Order types
For Pro mode (orderbook perpetual contracts)
Aster Perpetuals supports several order types to give traders more control over how and when their trades are executed.
Order types
1: Market Order
A market order is an instruction to buy or sell immediately at the best available price in the market. It focuses on speed rather than the exact price. Traders usually use market orders when they want to enter or exit a position quickly and do not mind price differences caused by slippage.
2: Limit Order
A limit order allows you to set the exact price at which you want to buy or sell. The order only executes if the market reaches your chosen price, which gives you full price control. The trade will not execute if the price never touches your limit level.
Example: BTC is trading at 62,000 USDT. If you want to buy only if the price dips, you may place a limit buy order at 61,800. The order will be posted to the order book and will only execute if the market price reaches 61,800.
3: Stop Limit Order
A stop limit order combines two prices: the stop price and the limit price. When the stop price is reached, the system will place a limit order at your filled limit price. This gives you more control than a stop market order because execution is based on a limit.
Example: You hold a long BTC position at 62,000 and want to protect yourself if the market drops. You set a stop price at 61,500 and a limit price at 61,480. If BTC falls to 61,500, your limit sell order at 61,480 is placed. If the market falls too fast and never trades at 61,480, your order may remain unfilled.
4: Stop Market Order
A stop market order converts into a market order once the stop price is reached. It prioritizes guaranteed execution, although the final fill price may be different from the stop price due to market volatility.
Example: You are long BTC from 62,000 and want to cut losses if the price breaks support. You set a stop market order with a stop price at 61,500. If BTC drops to 61,500, the system triggers a market sell order and closes your position at the best available price, even if the actual fill is 61,490 or 61,470 (based on market conditions).
5: Trailing Stop order
Sets a stop price that follows the market as it moves in your favor. If the price reverses by a set percentage, it triggers a market order. For more details, can refer to : Trailing Stop Order
6: Post Only Order
A post only order ensures your limit order is added to the order book as a maker order. If your order would immediately match an existing order on the book, it will be rejected. This is useful when you want to avoid taker fees.
Example: BTC is trading at 62,000. You create a post only limit sell order at 62,001. If 62,001 is already matched by a buyer, the platform will reject your order because it would execute immediately. If the current best bid is 62,000, then your order will be posted on the order book at 62,001 as a maker order.
Functional:
Order modifiers
Order modifiers appear just below the fields where you enter your order size and price.
TP/SL (Take Profit/Stop Loss)
TP and SL allow you to set automatic exit levels when opening a position.
Take Profit (TP): This closes your position once the market reaches your chosen profit target. It is used to secure gains without manually watching the chart.
Stop Loss (SL): This closes your position if the price moves against you, helping you limit losses and manage risk.
Aster gives you two price references for TP and SL:
• Mark price: This is the fair price used for liquidation checks. TP and SL based on mark price tend to be more stable during volatility. • Last price: This is the latest traded price on the order book. TP and SL based on last price react more quickly but can be affected by wicks or sudden spikes.
You can choose either one depending on your trading style.
Reduce-Only
A Reduce Only order guarantees that your order will never open or increase a position. It can only reduce or fully close an existing position.
This is used when: • You want to close part of a position without accidentally flipping into the opposite direction. • You are setting TP or SL and want to ensure they only act as exits. • You want to avoid mistakes such as adding to your size when you intended to scale out.
Time-in-Force (TIF) Options
Time in Force settings control how long your order remains active and under what conditions it should be cancelled. This gives you precise control over execution timing and liquidity behavior.
Aster Pro supports the following TIF modes:
GTC (Good Till Cancelled): The order stays open until it is filled or manually cancelled by you. This is the default option for most limit orders when you want the system to wait for the market to reach your price.
IOC (Immediate or Cancel): The order attempts to fill immediately. Any portion that cannot be filled right away is cancelled.
Example: If you place a limit order for 1 BTC and only 0.6 BTC is available at your limit price, the system will fill 0.6 BTC and cancel the remaining 0.4 BTC.
FOK (Fill or Kill): The order must be filled entirely and immediately. If full execution is not possible, the entire order is cancelled.
Example: If you place a limit order for 1 BTC with FOK and only 0.9 BTC is available at your limit price, the system cancels the entire order without filling anything.
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