A Limit Order is an instruction to buy or sell an asset at a specific price or better. Unlike a Market Order, which prioritizes speed, a Limit Order prioritizes price control, allowing you to dictate the exact entry or exit point for your trade.
On Omni, a Limit Order will only execute if the Quoted Price matches or improves upon your specified limit price.
Key Characteristics
1. Price Control: High
You have total authority over your execution price, and a Limit Order will only execute at, or better than, your specified price. If the price does not hit your limit, then the order will not execute.
2. Speed: Market Dependent
Execution for a Limit Order is not guaranteed. A Limit Order may fill quickly if the market moves quickly to your level, or it may sit unfilled indefinitely if the quoted price never reaches your specified limit.
3. Fulfillment: All or Nothing
Limit orders on Omni are currently all-or-nothing. This means the platform will not perform partial fills. Either the market conditions meet your criteria and your entire order size is filled, or the order will not execute.
Limit Orders on Omni are triggered by the Quote Price, not the Mark Price or Index Price. Even if a chart shows the Mark Price touched your limit, the order will only execute if the OLP is able to provide a quote at that level.