> For the complete documentation index, see [llms.txt](https://docs.imperial.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.imperial.trade/trading/order-types.md).

# Order Types

### Market

A market order fills immediately against the hedge venue's order book, within your **slippage limit**. It is immediate-or-cancel: whatever can fill inside your limit fills, and the rest is cancelled. If nothing can fill, the order is rejected and your collateral is returned.

A market order must reach the hedge venue within about a minute of being recorded, or it expires and is refunded.

### Limit

A limit order buys at or below (or sells at or above) your price.

* **It fills at your price or better**, never worse.
* Imperial holds the order and places it on the hedge venue's order book once the mark price comes within **2–4.5%** of your limit (the band widens when the market is volatile). If price moves away again, Imperial pulls it from the book until it comes back.
* It stays open **until you cancel it**. There is no expiry.
* It can fill in pieces. Each fill becomes part of your position as it happens.
* Minimum size: **$15**.
* The collateral for a limit order is set aside when you place it, so the order is always funded when it fills.

**Editing** a limit order re-prices only the unfilled part. **Cancelling** a partly filled order keeps the filled position (and its TP/SL) and cancels the rest.

### Take Profit and Stop Loss

Attach a TP and/or SL when you open a position, to a resting limit order, or to an open position at any time.

* Triggers fire on the **mark price** (see [Prices](https://docs.imperial.space/trading/prices)).
* When triggered, the order closes at market within the order's slippage limit.
* A stop loss must sit **before** your liquidation price. Imperial refuses a stop that the position would be liquidated before reaching.
* Cancelling an unfilled entry also cancels its TP/SL. If the entry partly filled, the TP/SL stays on the filled part.

> **Warning:** A triggered TP/SL is removed when it fires. If the close then fails (for example because the market just closed), you are notified and the position stays open **without** that protection. Re-place it.

### Pro orders

| Order             | What it does                                                                                          |
| ----------------- | ----------------------------------------------------------------------------------------------------- |
| **Trailing stop** | A stop loss that follows price as it moves in your favour.                                            |
| **DCA**           | Splits an entry or exit into scheduled pieces over time. Each piece executes as its own market order. |
| **Stop limit**    | When the trigger price is hit, places a limit order instead of a market order.                        |
| **Indicator**     | Triggers on a technical indicator condition.                                                          |

### Closing

Close all or part of a position at market at any time. Closes are never blocked by early-access gating, capacity limits or program pauses.