- Market: An order that executes immediately at the best available market prices. Typically used in order to immediately enter or exit a position.
- Limit: An order that specifies the price at which it will be executed. Limit orders can remain active based on different time-in-force settings (see below). Typically used when execution price matters more than being filled immediately
- Stop Market: A market order that is placed when a price condition is met. Typically used to take profit or limit losses.
- Stop Limit: A limit order that is placed when a price condition is met.
All limit orders on Pacifica belong to one of the following TIF options.
- Good-Til-Cancelled (GTC): The order remains active on the orderbook until it is either filled or cancelled.
- Immediate-or-Cancel (IOC): The order attempts to match immediately at the specified price (or better). Any portion of the order that is not filled immediately is cancelled.
- Add-Liquidity-Only (ALO): Also known as “Post Only,” this order is added to the order-book only if it does not immediately match against an existing order.
- Top-of-Book (TOB): A special order type that allows “ALO (Post Only)” orders which cross the orderbook to be placed at the best bid/ask possible, instead of being cancelled. Best bid refers to lowest ask in orderbook minus one tick. Best ask refers to highest bid in orderbook plus one tick.
Note: In order to protect liquidity providers from adverse selection, all market orders, TIF GTC, and TIF IOC orders are subject to a randomized 50-100ms delay.