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
Active orders per symbol
200
Conditional orders per symbol
100
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