dYdX supports 7 different order types - Market, Limit, and Stop Market, Stop Limit, Trailing Stop, Take Profit Market, and Take Profit Limit.

Market Order

A Market Order is an order to buy or sell a given asset and will execute immediately at the current market price determined by the orderbook at the time an order is processed by the matching engine. To execute a Market Order:

  1. Select Market in the trade box

  2. Select Buy or Sell

  3. Enter an Amount to trade or drag the Leverage Slider to your desired position leverage

Note: Market orders may not execute at exactly the estimated price you see on the website. The price of the orderbook may change before your order is processed by the matching engine.

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Limit Order

A Limit Order is an order to buy or sell a given asset at a specified (or better) price. A limit order to buy will only execute at the limit price or lower, and a limit order to sell will only execute at the limit price or higher. To place a Limit Order:

  1. Select Limit in the trade box

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter a Limit Price - set the maximum or minimum price at which you are willing to buy or sell

**Limit orders have a default Good Til Date of 28 days which can be changed.**

Advanced Limit Order Options

You can also add options like Good-Til-Date, Fill Or Kill, or Post-Only. When selecting a limit order, you can expand the Advanced section to reveal the following Time in Force and Execution policies:

  • Good Til Date - This order will be placed on the order book and automatically expires at the specified date.

  • Fill or Kill - This order will only complete if the entire amount can be matched. Partial matches are not filled with this order type and will not execute.

  • Post-Only - This order is either placed in the order book or expires if matches an existing order. The Post-Only option guarantees that you will not pay the taker fee.

Can I submit multiple limit orders on the same market?

Yes - you can submit as many orders as desired, so long as they are above the minimum threshold.

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Stop Market Order

A Stop Market Order will execute only when the index price crosses a specified Stop Price. Once the Index Price touches your stop price, a market order will automatically be placed to market buy/sell your order amount. Stop market orders can be used to limit losses on your positions by automatically closing them when the price falls below (for longs) or rises above (for shorts) the stop price.

Once triggered, the resulting market order will be immediately filled at the best price on the books.

To place a Stop Market Order:

  1. Select Stop Market under the Stop dropdown menu

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter the desired Stop Price - your order will trigger when the Index Price reaches this amount

Advanced Stop Order Options

You can edit your Good Til Time under the Advanced section in the trade box.

Max slippage is 10% for BTC/ETH and 20% for all other markets.

**Note: Stop orders trigger based off the index price or the last trade price, whichever comes first**

You may have multiple stop orders open for a given position.

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Stop Limit Order

A Stop Limit Order will execute only when the index price crosses a specified Stop Price. Once the Index Price touches your stop price, a limit order will automatically be placed to limit buy/sell your order amount. Stop limit orders can be used to limit losses on your positions by automatically closing them when the price falls below (for longs) or rises above (for shorts) the stop price.

Once triggered, the resulting limit order may either be immediately filled or may rest on the orderbook at the limit price. The limit price operates exactly the same as for normal limit orders.

To place a Stop Limit Order:

  1. Select Stop Limit under the Stop dropdown menu

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter the desired Stop Price - your order will trigger when the Index Price reaches this amount

  5. Enter the desired Limit Price - this will be the limit price of the limit order that is placed once your stop order triggers

Advanced Stop Order Options

You can edit your Good Til Time under the Advanced section in the trade box.

**Note: Stop orders trigger based off the index price or the last trade price, whichever comes first**

You may have multiple stop orders open for a given position.

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Trailing Stop Order

Trailing Stop orders allow traders to protect gains by enabling a position to remain open and continue to profit as long as the price is moving in their favor.

A Trailing Stop order is a modification of a Standard-Stop Market Order. The stop price on a Trailing Stop is determined by the trailing percent. If the index price moves in favor of your position, the stop price will update to “trail” the index price based on your trailing percent. For a long position, a trader places a trailing stop loss below the current market price. For a short position, a trader places the trailing stop above the current market price. If the Index Price drops/rises by more than the Trailing Percent from its maximum/minimum value while your position is open, your order will trigger and will be immediately placed as a Market Order to the orderbook.

**Note: trailing stop orders execute as market orders when they are triggered and so can execute at any price, even a worse price than what they are triggered at. If there is not enough liquidity to fill your order, it will be canceled**

To place a Trailing Stop Order:

  1. Select Trailing Stop under the Stop dropdown menu

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter the desired Stop Trailing Percent

Advanced Stop Order Options

You can edit your Good Til Time under the Advanced section in the trade box.

What is the relationship between the index price and the stop price?

The index price used for triggering stop orders is an aggregate price based on multiple exchanges, but is off-chain and therefore updates much quicker to ensure accurate stop order triggers which is very important in times of rapid market fluctuation.

Can I have multiple stop orders in the same market or position?

Yes, you can have multiple stop orders for the same position / market. You can manage your stop orders (cancel them) on the Orders tab.

**Note: Stop orders trigger based off the index price or the last trade price, whichever comes first**

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Take Profit Market Order

Take Profit Market orders allow traders to set targets and protect profits on positions by specifying a price at which to close an open position for profit.

In a Take Profit Market order a market order will trigger when the profit price is reached. For a long position, a trader places a stop above the current market price. For a short position, a trader places the stop below the current market price. If the Index Price rises/drops to take-profit point, the T/P order changes from 'Untriggered' -> 'Open', and then behaves as a traditional market order. Take-profit orders are best used by short-term traders interested in managing their risk. This is because they can get out of a trade as soon as their planned profit target is reached and not risk a possible future downturn in the market.

To place a Take Profit Market Order:

  1. Select Take Profit Market under the Stop dropdown menu

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter the desired Stop Trigger Price

Advanced Stop Order Options

You can edit your Good Til Time under the Advanced section in the trade box.

Max slippage is 10% for BTC/ETH and 20% for all other markets.

**Note: Take profit orders trigger based off the index price or the last trade price, whichever comes first**

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Take Profit Limit Order

Take Profit Limit orders allow traders to set targets and protect profits on positions by specifying a price at which to close an open position for profit.

In a Take Profit Limit order a limit order will trigger when the profit price is reached. For a long position, a trader places a take profit limit above the current market price. For a short position, a trader places the stop below the current market price. If the Index Price rises/drops to take-profit point, the T/P order changes from 'Untriggered' -> 'Open', and then behaves as a traditional limit order. Take-profit orders are best used by short-term traders interested in managing their risk. This is because they can get out of a trade as soon as their planned profit target is reached and not risk a possible future downturn in the market.

To place a Take Profit Limit Order:

  1. Select Take Profit Limit under the Stop dropdown menu

  2. Select Buy or Sell

  3. Enter an Amount - this is the total trade size

  4. Enter the desired Stop Trigger Price

  5. Enter the desired Limit Price

Advanced Stop Order Options

You can edit your Good Til Time under the Advanced section in the trade box.

**Note: Take profit orders trigger based off the index price or the last trade price, whichever comes first**

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Are there gas fees for placing orders?

There are no gas fees as all trades are executed on Layer 2.


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