Order Types
Last updated: Jul 28, 2026
Synthetix Exchange supports several order types that allow you to enter, exit and manage positions in different market conditions.
Choosing the right order type depends on whether you prioritise immediate execution, controlling your execution price, or using more advanced trading strategies.
This page introduces the available order types and explains the order controls used when placing orders.
Choosing the Right Order Type
| Feature | Market Order | Limit Order |
|---|---|---|
| Execution | Executes immediately at the best available market price. | Executes only at your specified price or better. |
| Price Control | No | Yes |
| Execution Guarantee | High (subject to available liquidity). | Not guaranteed. |
| Best For | Entering or exiting a position immediately. | Trading at a specific price. |
| Main Consideration | Price may vary slightly depending on market conditions and available liquidity. | The order may never execute if your specified price is not reached. |
Market Orders
A Market Order buys or sells immediately using the best available price on the order book.
Key characteristics- Immediate execution.
- Uses the best available market price.
- Supports Reduce Only, Take Profit and Stop Loss.
To learn more, see Market Orders.
Limit Orders
A Limit Order allows you to specify the price at which you want to buy or sell.
Key characteristics- Executes only at your specified price or better.
- Supports Time in Force options.
- Supports Reduce Only, Chase, Take Profit and Stop Loss.
To learn more, see Limit Orders.
Order Controls
Order controls modify how an order behaves when it is submitted.
Reduce Only
Reduce Only ensures an order can only reduce or close an existing position.
A Reduce Only order:
- Cannot increase your position size.
- Cannot reverse your position.
- Will only execute if it reduces or closes your current position.
Available for Market Orders and Limit Orders.
Time in Force
Time in Force determines how a Limit Order behaves after it is submitted.
| TIF Option | Description |
|---|---|
| GTC (Good-Til-Cancelled) | The order remains open until it is filled or manually cancelled. |
| IOC (Immediate-or-Cancel) | The order attempts to execute immediately. Any portion that cannot be filled is cancelled. |
| ALO (Add-Liquidity-Only) | The order is only placed if it adds liquidity to the order book. If it would execute immediately, it is cancelled. |
Chase
Chase automatically adjusts the limit price of a Limit Order to follow market movement within the configured parameters.
- Buy (Long) orders move to the current best bid.
- Sell (Short) orders move to the current best ask.
This can improve the likelihood of execution while maintaining your chosen strategy.
Position Exit Orders
Position Exit Orders automatically close your position when predefined price conditions are met. Take Profit and Stop Loss can be configured when placing supported orders or added later to an existing position.
Take Profit
A Take Profit order automatically closes your position when your target price is reached, allowing you to lock in profits without manually monitoring the market.
Stop Loss
A Stop Loss order automatically closes your position if the market moves against you, helping limit potential losses.
To learn more about managing Take Profit and Stop Loss orders, see Managing Positions.
Advanced Order Types
For more advanced trading strategies, Synthetix Exchange also supports:
- Stop Orders - Trigger a Market Order or Limit Order once a specified stop price is reached.
- TWAP Orders - Split a large order into smaller orders that execute over a configurable period of time.
- Scaled Orders - Split a large order into multiple Limit Orders distributed across a chosen price range.
To learn more, see Advanced Order Types.