# Order Types

### **Market Order**

Executes immediately at the best available price in the order book. The final fill price depends on available liquidity and is not guaranteed — in volatile or thin markets, the executed price may differ from the displayed price. Market orders are always taker trades.

### **Limit Order**

Places an order at a specific price you define. A buy limit order sets the maximum price you'll pay; a sell limit order sets the minimum price you'll accept. The order sits in the order book until the market reaches your price, or remains unfilled if it doesn't.

### **Stop Limit Order**

Combines a trigger price with a limit order. When the market reaches your stop price, a limit order activates at your specified limit price.

#### **Key Terms**

| Term            | Description                                                                                               |
| --------------- | --------------------------------------------------------------------------------------------------------- |
| **Stop Price**  | The price that triggers the limit order to become active.                                                 |
| **Limit Price** | The price at which the order executes — or better. For buys, this is the maximum; for sells, the minimum. |
| **Quantity**    | The number of tokens to buy or sell.                                                                      |

**Note:** Market orders guarantee execution but not price. Limit orders guarantee price but not execution — if the market never reaches your level, the order stays open or expires unfilled.