> For the complete documentation index, see [llms.txt](https://docs.txflow.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.txflow.com/perp/order-types-and-matching/order-types.md).

# Order Types

### Limit orders

A Limit Order executes at your specified price or better. It will not be executed at a worse price.

<table><thead><tr><th width="129.07421875">Feature</th><th width="550.53515625">Detail</th></tr></thead><tbody><tr><td>Price Control</td><td>You set the exact price; the order rests in the book until matched</td></tr><tr><td>Execution</td><td>Fills when market price reaches your limit price</td></tr><tr><td>Fees</td><td>Maker fees if resting; taker fees if immediately matched</td></tr><tr><td>Best For</td><td>Precise entries and exits; avoiding slippage</td></tr></tbody></table>

**Example:** You want to buy 1 BTC at $50,000 or lower. The current market price is $50,200. Your limit buy order rests in the book until BTC drops to $50,000 — or until you cancel it.

### Market orders

A Market Order executes immediately at the best available price. Execution price is not guaranteed — you prioritize speed over price.

<table><thead><tr><th width="100.4375">Feature</th><th width="576.62109375">Detail</th></tr></thead><tbody><tr><td>Speed</td><td>Executes instantly against available liquidity</td></tr><tr><td>Price</td><td>Takes the best available prices in the order book</td></tr><tr><td>Slippage</td><td>5% tolerance — see <a href="/perp/trading-rules/position-and-order-limits.md">Position and Order Limit</a></td></tr><tr><td>Fees</td><td>Always pays taker fees</td></tr><tr><td>Best For</td><td>Entering or exiting quickly in high-liquidity markets</td></tr></tbody></table>

### Execution Options

#### Post-Only

Ensures your order only adds liquidity (maker role).

<table><thead><tr><th width="115.58984375">Feature</th><th width="639.30859375">Detai</th></tr></thead><tbody><tr><td>Behavior</td><td>If the order would immediately match (take liquidity), it is automatically cancelled</td></tr><tr><td>Fees</td><td>Guarantees maker fees — never taker fees</td></tr><tr><td>Use Case</td><td>Capturing maker rebates; algorithmic strategies</td></tr></tbody></table>

{% hint style="info" %}
Post-Only orders may be cancelled in volatile markets if they would cross the spread.
{% endhint %}

#### Reduce-Only

Ensures your order only closes or reduces an existing position — it cannot open a new position or increase exposure.

<table><thead><tr><th width="103.7890625">Feature</th><th width="586.1015625">Detail</th></tr></thead><tbody><tr><td>Behavior</td><td>Order size is capped at your current position size; any remainder is cancelled</td></tr><tr><td>Direction</td><td>Can only move the position toward zero — not reverse or increase it</td></tr><tr><td>Use Case</td><td>Taking profits; closing positions without accidentally flipping direction</td></tr></tbody></table>

### Time-in-Force(TIF)

<table><thead><tr><th width="227.66015625">Option</th><th width="335.46484375">Description</th><th width="274.97265625">Use Case</th></tr></thead><tbody><tr><td><strong>GTC</strong>(Good-Til-Cancel)</td><td>Order remains active until a specified expiration time, then auto-cancelled</td><td>Setting orders overnight; scheduled exits</td></tr><tr><td><strong>IOC</strong>(Immediate-or-Cancel)</td><td>Executes immediately for whatever quantity is available; unfilled portion is cancelled. Never rests in the book.</td><td>Capturing fleeting opportunities; testing liquidity</td></tr></tbody></table>

### Related Pages

<table><thead><tr><th width="168.9609375">Pages</th><th>Description</th></tr></thead><tbody><tr><td><a href="/perp/order-types-and-matching/order-matching.md">Order Matching</a></td><td>How TxFlow matches orders</td></tr><tr><td><a href="/perp/trading-rules/margin-tiers.md">Margin Tiers</a></td><td>Maximum leverage by asset and position size</td></tr><tr><td><a href="/perp/liquidations.md">Liquidation</a></td><td>Detailed liquidation mechanics</td></tr><tr><td><a href="/perp/trading-fees.md">Trading Fees</a></td><td>Trading and funding fees</td></tr></tbody></table>

### FAQ

**Why was my TP or SL triggered at a different price?**&#x20;

TxFlow uses the Mark Price to trigger TP/SL conditions. Once triggered, the closing order still needs to be executed against available market liquidity, so the final execution price may differ from the trigger price.A trigger confirms that the condition was reached; it does not guarantee that the position will be filled at that exact price.

**Why was my TP triggered but not filled?**&#x20;

Triggering and filling are separate steps. After the trigger condition is reached, the order must be matched with available liquidity.Depending on the order status and market conditions, the order may be filled, partially filled, cancelled, or remain active. Please check the order history for the final status.

**Why did my market order execute at a different price?**&#x20;

Market orders execute against the best available prices in the order book. The execution price is not guaranteed because market orders prioritize execution speed over price certainty.Large orders, low liquidity, and fast market movements may result in slippage. TxFlow applies a fixed 5% slippage tolerance to market orders. If the tolerance is exceeded, the valid portion may be filled and the remaining amount may be cancelled.