Order Types

Vessel supports two primary order types: Limit Orders and Market Orders. Understanding these order types will help you execute your trading strategies effectively.

Limit Order

A Limit Order is an order to buy or sell a cryptocurrency at a specified price or better. It gives you control over the price at which the order is executed, but it may not be filled immediately if the current price does not reach the specified limit price.

• Time in Force (TIF): The TIF for Limit Orders on Vessel is set to Good Till Canceled (GTC) by default. This means that the order will remain open until it is fulfilled or canceled by the user.

Market Order

A Market Order is an order to buy or sell a cryptocurrency immediately at the current market price. It ensures that the order is filled quickly, but the exact price at which the order is executed may vary depending on the market conditions.

• Max Slippage: The maximum slippage for market orders is set to 5%. This means that if the order cannot be filled within 5% of the current market price, it will be canceled.

• Time in Force (TIF): The TIF for market orders on Vessel is set to Fill or Kill (FOK) by default. This means that the order must be executed immediately in its entirety or not at all. If the entire order cannot be filled at the current market price, it will be canceled.