Market and limit orders on HedgerX, and maker vs taker
A market order fills at once at the best available price. A limit order fills only at your price or better. Orders that rest in the order book are makers, and orders that take from it are takers.
Market order
A market order executes immediately at the best available price in the order book. It suits a fast entry or exit, when speed matters more than the exact price.
The final price can differ from the one you saw. In a thin or volatile market, part of the order can fill at a worse price, and that difference is called slippage.
Limit order
A limit order sets a maximum buy price or a minimum sell price. It fills only when the market reaches your price or a better one. If the market never gets there, the order stays open until you cancel it.
HedgerX’s example: BTC trades at 62,000 USDT and you place a buy limit at 60,000 USDT. The order fills if BTC drops to 60,000 or lower, and stays open if it does not.
Why a limit order did not fill
- The price never reached your limit. A buy limit fills only at or below your price, and a sell limit only at or above it.
- Not enough liquidity at your price. A large order may fill in part while the rest waits. HedgerX’s example: a buy for 100 BTC with 50 BTC available fills 50 and leaves 50 open.
- It was cancelled or expired. An order marked Good-Till-Cancelled stays until it fills or you cancel it.
To get it filled, price the order closer to the market or split a large order into smaller ones.
Why a limit order filled immediately
A buy limit above the market price, or a sell limit below it, matches existing orders at once and fills at the better market price. HedgerX’s example: with BTC at 90,000 USDT, a buy limit at 91,000 fills immediately at 90,000.
Maker and taker
| Maker | Taker | |
|---|---|---|
| What it does | Places an order that rests in the book and adds liquidity | Matches an order already in the book and removes liquidity |
| Order type | Limit order that waits | Market order, or a limit order that matches at once |
| Fees | Usually lower, sometimes a rebate | Usually higher |
Frequently asked questions
Can a trader be both maker and taker?
Yes. A limit order that rests in the book makes you a maker. A market order, or a limit order that matches immediately, makes you a taker.
What are the HedgerX maker and taker fees?
On futures, 0.02% for makers and 0.06% for takers on most pairs. On spot, the fee page shows the same rate for makers and takers on each pair, mostly 0.2%, and 0.6% on BTC/USDT and HEX/USDT.
Can I modify an unfilled limit order?
Yes, you can cancel or adjust it before it executes. Open Orders shows its status.
Open a HedgerX account
To try these order types you need a HedgerX account. Register, secure it and start with a small deposit.
Registration takes a few minutes. HedgerX states that its services are not available in China, Turkey, Kazakhstan and Indonesia. Futures trading can liquidate your position. This page is not financial advice.
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