Market orders
A market order executes immediately at the best available price in the order book. When to use: You want to enter or exit a position right now and are willing to accept the current market price. Best for high-liquidity assets where the spread is tight. Things to know:- Execution is instant but the exact fill price depends on available liquidity
- You may experience slippage — a small difference between the expected and actual fill price
- The order summary shows estimated slippage before you submit
Limit orders
A limit order only executes at your specified price or better. It sits in the order book until filled or cancelled. When to use: You want a better entry price than the current market and are willing to wait. For example, if BTC is at 59,500, you would place a limit buy at $59,500. Things to know:- Your order may not fill if the price never reaches your limit
- Limit orders remain active (good-til-cancelled) until filled or manually cancelled
- You can view and cancel pending limit orders in the Open Orders tab
Stop orders
A stop order triggers a market order when the price reaches your specified threshold. When to use: To protect against losses (stop-loss) or to enter a position when the price confirms a move in your expected direction (stop-entry). Things to know:- The trigger price is the price at which the stop activates
- Once triggered, it becomes a market order and fills at the best available price
- Slippage can occur after the stop triggers, especially in fast-moving markets
Comparison
| Feature | Market | Limit | Stop |
|---|---|---|---|
| Execution | Immediate | At specified price or better | Triggers market order at threshold |
| Price control | No | Yes | Partial (trigger only) |
| Guaranteed fill | Yes | No | Yes (after trigger) |
| Best for | Quick entry/exit | Better prices | Protection and breakout entries |
All orders on Faction Trade execute through Hyperliquid’s on-chain order book. There is no counterparty risk from the Faction Trade platform itself.