Limit Order

Limit orders let you buy or sell at a specific price or better, available 24/7 including during market closures.

An order to buy or sell at a specific price (the “limit price”) or better. Limit orders execute at the limit price or a more favorable price but never at a worse price. Traders use limit orders to control their execution price precisely.

Availability: Limit orders can always be submitted, 24 hours a day, 7 days a week, and immediately enter Roxom’s order book. Upon entry, a limit order instantly matches against any opposing orders if its price is marketable. Any remaining portion sits as a resting (maker) order at its limit price.

• 24/7 contracts: Orders continuously match and remain active in the order book until fully executed or canceled. No market closures or gaps occur.
• Market-hours contracts (if designated explicitly):
  • During market hours: Limit orders behave as described above (instantly matching or resting as a maker order).
  • Outside market hours: Limit orders rest in the order book, can match against other resting orders immediately upon entry, but any unfilled remainder stays inactive until trading resumes at market open.

Execution: A buy limit executes when the ask price meets or drops below the limit; a sell limit executes when the bid price meets or rises above the limit. For 24/7 contracts, this matching happens continuously. For market-hours contracts, matching only occurs during designated trading sessions or immediately upon entry if there are existing resting orders.

Market Open (Market-hours contracts only): If the market opens with a price gap through a limit order:

• If the gap is favorable (e.g., buy limit at 0.0010 BTC opens at 0.0009 BTC), the order executes at the better opening price.
• If the gap is unfavorable (e.g., buy limit at 0.0010 BTC opens at 0.0012 BTC), the order does not execute and remains resting at its limit price.

Time-in-Force: By default, limit orders are Good-Til-Canceled (GTC). Roxom also supports Immediate-Or-Cancel (IOC) orders for traders who want immediate fills or cancellation.