ZKX
ZKX
26 March 2023
5 min read

ZKX Perpetual Order Types

ZKX

At ZKX, we aim to provide crypto traders with all the necessary tools to achieve their goals. In response to valuable feedback from our community, we have carefully selected and implemented 6 distinct order types on our testnet platform. These essential order types include Market, Limit, Stop Limit, Stop the Market, Take Profit Limit, and Take Profit Market.

Initially, we will offer BTC and ETH as markets, but other digital assets can be added through the data provider system. Each market allows for both long and short positions to be held simultaneously. You can expand Advanced options to access Time in Force policies. Additionally, the leverage slide is determined by risk management and margin, with a maximum of 20x.

Order Types

You can choose to open or close an order, and select Market or Limit orders for opening orders.

For closing orders, you can choose from Stop Limit, Stop the Market, Take Profit Limit, and Take Profit Market orders.

Additionally, you can set the leverage for each order type by using the Leverage Slider or entering it manually.

Market Order

A Market Order is an order to buy or sell an asset at the current market price, and it is executed immediately. However, the price you see on the website may not be exact at the moment of execution, as the price of the order book can change before your order is processed.

To place a Market Order

  1. Choose Market in the trade box

  2. Choose whether you want to open or close a position

  3. Enter the amount you want to trade or drag the Leverage Slider to your desired position.

Under Advanced options, you can set your slippage threshold as per your risk tolerance.

Limit Order

A Limit Order is an order to buy or sell an asset at a specified or better price. It executes for buyers if the price is at or below the limit price and for sellers if it is at or above the limit price.

To place a Limit Order

  1. Select Limit in the trade box.

  2. Enter the total trade size or adjust the Leverage Slider to your desired position.

  3. Set a Limit Price - this is the maximum or minimum price you're willing to buy or sell at.

You can also expand Advanced options when selecting a limit order to use Time in Force policies. These policies include Good Til Cancel, Fill Or Kill, Immediate-or-cancel (IOC), and Post-Only.

  1. Good Til Cancel - The order is placed on the order book and never expires. When Good Til Cancel is chosen, you may select the Post-Only option.

  2. Post-Only - This order is placed in the order book or expires if it matches an existing order. The PostOnly option guarantees that you will not pay the taker fee.

  3. Immediate-Or-Cancel - An Immediate-Or-Cancel (IOC) order is a buy or sell order that must be executed immediately. Any unfilled portion of the order will be canceled.

  4. Fill or Kill - This order will only execute if the entire amount can be matched. Partial matches are not filled with this order type and will not be executed.

Stop Market Order

A Stop Market Order is a type of order that is executed when the Index price reaches a specific Stop Price. It involves placing a market buy or sell order automatically when the Stop Price is touched. This type of order is useful in limiting potential losses on a position by automatically closing it when the price falls below (for longs) or rises above (for shorts) the Stop Price.

Once the order is triggered, a market order will be filled immediately at the best available price. The Stop Price can be based on the Index or the last trade price, whichever occurs first. Multiple Stop Orders can be open for a given position.

To Place a Stop Market Order

  1. Select Stop Market under the Stop dropdown menu

  2. Enter an Amount - this is the total trade size

  3. Enter the desired Stop Price - your order will trigger when the Index Price reaches this amount

Under Advanced options, users can set their slippage threshold according to their risk tolerance. Slippage is determined by the market and the size of the order.

Stop Limit Order

A Stop Limit Order is a type of order that is executed when the Index price reaches a specified Stop Price. It involves automatically placing a limit buy or sell order when the Stop Price is touched to limit the order amount. This type of order helps limit potential losses on a position by automatically closing it when the price falls below (for longs) or rises above (for shorts) the Stop Price.

Once triggered, the resulting limit order may be filled immediately or remain on the order book at the limit price. The limit price operates the same as for normal limit orders. Stop orders are triggered based on the Index or last trade price, whichever occurs first. Multiple Stop Orders can be open for a given position.

To place a Stop Limit Order

  • Select Stop Limit from the Stop dropdown menu.

  • Enter an Amount - this is the total trade size .

  • Enter the desired Limit Price, which will be the order's limit price once the stop order triggers.

  • Enter the desired Stop Price, triggering your order when the Index Price reaches this Amount.

You can also expand Advanced options when selecting a Stop Limit Order to use Time in Force policies.

  • Good Til Cancel: Allows you to set the Post-Only option.

  • Fill or Kill: Executes the entire order immediately or cancels it if it cannot be filled.

  • Immediate-Or-Cancel: Executes any portion of the order that can be filled immediately and cancels the remainder.

These options provide additional flexibility and control over the execution of your Stop Limit Order.

Take Profit Limit

A Take Profit Limit order enables traders to set targets and protect profits on positions by specifying a price to close an open position for profit.

In a Take Profit Limit order, a limit order will trigger when the profit price is reached. For a long position, a trader places a take profit limit above the current market price.

For a short position, a trader places the stop below the current market price. If the Index Price rises/drops to a take-profit point, the T/P order changes from 'Untriggered' -> 'Open' and then behaves as a traditional limit order. Take-profit orders are best used by short-term traders interested in managing their risk. This is because they can get out of a trade as soon as their planned profit target is reached and not risk a future market downturn. These market order triggers are based on the Index or last trade price, whichever comes first.

To place a Take Profit Limit Order

  1. Select Take Profit Limit under the Stop dropdown menu

  2. Enter an Amount - this is the total trade size

  3. Enter the desired Stop Trigger Price

  4. Enter the desired Limit Price

You can also expand Advanced options when selecting a Stop Limit Order to use Time in Force policies.

- Good Til Cancel: Allows you to set the Post-Only option.

- Fill or Kill: Executes the entire order immediately or cancels it if it cannot be filled.

- Immediate-Or-Cancel: Executes any portion of the order that can be filled immediately and cancels the remainder.

These options provide more flexibility and control over the execution of your orders.

Take Profit Market

A Take Profit Market order enables traders to set targets and protect profits on positions by specifying a price to close an open position for profit.

In a Take Profit Market order, a market order will trigger when the profit price is reached. For a long position, a trader places a stop above the current market price. For a short position, a trader places the stop below the current market price.When the Index Price reaches the take-profit point, the T/P order changes from "Untriggered" to "Open" and acts as a market order. Short-term traders use take-profit orders to manage risk, as they can exit a trade as soon as their profit target is reached without risking a market downturn. Take-profit orders trigger based on the index or last trade price, whichever comes first.

To place a Take Profit Market Order

  1. Select Take Profit Market under the Stop dropdown menu

  2. Enter an Amount - this is the total trade size

  3. Enter the desired Stop Trigger Price

Under Advanced options, users can set their slippage threshold according to their risk tolerance. Slippage is determined by the market and the size of the order.

Your feedback is essential to us at ZKX as we continuously strive to improve our platform to meet the evolving needs of the crypto trading community. If you have suggestions for additional order types or any other feedback, you can fill out your input through Redmine (live from 30th March)


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