What is an Order?

An order is a buy or sell instruction that you submit to an exchange to buy or sell an asset.

• An order includes terms such as price, quantity, and order method.

• The exchange receives this order and either fills it or keeps it pending (unfilled).

Component	Description
Type of trade	Buy (Buy/Long) or Sell (Sell/Short)
What to trade	USDT (e.g. BTCUSDT, ETHUSDT)
Quantity	Number of coins, number of contracts, or Value
Price	Desired trade price
Order type	Market, limit, conditional, etc.

💡 Example of an order

• If a user wants to enter a BTCUSDT perpetual futures contract for 100,000 USDT and only 1 BTC (long position), they place the following order

◦ Buy Limit Order: 100,000 USDT / 1 BTC (10,000 contracts)

• If you want to enter a position immediately at the most favorable price in the current market:

◦ Market buy order: enter only the quantity and execute immediately (enter long position at market price)

1. The user submits the order

2. Exchange registers the order in the Order Book

3. The order is executed when it meets a matching order

4. If the conditions are not met, the order is placed as a pending order

How to place an order	Description	Guide
Market Order	Buy or sell immediately at the current market price	See more
Limit Order	Buy or sell when a price you set is reached	See more
Conditional Order (Stop Limit & Market)	Order is activated when certain conditions (price, etc.) are met	See more
Post Only Order (Post Only)	An order that is executed after a limit order is placed in the order book	See more