What is a limit order and how to use it on dYdX?
A limit order is an instruction to buy or sell an perpetual contract at a specified price or better. This type of order only executes if the market price reaches the specified limit price. For a buy limit order, it will only execute at the set price or lower. For a sell limit order, it will only execute at the set price or higher.
To use a limit order on dYdX, go to the trading screen for the desired digital asset, click on "limit," choose to either buy or sell, and enter the amount to trade. Then, specify your limit price.
Additionally, there are three advanced options you can set before executing the limit order: Good Til Time, Fill or Kill, and Immediate or Cancel. The Good Til Time option sets a time limit for the order to remain open before it is automatically cancelled. The default time on dYdX is 28 days. By selecting Fill or Kill, the order will only execute if the entire order can be placed; partial orders are not executed. Immediate or Cancel attempts to execute the limit order immediately, with any portion of the order that can't be executed being cancelled.
A limit order can be cancelled before it executes, and if it does execute, it will appear in the "fills" tab.
An order to buy or sell a contract at a specified or better price.
Good Til Time
The elapsed time at which an open order will automatically cancel. The default for dYdX is 28 days.
Fill or Kill
An optional setting for a limit order that only executes if the entire order can be placed; partial orders are not executed.
Immediate or Cancel
An optional limit order setting that will try to execute the limit order immediately; any portion of the order that is not immediately executed will be canceled.