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Market Order

A market order attempts to trade immediately at the best available prices within price protection.

What it does

A market order prioritizes an immediate execution attempt. It takes eligible liquidity from the best available price outward until the requested quantity fills or no more liquidity is available within its protection boundary.

The final average price can differ from the price shown when you submit because the order may fill across several Order Book levels.

How it works

Polyester converts a Market order into an immediate-or-cancel order at the accepted price-protection boundary. It matches against eligible liquidity up to that boundary, then cancels any unfilled quantity.

Completed fills remain final. A canceled remainder does not become an open order.

When to use it

  • Use it when trading now matters most. Choose a Market order when attempting to enter or exit immediately matters more than receiving one exact price.
  • Avoid it when you need a firm price boundary. Choose a Limit order when you will not buy above or sell below a specific price, especially when visible liquidity is thin.

Review the Order Book, estimated price impact, minimum received, and current price-protection setting before submitting a larger Market order.

Example

Let's say Bitcoin is currently trading at 100,000 USDT. You want to buy 0.01 BTC, worth about 1,000 USDT, and entering the market now matters more to you than receiving one exact price. You choose a Market order.

  1. You submit a Market buy for 0.01 BTC.
  2. The best eligible ask fills 0.006 BTC at 100,000 USDT.
  3. The next eligible ask fills the remaining 0.004 BTC at 100,050 USDT.
  4. The order completes because both prices are within its price-protection boundary.

Result: You buy 0.01 BTC for 1,000.20 USDT before fees, at an average price of 100,020 USDT.

These are example prices and available quantities. Actual execution depends on live liquidity and the order's price-protection setting.

What to watch

  • Available prices can change between review and execution.
  • A larger order can move through several price levels.
  • Price protection can leave part or all of the order unfilled.
  • Each completed fill receives its own maker or taker treatment and fee.
  • Use a Limit Order when a specific price boundary matters more than trading immediately.

FAQ

Limit Order Buy at a chosen maximum price or sell at a chosen minimum price. Time-in-Force & Post-Only Control what happens to unfilled limit quantity and whether an order may remove liquidity immediately. Iceberg Understand the Iceberg order concept and its current availability on Polyester. TWAP Spread a target quantity across scheduled child orders while monitoring execution, timing, and completion risk. Ladder Distribute a target quantity across planned limit-price levels and monitor each child order independently. Stop-Loss Market Attempt market-style execution after a downside condition while accounting for gaps, protection, and partial fills. Stop-Loss Limit Activate a limit child after a downside condition while keeping trigger price and execution boundary distinct. Trailing Stop Follow a favorable price extreme and activate a child order after price reverses by a configured distance.
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