Glossary
What is a market order?
Also called: market buy, market sell, market execution
Updated Ninja Terminal team
Definition
A market order is an order to buy or sell immediately at the best available prices in the order book. It prioritizes speed over price, so it fills at once but the average fill price can differ from the price you saw. Market orders take liquidity from the book and usually pay the taker fee.
A market order walks through the order book from the best price outward until your size is filled.
What does it cost?
- Spread: you buy at the best ask or sell at the best bid. See bid-ask spread.
- Slippage: if your size exceeds the quantity at the best price, later fills happen at worse prices. See slippage.
- Fees: you remove liquidity, so you usually pay the taker rate. See maker and taker fees.
Example: the book has 1 BTC at 60,000 and 2 BTC at 60,010. A market buy of 2 BTC fills 1 BTC at 60,000 and 1 BTC at 60,010, with an average of 60,005.
What size limits apply?
Venues cap the size of a single market order, and the rules differ by venue and by product. Splitting an order into smaller parts is the usual answer. See the guide on market order size limits.
What should you know about OKX spot?
OKX documents that for spot market orders, the tgtCcy setting decides whether the size is in base or quote currency. The default is quote currency for buys and base currency for sells. See OKX spot market order size.
Where does it appear in Ninja Terminal?
Market is the default order type for Quick Entry. The live preview shows the route and an estimated slippage before you press Enter.
Frequently asked questions
Is a market order faster than a limit order?
A market order is designed to fill at once, while a limit order waits for its price. A fast move can still change the fill price.
Do market orders always pay taker fees?
They usually do, because they remove liquidity from the book. Fee schedules differ by venue and tier.