I. Limit Order

1. Limit Order Explained
The limit order enables users to preset an expected filled price for the order, with execution occurring either at that set price or at a more favorable rate.
(1) When there are matching or better orders within the order book, limit orders are executed instantly, aiming to secure the optimal price available. After successfully filling the order, a taker fee is incurred due to the consumption of market liquidity.
(2) In cases where no matching or better orders are present, the order will be added to the order book to be executed. Upon fulfillment, only maker fee is incurred as the user is contributing to the market liquidity.

When using limit orders, the maximum price that users can set should be within 10% of the average mark price in the last 5 minutes, though this varies by trading pairs (the info displayed on the trading page shall prevail). Any pending orders that deviate from the mark price by more than 10% for a period exceeding 7 days will be canceled automatically.

2. Why didn't my order fill even when the last price reached my preset limit price?
Limit order requires a matching or better order in the order book to be filled. You'll have to be patient until another party places an order at your preset price for it to be matched and executed. You can decide to either wait for execution or cancel the order according to your risk evaluation.

3. Why was my order executed even when the last price did not reach my preset limit price?
Limit orders may execute instantly at your order price or a better price. This means that your limit order may be executed instantly if the last price is better than your preset price. For instance, if you set a limit order to buy BTC/USDT long at the price of 8,350 USDT, and the last price is 8,300 USDT, the order will be executed at the more favorable price of 8,300 USDT.

II. Market Order

1. Market Order Explained
Market orders are executed instantly at the prevailing best price, without needing to enter a preset price. Large orders might experience slippage as they get filled through multiple orders at different prices.
Note: To mitigate trading risks, a protection system is imposed to restrict the price range for filled market orders to within 2% of the market price upon execution. The excess portion will be canceled by our system.
While market orders guarantee prompt execution, they do not provide guaranteed filled prices. Significant slippage can occur in instances of insufficient market depth within turbulent markets.

2. When should one consider placing a market order?
Market orders are ideal for traders looking to capitalize on market dynamics and seize all open opportunities.

III. Trigger Order

1. Trigger Order Explained
Trigger orders activate when the market price hits the price preset by the user, also known as the trigger price. Upon reaching the trigger price, the order is automatically placed by the system based on the order price and amount. Options for setting the trigger price include "Last Price", "Mark Price" and "Index Price".

2. Do trigger orders lock the margin?
Trigger orders do not affect margins or positions until activated. Upon activation, execution may be influenced by price limits, margins, position amount and more. Please note that this does not guarantee successful execution.

3. How to make sure your trigger order is executed at your specified price?
We recommend using our Guaranteed Price feature. Enabling this feature while setting up a trigger order guarantees execution at the specified price with zero slippage, and any potential slippage risks with be covered by AlphaX.

IV. Post Only Order (Maker Order)

V. Take Profit/Stop Loss (TP/SL)

1. TP/SL Explained
TP/SL (Take Profit/Stop Loss) allows users to preset the closing price for a position. Once the mark price hits the specified value, the position automatically closes at the prevailing market price. This helps users achieve their objectives of taking profits or stopping losses, freezing their margins or positions.
(1) Trigger Price: Sets the triggering condition for order execution. TP/SL are enabled when the market price hits the specified trigger price. Options for setting the trigger price include "Last Price", "Mark Price" and "Index Price".

(2) Order Price: The price when the order is placed on the market after being triggered. "Market Price" instantly executes at the prevailing best price, though this might not be instant in volatile markets.

(3) TP/SL Price: For sell orders, the Take Profit (TP) trigger price is set above the last filled price, and the Stop Loss (SL) trigger price is set below the last filled price. For buy orders, it's vice versa.

2. How can I configure TP/SL?
Example 1: Prior to executing a limit/market/trigger order, users have the option to set TP or SL prices. These conditions become effective upon order execution.
Example 2: For existing positions, setting TP or SL prices instantly take effect on the corresponding positions.

3. Does TP/SL freeze positions?
TP/SL settings only apply to current positions and will freeze the position amount that users set. Users have the option to modify the TP/SL prices and amounts in the TP/SL setting.

4. How to make sure your SL orders are executed at your specified price?
We suggest using our Guaranteed Price feature. Activating this feature when creating a SL order guarantees execution at the specified price with zero slippage.