> ## Documentation Index
> Fetch the complete documentation index at: https://docs.perpetradex.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Order Types

> Market, limit, stop-loss, take-profit, and more.

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

## 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.

<Tip>
  On volatile moves, market orders can slip. For large size, consider splitting into smaller orders or using a limit.
</Tip>

## 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.

## 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.

## 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.

## 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.

## 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.

## IOC (Immediate or Cancel)

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

## FOK (Fill or Kill)

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

## Summary

| Type        | Behavior                               |
| ----------- | -------------------------------------- |
| Market      | Fill now at best price                 |
| Limit       | Rest in book until filled or cancelled |
| Stop-Loss   | Trigger market sell/buy at stop price  |
| Take-Profit | Trigger market close at target price   |
| Post-Only   | Limit that must add liquidity          |
| Reduce-Only | Only reduce position, never add        |
| IOC         | Fill now or cancel remainder           |
| FOK         | Fill all or cancel all                 |