Announcements Contract Order Types

Contract Order Types

2021-08-25 07:28:02 UTC 91577 Read

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Contract order types are divided into Good Till Canceled (GTC) , Market Order, Immediate or Cancel (IOC), Post-Only Order, Fill or Kill (FOK), Reduce-Only Order, Close Order, Iceberg Order, and Strategy Order ( including SL/TP and Trigger Order).

Note: The following are operating procedures for trading on the Web. The same operating procedures and interface apply to App trading.

## Good Till Canceled (GTC)
Try taking orders first. If the order is not filled completely, it will be placed and wait to be filled.

Submit the order at "Limit", and set the order type as "GTC".
![](https://gimg2.gateimg.com/image/article/1666148221WX20221018-111029@2x.png)

## Market Order
Taking orders only without setting an order price, and the order will be filled at the market price immediately. This type of order can save time.

Simply place an order at "Market".

![](https://gimg2.gateimg.com/image/article/1666151818WX20221018-111237@2x.png)

## Immediate or Cancel (IOC)

The order must be filled immediately at the limit price or better. If the order cannot be filled immediately, the unfilled part will be canceled and the order will not be placed.

This kind of order is similar to the market order, which prevents the funds to be occupied by placing orders and can not be used for other purposes.
Submit the order at "Limit", and set the order type as "IOC".

## Post-Only

Placing orders without taking. If an order is filled right after being placed, the order will not be filled and then be canceled. This type of order can be used to ensure that no taker fee will be charged, and also prevent misoperation.

Submit the order at "Limit", and set the order type as "Post-Only".

## Fill Or Kill (FOK)

The order must be fully filled at the order price or better, otherwise, it will be canceled completely and cannot be partially filled.

Submit the order at "Limit", and set the order type as"FOK".

## Reduce-Only Order
An additional option for limit orders, which means the positions will be reduced only when an order is fulfilled. The order will be canceled if exceeding the existing positions, in order to ensure that your position will not be unintentionally increased.

When submitting a market/limit/trigger order, select the "Reduce-Only" option.

![](https://gimg2.gateimg.com/image/article/1666151874WX20221018-111821@2x.png)

## Close Order
One position can have only one close order at a time, and it also acts to reduce positions only.

The close order option will be displayed only in the Hedge Mode.To know how to switch the position mode, please [click here](https://www.gate.io/help/futures/futures_operation_tutorial/22124/how-to-open-the-two-side-position-mode "click here").

## Iceberg Order
Users can reduce the number of orders displayed on the OrderBook in the market. However, a certain amount of transaction fee (taker role) will be charged as a penalty when the order is filled between the actual number and the displayed number and no VIP discount can be applied.

You can select the "Iceberg" option when submitting a market/limit/trigger order.

## Strategy Order

Strategy order includes trigger order and SL/TP. Strategy order refers to that order will be placed automatically with the preset order price once the market price reaches the predefined trigger price.

### Trigger order

Trigger order is a kind of algorithm trading strategy by which users can preset the order price (mark price/last price), order amount, and buy-or-sell, and the order will only be placed automatically with the preset order price once the market price reaches the trigger price. Once triggered, the system will check the validity of the pending order and create an order to the pending list. Users can set up an opening or closing position afterward.

You can submit the orders at "Trigger".

### Stop Loss / Taker profit Order (SL/TP)

SL/TP is a trading strategy order including position SL/TP and trigger SL/TP. The order will be filled once the preset price is reached.

You can set "SL/TP" when submitting a market/limit order.

To know more about operating procedures for setting take-profit and stop-loss orders, you can [ click here](https://www.gate.io/help/futures/futures_operation_tutorial/22127/how-to-use-the-stop-order-function-web-version " click here").

### Note:

1. Trigger order includes trigger SL/TP, in which the trigger price can be set as the last traded price or mark price.
2. Failed order check: for example, insufficient account balance, exceeding risk limit, and close order conflicts will cause a failed order.
3. Close order conflict: There can be only one close order for each position. So if you want to set a strategy order as 'close on trigger' when there is an existing close order in the position, the order may fail to be placed. 
4. If users want to create another strategy order while there is an existing close order, the reduce-only or close-on-trigger option cannot be used. (Please note that if the position has been closed already, this kind of operation may lead to scaling of the opposite position.)

Gate.io reserves the final right to interpret the product.

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