dYdX supports 4 different order types: Market, Limit, Stop Limit, Trailing Stop.

Opening a position using a 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.

Let's take a look at each field:

Amount - this is the amount of BTC to buy or sell. This is the amount your position will increase or decrease by when the order is filled, not your resulting position amount.

Leverage — Leverage controls how much of your position is borrowed. The higher the leverage is, the smaller your margin deposit is and the more funds you borrow to open your position. Borrowing more funds is riskier, amplifying both your gains and losses, while also giving your position a riskier liquidation price.

Opening a position using a 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. 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

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

Let's take a look at each field:

Amount - this is the amount of BTC to buy or sell. This is the amount your position will increase or decrease by when the order is filled, not your resulting position amount.

Limit Price — this order can only be filled at the specific limit order or better. If your order crosses at the time of placement, your order will fill any crossing orders at the most favorable price.

Advanced Limit Order Options

You can also add options like Good-Til-Date, Post-Only, Fill Or Kill, or Immediate or Cancel. 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.

  • Immediate or Cancel - This order will fill the order immediately and any part that isn’t filled will be canceled.

Opening a position using a 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 and optionally Max Slippage under the Advanced section in the trade box.

**Note: Stop orders trigger based off the index price, not the mid market price**

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

Let's take a look at each field:

  • Amount - this is the amount of BTC to buy. This is the amount your position will increase or decrease by when the order is filled, not your resulting position amount.

  • Stop Price - when the index price of this market crosses your stop price, your stop order will either convert to a limit order (stop limit order) or execute as

  • Limit Price — this order can only be filled at the specific limit order or better. If your order crosses at the time of placement, your order will fill any crossing orders at the most favorable price.

Opening a position using a 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.

**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.

Let's take a look at each field:

  • Amount - this is the amount of BTC to buy. This is the amount your position will increase or decrease by when the order is filled, not your resulting position amount.

  • Trailing Percent - 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.

Opening a position using a Take Profit Limit Order

A Take Profit Limit order allows traders to protect profits by specifying an exact price at which to close an open position for profit. For a long position, a trader places a above the current market price. For a short position, a trader places the trailing stop below the current market price. If the Index Price rises/drops to ake-profit point, the T/P order changes from 'Untriggered' -> 'Open', and then behaves as a traditional limit order.

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.

Other Resources:

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