Market, Limit, and Trigger Orders

Market Orders

A market order is an order to buy or sell an asset immediately at the current quoted price. Traders can set a slippage limit to exercise control over their fill price.

Limit Orders

A limit order is an order to buy or sell an asset at a specific price or better. Traders define a size and limit price in their order, and the order will only be filled at the set limit price or better. Limit orders execute once OLP's quoted price crosses the set limit price.

Limit orders on Omni are currently all-or-nothing; either the quoted price crosses the limit price and the whole order is filled, or the quoted price does not cross the limit price and none of the order is filled. Partial fills are on the roadmap.

Trigger Orders

A trigger order submits a market order when the mark price crosses the defined trigger price. Trigger orders do not offer any guarantee of a specific fill price, as they execute based on mark prices instead of quoted prices.

Comparison

	Market Orders	Limit Orders	Trigger Orders
Speed of Execution	Immediately. Market orders execute at the current quoted price, unless the order is rejected due to a slippage limit.	It depends. Limit orders may execute quickly if the market quickly crosses the set limit price, or never if the quoted price never reaches the limit price.	It depends. Trigger orders may execute quickly if the market quickly crosses the set trigger price, or never if the mark price never reaches the trigger price.
Level of Control over Execution Price	Low. Traders can set a slippage limit to reject orders with a quote that deviates too significantly from the mark price, but can not set a specific entry price.	High. Traders can set a specific price that they're willing to open their orders at, and the order is only executed when OLP's quoted price reaches that level.	Medium. Traders control the specific trigger price that initiates the order, but the final fill price is not guaranteed and may deviate from the trigger price.