Tutorials
Market Order vs Limit Order: Execution, Slippage, and Maker/Taker Fees
Market orders prioritize execution; limit orders cap the worst acceptable price. See how order-book depth, partial fills, and maker/taker roles change the result.
A market order answers “execute now.” A limit order answers “do not execute beyond this price.” The tradeoff is execution certainty versus price certainty.
Checked on 2026-07-12 (UTC+8). Supported order types, price protection, and fee schedules differ by venue.
How a Market Order Fills
A market buy consumes the cheapest asks first. If the book offers two units at 100 and three at 101, buying five produces a weighted average of (2×100 + 3×101) ÷ 5 = 100.6.
The last-traded price on screen is not a guaranteed fill. A larger order against a thinner book crosses more levels.
A Limit Order Can Be Maker or Taker
A limit buy sets the maximum acceptable price. Resting below the ask can add liquidity and may be Maker. Setting the price high enough to execute immediately removes liquidity and may be Taker.
Limit order does not automatically mean Maker or cheaper. The role depends on whether the order rests, and the fee depends on the live schedule.
Real-World Scenario: A Limit Order Fills Only Halfway
Suppose you place a limit buy for 10 units at 100 USDT. Only 4 units fill before the price bounces to 100.8, leaving 6 units resting in the book. Three common ways to handle it: keep the remaining order and wait for the price to come back, at the risk of never filling; cancel the remaining 6 units and chase with a market order or a higher limit, which raises your average cost; or cancel and re-place in smaller steps above, trading fill probability against cost. Whichever you choose, first confirm how the platform charges fees on partial fills and how long the order stays valid (a GTC order rests until it fills or you cancel it), and remember that canceling after a partial fill only removes the unfilled portion—the 4 executed units are not reversed.
Decision Table
| Situation | Better starting point |
|---|---|
| Liquid pair, small order, immediate execution required | Market order after checking depth |
| Price must not exceed a threshold | Limit order, accepting non-execution |
| Order is large relative to visible depth | Split, limit, or wait for deeper liquidity |
| New listing or fast market | Avoid blind market orders; review protection rules |
Twenty-Second Preflight
Check bid-ask spread, first levels of depth, order size versus depth, estimated fee, and acceptable deviation. After execution, review the weighted average fill rather than only the latest market print.
Continue with exchange fees and crypto slippage.
Official Reference
⚠️ A limit order controls price but not execution. A market order improves execution probability but does not guarantee price.