Order Overview

Order Type Overview

Traders can place entry orders and exit orders on long and short sides respectively.

Limit Order

Limit order is used to specify the highest bid price / the lowest ask price a trader is willing to accept. Traders use this order type to minimize trading costs, while the order may not be executed if the order price is deep out of the market.

There are three types of Time in Force options for limit orders:

GoodTillCanceled Order (GTC) shall remain in effect indefinitely until fully executed or canceled.

ImmediateOrCancel Order (IOC) must be filled immediately at the limit price or better only. If the order cannot be filled immediately or fully, the unfilled portion will be canceled.

FillOrKill Order (FOK) is an order that must be immediately filled entirely at the limit price or better. Otherwise, it will be totally canceled. No partial fills are allowed.

Post-Only Order

Post-only order won’t be executed in the market as a taker trade, and thus will earn a maker rebate when executed. Post-only order will be automatically canceled if it can be executed immediately against an existing order in the market.

Market Order

Market order is intended for traders who wish to have their orders executed immediately. The order will be filled immediately at the best price available from the order book. A large market order may have market impact and increase trade cost.

Conditional Order

Conditional order is a limit order or a market order taking effect when a specific condition is met. Conditional order can be triggered by Mark Price, Last Traded Price or Index Price.

Take-Profit & Stop-Loss Orders

Take-profit and Stop-loss orders are exit strategies that traders place on positions to ensure timely and automatic exits. A Stop-loss order is used as a risk management tool to limit the loss of a position. Bybit offers the following three types of take-profit and stop-loss orders. For other settings of take-profit and stop-loss please click here.

Take-Profit Market Order: Once price reaches take-profit price, a market order is placed immediately

Stop-Loss Market Order: Once the price reaches the stop-loss price, a market order is placed immediately

Trailing Stop Order: Traders set trigger price and trailing price distance.When trigger price is reached, trailing stop will be activated. When price reverts to reach the trailing price distance, market order is triggered to close the position. Trigger price can be Mark Price, Index Price or Last Traded Price.

Price Limits

To protect platform investors and prevent market manipulation, Bybit has established the following limit rules for Futures contracts, Perpetual contracts, and Options:

For example, the price range for BTC-related contracts is ±5%, which means: Highest Buy Price = Last Traded Price x (1 + 5%) Lowest Sell Price = Last Traded Price x (1 - 5%) This rule applies to all BTC-related contracts, including all Perpetual contracts and Futures contracts. This rule applies to both opening and closing positions. When a user opens a long position or closes a short position, if the order price is higher than the highest buy price, a limit order will be placed. Depending on the user's selected order strategy, the order will be executed at the highest buy price or canceled. When a user opens a short position or closes a long position, if the order price is lower than the lowest sell price, a limit order will be placed. Depending on the user's selected order strategy, the order will be executed at the lowest sell price or canceled. Please note that conditional limit orders may be adjusted due to market changes.