Order Types

Perpetra supports the order types you expect from a professional exchange. Here’s when to use each.

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Market Orders

Execute immediately at the best available price. You’re guaranteed a fill (unless size exceeds book depth), but the exact price depends on liquidity. Use when: You want in or out now and accept some slippage.

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Limit Orders

Specify your price. The order sits in the book until it fills or you cancel. If the market trades through your price, you get filled at your limit (or better). Use when: You have a target price and can wait. Limit orders can add liquidity (maker) or take it (taker), depending on whether your price crosses the spread. Makers often get fee rebates; takers pay a fee.

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Stop-Loss (SL)

A trigger order that becomes a market order once price hits your stop level. Helps cap losses if the market moves against you. Example: Long ETH at $3,000, stop at$2,800. If ETH drops to $2,800, a market sell executes to close (or reduce) the position. Use when: You want automated downside protection.

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Take-Profit (TP)

Same idea, but for locking in gains. When price hits your target, a market order closes the position. Example: Long ETH at $3,000, take-profit at$3,500. When ETH hits $3,500, position closes.

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Post-Only

A limit order that never takes. If it would cross the spread and fill immediately, it’s cancelled. Use when you want maker rebates and won’t accept taker fills.

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Reduce-Only

Only reduces an existing position. A reduce-only buy on a short position closes size; it never opens or increases a long. Useful for exits without accidentally flipping direction.

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IOC (Immediate or Cancel)

Fill what you can at your limit price immediately. Any unfilled portion is cancelled. No resting orders.

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FOK (Fill or Kill)

Fill entirely at your limit price or cancel the whole order. No partial fills.

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Summary