Order Types
Standard Order Types:
1. Limit Order
A limit order lets you choose the exact price at which you want to buy or sell.
• Enter the price and the size you want to trade.
• The order stays on the order book until it is filled or canceled.
• Can be set as Post Only.
• You can attach a Take Profit (TP) and Stop Limit (SL).
2. Market Order
A market order executes immediately at the best available prices on the order book. We apply a 0.5% slippage cap against your expected execution price. We run the order as IOC - in the case that there is insufficient liquidity, your order will partially fill.
• Enter the size only.
• Fills instantly against existing orders on the book.
• You see the final order value and required margin before confirming.
• You can attach a TP and SL.
3. Take-profit (TP) and Stop-limit (SL) Orders
Take Profit and Stop Limit orders can be placed as additional conditional orders on each order type:
A Take Profit Order (TP) is a conditional order that becomes active once the market reaches your target price; when triggered, it submits a limit order at your trigger price plus/minus 4%* as a worst-case-scenario price.
A Stop Limit Order (SL) is a conditional order that becomes active once the market reaches your defined risk level; when triggered, it submits a limit order at your trigger price plus/minus 4%* as a worst-case-scenario price.
*This is going to be updated to a slippage selector in the future. The lower selected slippage % means lower slippage at the cost of the order potentially not being fully filled. Conversely, a higher selected slippage % potentially subjects you to higher slippage but also increases the chances that your order is fully filled.
Advanced Order Types:
4. Trailing Stop
A trailing stop is a dynamic stop order that follows the market as it moves in your favor.
• The stop price moves with the market at a set distance.
• If the market reverses by that distance, the order triggers.
If you are long:
• The stop sits below the highest price reached.
• It moves up as price rises.
• It does not move down if price falls.
• If price drops by the set %, it triggers.
If you are short:
• The stop sits above the lowest price reached.
• It moves down as price falls.
• It does not move up if price rises.
• If price rises by the set %, it triggers.
5. TWAP
TWAP, or Time Weighted Average Price, spreads a large order over time to reduce market impact.
• Breaks a large order into smaller pieces.
• Executes those pieces gradually over a defined time period.
The Period (in seconds) controls how often pieces are sent, and the Execution Time (in seconds) controls how long the full order takes to complete.
Note that during the Cascade Private Beta, you may only have one active TWAP per market, and up to 10 active TWAPs per portfolio.
6. Iceberg Order
An iceberg order hides most of your total order size from the public order book.
• Only a portion of the total size is visible at any time.
• As the visible portion fills, additional size is automatically shown.
7. Scale Order
A scale order automatically distributes trades across a price range.
• Spreads entries or exits across multiple price levels.
• Places staggered orders within the range you define.