Currently, Binance Futures supports 9 types of order:
1. Limit Order
2. Market Order
3. Stop-Limit Order
4. Stop Market order
5. Trailing Stop Order
6. Post Only Order
7. Limit TP/SL Order (Strategy Order)
8. Reverse Order
9. Scaled Order
1. Limit Order
A limit order allows you to place an order at a specific or a better price. A buy limit order will be filled if the price matches or is lower than your limit price, while a sell limit order will be filled at or higher than your limit price. Please note that a limit order does not guarantee to execute.
2. Market Order
Market orders are matched immediately at the best available price. They take prices from limit orders on the order book to execute. Therefore, slippage could occur when you get a price different from what you expected.
3. Stop Limit Order
A stop limit order is a conditional order over a set timeframe, executed at a specified price after a given stop price has been reached. Once the stop price is reached, it will buy or sell at the limit price or a better price than the limit price you set.
4. Stop Market Order
Similar to a stop limit order, a stop market order uses a stop price to trigger the trade. However, when the stop price is reached, it’d trigger a market order.
5. Trailing Stop Order
A trailing stop order allows traders to place a pre-set order at a specific percentage away from the market price when the market swings. It locks in profit by enabling a trade to remain open and continue to profit as long as the price is moving in the favorable direction.
Please note that a trailing stop order does not move back in the other direction. When the price moves in the opposite direction by a specified percentage, it will be executed at market price.
6. Post Only Order
When you place a post only order, it will be added to the order book, but won’t be executed immediately. The post only order will exist as a maker order to add liquidity to the order book.
7. Limit TP/SL Order (Strategy Order)
When you open a Futures position, you can check the box next to [TP/SL] to set a take profit or stop loss price. Depending on your trading strategy, you can also set your order to be triggered based on the "Last Price" or the "Mark Price".
8. Reverse Order
A reverse order involves simultaneously closing an existing open position and opening a position of equal size in the opposite direction. It is executed through market orders.
Reverse orders allow you to quickly react to market shifts by effectively “reversing” your current market stance.
9. Scaled Order
A scaled order automatically generates multiple limit orders within a specified price range. This order type is beneficial for managing large order quantities. It splits the order amount into several suborders and places them separately without significantly impacting the market. Scaled orders are often used to achieve a better average price when starting or closing a position.
