Order Types

Market Order

A market order is an order to buy or sell an asset immediately at the best available price in the market.

Limit Order

A limit order is an order to buy or sell an asset at a specified price or better. If the orderbook price is better than the limit price, it'll be filled up until the limit price. If the orderbook price doesn't reach the limit price when the order is placed, it remains open until it can be filled or is canceled. If the order is partially filled due to insufficient market liquidity at that price, the unfilled portion stays active until it is either completed or canceled.

Stop-Market

A stop-market order is a market order triggered when a specific price is hit. Hibachi currently uses the mark price as the trigger price.

Stop-Limit

A stop-limit order is a limit order triggered when a specified price is reached, placing a limit order at the limit price.

TWAP

A TWAP order is a large order divided into smaller suborders, executed in 30 second intervals. Enabling the "randomize" option varies the size and timing of these suborders for added execution discretion, and each child order must meet the minimum order size criteria.

Take-Profit / Stop-Loss

Take-profit and stop-loss (TPSL) orders attempt to close some portion of an open position when a specific price is hit via a stop-market order. TPSL orders are reduce-only, meaning they can only reduce the size of a position, and cannot open a new position on the opposite side. TPSL orders can either be attached to an existing open position or to a new limit or market order. When attached to an open position, TPSLs will immediately be ready to trigger when their trigger price is reached. When attached to a new limit or market order, TPSLs will be activated only after the order has received its first fill of any size. If an open order with attached TPSLs is cancelled before its first fill, all attached TPSLs will be cancelled with it. If an open position is closed, all TPSLs on that position are cancelled.

A TPSL is not guaranteed to close a position in every case. Once triggered, a TPSL will immediately send a stop-market order, but there may be insufficient liquidity to fully fill the order. In this case the TPSL is still exhausted. It will not send any further orders to close the position.

When entering a TPSL order on an existing position, the order will be marked as either a take-profit (TP), or stop-loss (SL) based on the current value of the position, not the value on entry. For example, if a long position is entered at a price of 100 USDT, and the current mark price is 110 USDT, a new TPSL order entered with price 105 USDT would be a stop-loss even though an exit at 105 USDT would mean a net profit. Similarly if a long position is entered at price 100 USDT, but is now marked at price 90 USDT, a new TPSL order entered with price 95 USDT would be a take-profit even though an exit at 95 USDT would mean a net loss.