Placing a Limit Trade Order

Opening a Long Position on APT - PERP

A Limit Order is used when a trader wants to open a position at a specific price that differs from the current market price. On a CLOB (Central Limit Order Book) interface, the order book displays all outstanding buy (bid) and sell (ask) orders waiting to be matched. Typically, ask prices (sell orders) appear in red, while bid prices (buy orders) appear in green.

Key Takeaway

Limit orders below the current best ask price will sit in the Open Orders until matched, while the Limit orders at or above the best ask price execute immediately, behaving like market orders within price limits you define

Step-by-Step Guide -

Scenario 1: Placing a Limit Long Order Below Market Price

Step 1 - Suppose the current market price of the APT-PERP pair is 6.001 USDT per APT. You wish to open a long position at a lower price, say 5.85 USDT, for an order size of 8 USDT. Select the "Limit" option under the "Open" tab in the order placement section. Enter your desired price and amount, then click "Open Long."

Step 2 - Upon submission, a confirmation message will appear: "Order Placed Successfully."

Step 3 - Since the limit price is below the current best ask price and no existing sell orders match your bid, your order will be queued in the order book. You will find it listed in the "Open Orders" section. The order will remain there unless one of these 3 conditions are met - The market price reaches your limit price, A counterparty is willing to sell at your price, or You cancel the order manually.

Scenario 2: Placing a Limit Long Order That Executes Immediately

Sometimes, traders prefer that their order be filled immediately rather than waiting at a preferred price level. This is possible with a limit order if it is placed at a price equal to or higher than the best available ask on the order book.

Step 1 - The APT-PERP chart shows the current market price as 6.036 USDT. After reviewing the order book's red section (ask prices) and identifying the lowest available sell price. A limit order is placed at 6.048 USDT for 8 USDT. Now click on "Open Long" to execute the limit order instantly.

Step 2 - Once the order is placed successfully, a confirmation message will appear: "Order Placed Successfully."

Step 3 - As the limit price is equal to or higher than the lowest ask, the system matches your order with one or more existing sell orders. The order is executed immediately, and the resulting position appears in the "Positions" tab instead of "Open Orders".