limits

| Parameter                     | Limit |
| ----------------------------- | ----- |
| Active orders per symbol      | 200   |
| Conditional orders per symbol | 100   |


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