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Currently, Binance Futures supports 11 types of order:
1. Limit Order
2. Market Order
3. Stop-Limit Order
4. Stop Market order
5. Trailing Stop Order
6. Post Only Order
7. Limit TP/SL Order (Strategy Order)
8. Reverse Order
9. Scaled Order
10. Conditional Order
11. TWAP
A limit order allows you to place an order at a specific or a better price. A buy limit order will be filled if the price matches or is lower than your limit price, while a sell limit order will be filled at or higher than your limit price. Please note that a limit order does not guarantee to execute.
Current BNB Price: 238.33 USDT (Last).
You place a Limit Buy Order:
Outcome: Buys 0.5 BNB only if price drops to 235.00 USDT or lower.
You hold BNB at 238.33 USDT.
You place a Limit Sell Order:
Outcome: Sells 0.5 BNB only if price rises to 240.00+ USDT.
Market orders are matched immediately at the best available price. They take prices from limit orders on the order book to execute. Therefore, slippage could occur when you get a price different from what you expected.
Place a Market Buy Order for 1 BNB.
Execution: Fills immediately at best available prices (e.g., 1 BNB at ~238.40 USDT with slippage).
You hold 1 BNB.
Place a Market Sell Order.
Execution: Sells immediately at ~238.30 USDT (current bid price).
A stop limit order is a conditional order over a set timeframe, executed at a specified price after a given stop price has been reached. Once the stop price is reached, it will buy or sell at the limit price or a better price than the limit price you set.
Note: The Limit order has a price priority rule.
Outcome: If price hits 245.00 USDT, a limit buy triggers at 246.00 USDT or better.
Outcome: If price drops to 230.00 USDT, a limit sell activates at 229.00 USDT.
Similar to a stop limit order, a stop market order uses a stop price to trigger the trade. However, when the stop price is reached, it’d trigger a market order.
Outcome: Triggers a market buy if price reaches 245.00 USDT.
Outcome: Triggers a market sell if price drops to 230.00 USDT.
A trailing stop order allows traders to place a pre-set order at a specific percentage away from the market price when the market swings. It locks in profit by enabling a trade to remain open and continue to profit as long as the price is moving in the favorable direction.
Please note that a trailing stop order does not move back in the other direction. When the price moves in the opposite direction by a specified percentage, it will be executed at market price.
Callback Rate is the percentage distance between the market price and the stop price.
The trader expects the price to drop first, then go back up.
Outcome: If price drops and rebounds 2% upwards from lowest point (stop price), buy at market.
Purpose: Buy when price shows signs of recovering after a dip
The trader expects the price to rise first, then drop after.
Outcome: If price rises and falls 3% from the peak price (stop price), sell at market.
Purpose: Lock in profits automatically if the price reverses after rising.
When you place a post only order, it will be added to the order book, but won’t be executed immediately. The post only order will exist as a maker order to add liquidity to the order book.
Place a Post Only Limit Buy at 238.17 USDT (below best ask).
Outcome: Adds liquidity to the order book; no immediate fill.
Place a Post Only Limit Sell at 239.00 USDT (above best bid).
Outcome: Sits on the order book until matched.
When you open a Futures position, you can check the box next to [TP/SL] to set a take profit or stop loss price. Depending on your trading strategy, you can also set your order to be triggered based on the "Last Price" or the "Mark Price".
A reverse order involves simultaneously closing an existing open position and opening a position of equal size in the opposite direction. It is executed through market orders.
Reverse orders allow you to quickly react to market shifts by effectively “reversing” your current market stance.
You’re short at 300 USDT.
Reverse Buy at 290 USDT: Closes short + opens long.
You’re long at 300 USDT.
Reverse Sell at 310 USDT: Closes long + opens short.
A scaled order automatically generates multiple limit orders within a specified price range. This order type is beneficial for managing large order quantities. It splits the order amount into several suborders and places them separately without significantly impacting the market. Scaled orders are often used to achieve a better average price when starting or closing a position.
Buy 0.5 BNB at 290 USDT, 0.5 BNB at 280 USDT, 1 BNB at 270 USDT.
Sell 0.5 BNB at 310 USDT, 0.5 BNB at 320 USDT, 1 BNB at 330 USDT.
Conditional order is a new order category in Binance Futures. Trades can set a combination of trigger price at either Mark Price or Last Price, and stop price at Limit, Market or BBO.
If BNB > 310 USDT, buy at 309 USDT.
If BNB < 290 USDT, market sell.
TWAP (Time-Weighted Average Price) is an algorithmic trade execution strategy that aims to achieve an average execution price close to the time-weighted average price of the period you specify.
A TWAP strategy is often used to minimize a large order’s impact on the market by dispersing the large order into smaller quantities and executing them at regular intervals over time. Traders can define the direction (Buy/Sell), trade size, and execution duration as parameters in the strategy. The system will automatically execute the orders based on the pre-defined strategy.
Buy 10 BNB over 4 hours: Executes 0.42 BNB every 10 minutes.
Sell 5 BNB over 2 hours: Executes 0.21 BNB every 5 minutes.
In addition, Futures traders can place orders by utilizing the following strategies with trading bots:
