> 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="/pages/Whq0nZ2jGGayqyHTTFvA">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="/pages/e7BqqHMgcDmp3buJMcQv">Order Matching</a></td><td>How TxFlow matches orders</td></tr><tr><td><a href="/pages/RsrFttIKuKlVFyVqd25z">Margin Tiers</a></td><td>Maximum leverage by asset and position size</td></tr><tr><td><a href="/pages/z986rTaJ8Z98daTE3x0N">Liquidation</a></td><td>Detailed liquidation mechanics</td></tr><tr><td><a href="/pages/qHStLNd4Ek6xhOePLqG1">Trading Fees</a></td><td>Trading and funding fees</td></tr></tbody></table>