> For the complete documentation index, see [llms.txt](https://zion-exchange.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zion-exchange.gitbook.io/docs/trade/images-and-media.md).

# Order Types

Zion supports advanced order functionality designed for precision execution and capital efficiency across spot, futures, and prediction markets.

| Order Type                         | Description                                              | Key Notes                                             |
| ---------------------------------- | -------------------------------------------------------- | ----------------------------------------------------- |
| **Market**                         | Executes instantly at the current market price           | Best for immediate entry or exit                      |
| **Limit**                          | Executes at a specified price or better                  | Ensures control over entry/exit price                 |
| **Stop Market**                    | Market order triggered when price hits the defined level | Long: trigger > mid price; Short: trigger < mid price |
| **Stop Limit**                     | Limit order activated when the price reaches trigger     | Combines stop and limit execution                     |
| **Take Market**                    | Market order triggered at target price                   | Long: trigger < mid price; Short: trigger > mid price |
| **Take Limit**                     | Limit order activated at target price                    | For precise profit-taking                             |
| **Scale**                          | Multiple limit orders across a price range               | Ideal for staggered entries/exits                     |
| **TWAP (Time-Weighted Avg Price)** | Large order split into suborders every 30 sec            | Max 3% slippage per suborder                          |

#### TWAP Mechanics

1. Execution target = `(Elapsed Time ÷ Total Time) × Total Order Size`
2. Suborders sent every **30 seconds**
3. Suborders cannot exceed **3% slippage**
4. If suborders underfill due to liquidity or spread, later suborders **attempt to catch up**
5. Max later suborder size = **3 × standard suborder**
6. Does not execute during **post-only periods** of network upgrades

**Example:**

* Order size: 10 BTC
* Interval: 1 hour (2 suborders per 30 sec)
* Premium: 1%
* Clamped Difference: -0.05%
* Funding Rate applied: 0.95%

***

#### Order Options

| Option                        | Description                                           | Use Case                      |
| ----------------------------- | ----------------------------------------------------- | ----------------------------- |
| **Reduce Only**               | Only decreases current position, never opens opposite | Avoid accidental reversals    |
| **GTC (Good Till Cancel)**    | Remains on the book until filled or canceled          | Standard resting order        |
| **Post Only (ALO)**           | Added to book but not executed immediately            | Ensures maker order execution |
| **IOC (Immediate or Cancel)** | Executes immediately; unfilled portion canceled       | Fast execution strategy       |
| **Take Profit (TP)**          | Triggers at specified profit price                    | Lock gains automatically      |
| **Stop Loss (SL)**            | Triggers at defined loss level                        | Limit downside risk           |

> TP and SL orders execute as **market orders**, but users can specify **limit price and position portion**. Essential for **profit protection and loss mitigation**.

#### Example: Using TP and SL

* Position: Long 5 BTC
* TP: $60,000 → triggers sell at market once target reached
* SL: $55,000 → triggers sell to prevent further loss
* Optionally, set **50% of position** for TP and **50% for SL** for partial risk management

***

#### Key Takeaways

1. **Market vs Limit:** Market for speed, limit for control
2. **Stop & Take Orders:** Automate entry/exit based on price triggers
3. **Scale & TWAP:** Ideal for large trades with minimal market impact
4. **Order Options:** Reduce Only, GTC, Post Only, IOC help refine execution strategy
5. **TP/SL:** Automate risk management without manual intervention