3EX supports three order types for perpetual contracts trading: market order, limit order, and trigger order. Market orders execute immediately at the current market price, while limit orders require setting the order price and quantity. Trigger orders require specifying trigger price, order price, and order quantity.
Here is a detailed explanation of each order type:
Market Order
A market order executed as soon as possible at the current market price and can be used for both buy and sell orders. When placing an order, you can choose to place a buy or sell market order based on quantity or trading amount. For example, if you want to buy a certain amount of Bitcoin, you can directly enter the quantity. However, if you want to buy Bitcoin with a specific amount, such as $10,000, you can use the trading amount option to place a buy order.
Limit Order
A limit order is an order placed at a specific limit price on the order book. It does not execute immediately like a market order. Instead, it is only executed when the market price reaches your limit price (or better). Therefore, you can use limit orders to buy assets at a lower price or sell them at a higher price than the current market price. Assuming the current market price of BTC/USDT is $20,000, and you believe that the price will fall below $19,000, you can place a limit order to buy a certain amount of BTC at a specified price of $19,000. If the market price drops to $19,000 or below, your limit order will be executed. However, if the market price does not drop to $19,000 or below, your limit order will not be executed.
On the other hand, if you set a limit order to buy 1 BTC for $21,000, but the market price is $20,000, your limit order will be executed at the better price of $20,000.
Trigger Order
A trigger order requires specifying trigger price, order price, and order quantity. When the market price reaches your set trigger price, the trigger order will be activated and immediately place an order at the order price. There are two types of trigger orders: stop loss and take profit. Stop loss orders are placed below the trigger price to limit losses, while take profit orders are placed above the trigger price to protect profits.For example, if a user goes long on a BTC/USDT perpetual contract but is concerned about potential losses from a price drop, they can place a stop-loss order. Assuming the user's position cost is 20,000 USDT, they can set a stop-loss order with a trigger price of 19,000 USDT. If the market price drops to 19,000 USDT, the stop-loss order will be activated and an order will be placed at the specified price, in order to minimize further losses as much as possible. Similarly, if the user believes that there may be a pullback when the market price reaches a certain level, they can place a take-profit order to sell at a pre-set price when the market price reaches the expected price, in order to protect their profits.
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