Introduction
A limit order is an instruction to buy or sell an asset at a specific price or better.
Unlike a market order, a limit order does not execute immediately — it is placed in the order book and waits until the market reaches your specified price.
This article explains how limit orders work on Heshket, when to use them, and what to keep in mind before placing one.
How Limit Orders Work
When you place a limit order:
- A buy limit order is executed only at your specified price or lower.
- A sell limit order is executed only at your specified price or higher.
Limit orders are added to the order book and are filled only if market conditions meet your price requirements.
Key Characteristics of a Limit Order
1. Price Control
Limit orders give you full control over the execution price. Your order will never be filled at a worse price than the one you specified.
Example:
- You place a buy limit order for 1 BTC at 60,000 USDT.
- The order will only execute if the market price drops to 60,000 USDT or below.
- If the price stays above 60,000 USDT, the order remains open in the order book.
2. No Guarantee of Execution
Because a limit order only executes at your specified price, there is no guarantee it will ever be filled.
Your order may remain open or be only partially filled if:
- The market price never reaches your limit price
- There is insufficient liquidity at your price level
- Other orders at the same price have higher priority
3. Order Book Priority (Time and Price)
Limit orders are executed based on price priority first, then time priority.
- Orders with better prices are filled first
- If multiple orders share the same price, the earliest order is filled first
If your order was placed later than others at the same price level, it may remain unfilled until earlier orders are executed.
4. Partial Fills
Even if the market reaches your limit price, your order may be only partially filled if there are not enough opposing orders to match the full amount.
- The filled portion is executed at your specified price
- The remaining portion stays open in the order book
- Partial fills are more common for large order sizes and low-liquidity trading pairs
5. Limit Orders as a Maker
Limit orders typically act as a maker — they add liquidity to the order book rather than consuming it. As a result, limit orders are usually subject to maker fees, which are often lower than taker fees on Heshket.
When to Use a Limit Order
Limit orders are best suited for situations where price precision matters more than speed of execution:
- You want to buy or sell at a specific target price
- You are not in a rush and can wait for the market to move
- You want to avoid slippage on large orders
- You are trading in low-liquidity markets where prices can move quickly
Limit Order vs. Market Order
Understanding the difference helps you choose the right order type for your strategy:
- A limit order guarantees price but not execution
- A market order guarantees execution but not price
If speed of execution matters more than price precision, consider using a market 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
- Limit orders do not guarantee execution
- Execution depends on price, liquidity, and order book priority
- Partial fills are possible, especially for large or illiquid orders
- Market conditions can change rapidly
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.