Order Types

Kana Perps currently offers two straightforward order types - Market Orders and Limit Orders. All orders executed on the Kana Perps platform are fully on-chain, ensuring transparency and security.

• Market Orders - A market order refers to the purchase or sale of an asset immediately at the prevailing market price as depicted in the chart or the most recent transaction price in the order book. Although this order is executed without delay, traders may encounter slippage depending on the market's liquidity.

• Limit Orders - A limit order is the purchase or sale of an asset at a predetermined price or a more favourable one. This mechanism guarantees precise control over pricing; however, the orders will not be executed if the market fails to reach the specified price point.

Take Profit (TP) and Stop Loss (SL) give users more flexible control over managing and executing their trades. For example, they can decide how long an order should be kept open once it is executed and when to book profits or cut losses based on the price movement of the selected asset.

Users can either define the TP/SL values when placing the trade order or after opening a new position. After opening a new position, a user can place the TP/SL for that position by going to the TP/SL column in the “Positions” tab and opening the TP/SL modal.

However, the current version of the Kana Perps platform does not allow users to modify the order size once a trade order is placed. Users can cancel the order before it is executed from the “Open Orders” tab, or the order will be executed and moved to the “Positions” tab.

Note—Work is in progress to enable modifying the order value of trades while they are still in the “Open Orders” tab, and it will be available shortly.

And while Limit orders are technically considered maker orders as they sit on the orderbook providing liquidity when TP/SL is triggered, and the open position is closed, those trades would still be considered take orders. There would be no platform fee charged for maker orders, meaning when a limit order gets executed, there would be no platform fee, users would just be charged gas fees. But when TP/SL is triggered, they would be considered taker orders - hence, both platform and gas fees would be charged.