What Are Maker (Post Only) Order, Time in Force Order, and Iceberg Order

Limit Order - Maker (Post Only)

If you choose to set a limit order with post only order, your order won't be instantly executed in the market. Instead, it will function as a maker order, contributing liquidity to the order book without matching any existing orders. When your order is eventually executed, you will only incur a maker fee, not a taker fee.

Nevertheless, if you wish to execute a portion of the order immediately, such as purchasing an asset above the current market price, the system will automatically cancel the remaining part of your order upon placement.

Time in Force Order

Time in force refers to the duration your order remains active before it either gets executed or expires. This feature enables you to specify the precise time parameters and allows for customization when placing an order. There are 3 types of Time In Force orders: 

• GTC (Good-Till-Cancel): The order remains in effect until it is fully executed or until you manually cancel it.

• IOC (Immediate-Or-Cancel): The order tries to execute either all or a part of it immediately at the available price and quantity. Any remaining portion of the order that cannot be filled right away is automatically canceled. If the chosen price lacks the necessary quantity when you place the order, it will be instantly canceled. Notably, Iceberg orders are not supported with this option.

• FOK (Fill-Or-Kill): With this setting, the order is instructed to execute in its entirety immediately. If it cannot be filled in full, the entire order will be canceled. Similar to IOC orders, Iceberg orders are not supported under FOK orders.

Iceberg Order

Iceberg orders involve breaking down large orders into multiple smaller limit orders. This approach is adopted to prevent significant market disruption caused by a single large order. An Iceberg order is composed of visible and hidden orders, where only a small portion is shown on the order book initially. As the visible orders get executed, the hidden orders become visible on the order book one by one.

When using an Iceberg order, the original order is split into several smaller orders on the order book. Each subsequent order is placed only after the current one is fully executed. The number of icebergs is determined by dividing the total Order Amount by the Iceberg Amount, which cannot exceed 10.

For instance, suppose you want to sell 1,000 BNB using a limit order. By using Iceberg order and entering the total amount you wish to sell, your order will be automatically divided into smaller orders, such as 100 BNB per order. As each initial order is completed, the remaining orders will be progressively executed.