Introduction
A market order is an instruction to buy or sell an asset immediately at the best available current price.
Unlike a limit order, a market order does not require you to specify a price — it executes instantly using the existing offers in the order book.
This article explains how market orders work on Heshket, when to use them, and what to keep in mind before placing one.
How Market Orders Work
When you place a market order:
- A buy market order executes immediately at the lowest available ask price.
- A sell market order executes immediately at the highest available bid price.
Market orders are filled against existing limit orders in the order book and are executed as fast as possible, regardless of the exact price.
Key Characteristics of a Market Order
1. Instant Execution
Market orders are designed for speed. As long as there is sufficient liquidity in the order book, your order will be filled immediately after submission.
Example:
- You place a buy market order for 1 BTC.
- The lowest available ask price in the order book is 62,500 USDT.
- Your order is filled instantly at 62,500 USDT (or the best available price at that moment).
2. No Price Guarantee (Slippage)
Because a market order executes at the current best available price, the final execution price may differ from the price you saw when placing the order.
This difference is known as slippage and is more common in:
- Fast-moving or highly volatile markets
- Low-liquidity trading pairs
- Large order sizes
In such conditions, part of your order may be filled at a different price than expected.
3. Partial Fills on Large Orders
If your order size exceeds the available liquidity at the best price, the order will be filled across multiple price levels in the order book.
- The first portion is filled at the best available price
- Remaining portions are filled at the next available price levels
- The average execution price may be higher (for buys) or lower (for sells) than expected
4. Market Orders as a Taker
Market orders always act as a taker — they consume existing liquidity from the order book rather than adding to it. As a result, market orders are typically subject to taker fees, which may differ from maker fees on Heshket.
When to Use a Market Order
Market orders are best suited for situations where speed of execution is more important than the exact price:
- You want to enter or exit a position immediately
- The asset has high liquidity and a tight bid-ask spread
- You are trading smaller order sizes
- Market conditions are moving rapidly and you need certainty of execution
Market Order vs. Limit Order
Understanding the difference helps you choose the right order type for your strategy:
- A market order guarantees execution but not price
- A limit order guarantees price but not execution
If price precision matters more than speed, consider using a limit order instead.
Where to Check Your Order Status
You can review your orders in the trading interface:
- Open Orders — active and unfilled orders
- Order History — filled, partially filled, or canceled orders
These sections help you track execution progress in real time.
Important Notes
- Market orders guarantee execution but not a specific price
- Slippage is possible, especially in volatile or low-liquidity conditions
- Large market orders may be filled across multiple price levels
- Market orders are always subject to taker fees
Always review current market depth and the bid-ask spread before placing a large market order.
Need Help?
If you believe your order behavior does not match expected conditions or you need assistance, please contact Heshket Customer Support through the Help Center.