Glossary
What is a limit order?
Also called: limit buy, limit sell, resting order
Updated Ninja Terminal team
Definition
A limit order is an order to buy or sell at a specified price or better. A buy limit fills at your price or lower. A sell limit fills at your price or higher. If the market does not reach the price, the order rests in the order book until it fills or you cancel it.
A limit order gives you control over price in exchange for no guarantee of execution.
How does it work?
Example: BTC trades at 60,000. You place a buy limit at 59,500.
- It rests in the order book as a bid. It fills only if sellers trade down to 59,500.
- If price never reaches 59,500, the order stays open or you cancel it.
- A buy limit at 60,500 is a marketable limit order. It fills immediately at the best ask of 60,000 or better, and removes liquidity.
What are the fee effects?
A limit order that rests and fills is a maker order. A limit order that fills on arrival is a taker order. See maker and taker fees. To guarantee a maker fill you can use post-only.
How does Hyperliquid describe it?
Hyperliquid documents a limit order as one that executes at the selected limit price or better. Order options include Good Til Cancel, Post Only (ALO), and Immediate or Cancel.
When is it better than a market order?
When you care about price more than speed, such as passive entries and take-profit exits. When you need to exit at once, a market order is more reliable.
In Ninja Terminal you can place limit orders from the order form, or right-click the chart to place an order at a price. Live orders are drawn on the chart.
Frequently asked questions
Does a limit order always fill?
No. It fills only if the market trades at your price or better, and a partial fill is possible.
What is the difference between limit and stop-limit?
A limit order is live immediately. A stop-limit order becomes a limit order only after the trigger price is reached.