How to Place an Order

Navigating the Order Pane

Below is a guide to what each part of the order form means:

• Side: Reflects which side of the market you intend to take. If you think prices will rise or want to acquire and hold an asset, select Long/Buy (for perps/spot assets, respectively). If you think prices will fall or want to sell an asset, select Short/Sell (for perps/spot assets, respectively). Going long means you profit from upward price moves; going short means you profit from downward moves.

• Order Type: Select Market for immediate execution at the current price, or Limit to specify a price. If placing a limit, you can also check Reduce-Only (the order will only decrease or close an existing position, never increase it), Take Profit/Stop Loss (to enable take profits or stop loss orders) and certain timing options. You can also select Pro for additional order types, including Scale, TWAP, Stop Limit, and Stop Market. For more on Order Types and Options, see Order Types and Order Options.

• Amount: Enter the amount of the asset you wish to sell or the amount you want to trade. For perps, you can toggle between the Notional Value or “Order Value” denomination in kind or in USD based on the current price, so you know how large the trade is in dollar terms.

• Leverage: For perps markets, you can choose your leverage level. This can be done by selecting the leverage input option and sliding the bar or typing in a number. Leverage is how many times more than your collateral you are trading. For example, at 5× leverage, a $100 deposit can control a $500 position. The pane will display your required Initial Margin for the trade.

• Summary: This area reflects summary details. You’ll see the Liquidation Price, Order Value, Margin Required, Estimated Fees for the trade, and Slippage (for market orders, an estimate of price impact if the market has limited liquidity). If you’re using a limit order, ensure your price is correct and within the allowed tick size (the minimum price increment). For certain types of other Pro orders, you will be presented with unique information for those Order Types.

• Order Button: Click Place Order. If it’s a market order, it should fill immediately and your position will appear in the Positions panel in the Positions tab. If it’s a limit, it will appear in Open Orders until it fills or you cancel it.