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

# Order Types

BBX offers a comprehensive suite of order types to support active trading strategies and advanced risk management. All orders interact with the central order book and are subject to margin availability, risk limits, and liquidation rules.

**Limit Order**

* Buy Limit: Executes at the specified price or lower.
* Sell Limit: Executes at the specified price or higher.
* If not immediately matched, it enters the order book as a maker order (maker fee applies); if immediately matched, it is classified as a taker order (taker fee applies).

**Market Order**

Executes immediately at the best available price in the order book. Guarantees execution but not price; subject to market depth and volatility.

**Trigger Order**

A conditional order that activates only when a pre-set trigger price is reached. Users must specify: trigger price, order quantity, order type upon trigger (market or limit), and price reference source (Mark Price / Last Traded Price / Index Price).

**Take-Profit (TP) / Stop-Loss (SL) Orders**

* Stop-Loss: Automatically closes the position to limit losses when the market moves unfavorably.
* Take-Profit: Automatically closes the position to lock in gains when the price reaches a favorable level.
* Supports one-sided or simultaneous two-sided configuration; when both are set, triggering one automatically cancels the other.

**Time-in-Force (TIF) Options**

* GTC (Good-Till-Canceled): Remains active until fully filled or manually canceled.
* FOK (Fill-or-Kill): Must be filled in full immediately; otherwise the entire order is canceled.
* IOC (Immediate-or-Cancel): Attempts immediate execution; any unfilled portion is automatically canceled.
* Post-Only: Guarantees the order enters the book as a maker; automatically canceled if it would be matched immediately.

**Trailing Stop Order**

A dynamic risk management tool that automatically adjusts the trigger price as the market moves in the user's favor. Configuration parameters:

* Callback Rate: Maximum drawdown percentage from the best observed price, typically configurable between 0.1%–10%.
* Activation Price: The price level at which the trailing logic begins; activates immediately if not set.
* Compared to fixed stop-losses, trailing stops provide better profit protection in trending markets.