Limit orders aren’t necessarily cheaper, and getting in line can still get you “harvested” by the order book
Today, BTC is still hovering around $82.9k, ETH is even more range-bound, and SOL remains relatively weak. The market like this is most likely to cause a common misjudgment: traders think they don’t need to rush—just place a good price and wait slowly. If it fills, they believe they’ve saved on slippage.
But I’m more wary of the “queue execution quality.”
Limit orders look more restrained than just taking liquidity, but if this order only gets filled when price suddenly sweeps through, or if it only fills at the thinnest liquidity segment, the tiny spread you thought you saved may already be wiped out by fill deviation, partial fills, cancel speed, and the need to re-submit an order afterward.
Before placing an order, I’ll check four things:
First, beyond the best bid/ask, whether the second and third levels of quotes are truly continuous.
Second, whether the most recent trades were initiated by aggressive buying, or driven by passive selling pressure.
Third, whether the depth and fee differences across different routes for this trading pair have already grown large enough to meaningfully affect how the position feels.
Fourth, if only half fills, whether the remaining half should go through another route.
Many people think they’re comparing prices, but what they should really compare is the order environment. Price is just a screenshot—the fill quality is the result.
So when I look at execution from perspectives like PerpEX / Perpex, the value isn’t in giving people one more button. It’s in reminding traders: first choose the asset, then look at the quote layers, depth, fees, and fill deviation, and only then decide where this order should go.
#BTC #ETH
Today, BTC is still hovering around $82.9k, ETH is even more range-bound, and SOL remains relatively weak. The market like this is most likely to cause a common misjudgment: traders think they don’t need to rush—just place a good price and wait slowly. If it fills, they believe they’ve saved on slippage.
But I’m more wary of the “queue execution quality.”
Limit orders look more restrained than just taking liquidity, but if this order only gets filled when price suddenly sweeps through, or if it only fills at the thinnest liquidity segment, the tiny spread you thought you saved may already be wiped out by fill deviation, partial fills, cancel speed, and the need to re-submit an order afterward.
Before placing an order, I’ll check four things:
First, beyond the best bid/ask, whether the second and third levels of quotes are truly continuous.
Second, whether the most recent trades were initiated by aggressive buying, or driven by passive selling pressure.
Third, whether the depth and fee differences across different routes for this trading pair have already grown large enough to meaningfully affect how the position feels.
Fourth, if only half fills, whether the remaining half should go through another route.
Many people think they’re comparing prices, but what they should really compare is the order environment. Price is just a screenshot—the fill quality is the result.
So when I look at execution from perspectives like PerpEX / Perpex, the value isn’t in giving people one more button. It’s in reminding traders: first choose the asset, then look at the quote layers, depth, fees, and fill deviation, and only then decide where this order should go.
#BTC #ETH