What are the different time-in-force options for orders on Bybit contracts?

Understanding Time-in-Force on Bybit Contracts

When placing contract orders on Bybit, traders can choose from various time-in-force (TIF) options to control how and when their orders are executed. These settings determine the lifespan of an order and how it interacts with the order book. The time-in-force parameter is crucial for executing trading strategies with precision, especially in volatile markets. Bybit supports multiple TIF types, each suited for different trading styles and objectives. Understanding these options ensures traders can manage entry and exit points effectively.

Good Till Cancelled (GTC)

Good Till Cancelled (GTC) is one of the most commonly used time-in-force options on Bybit. When a trader selects GTC, the order remains active on the order book until it is either fully filled or manually cancelled by the user. This option is ideal for traders who want to place limit orders at specific price levels without needing to re-enter the order after a session ends.

• The order persists through trading sessions and does not expire at the end of the day.
• It will continue to rest on the order book even if the trading interface is closed.
• Traders must manually cancel the order via the app or web platform.
• GTC is particularly useful for limit orders when waiting for price to reach a desired entry or exit.

This setting gives maximum flexibility but requires active monitoring to avoid forgotten open orders.

Immediate or Cancel (IOC)

Immediate or Cancel (IOC) ensures that an order is executed immediately for the portion that can be matched, with any unfilled quantity cancelled automatically. This TIF option is suitable for traders who prioritize execution speed over full order fulfillment.

• The system attempts to match the order against existing orders in the order book instantly.
• If only part of the order is filled, the remaining portion is immediately cancelled.
• IOC orders do not rest on the order book.
• Useful for entering or exiting positions quickly without leaving residual orders.

For example, if a trader places an IOC buy order for 10 BTC and only 6 BTC can be filled at the current price, the remaining 4 BTC order is cancelled right away. This prevents partial fills from lingering and potentially executing at undesirable prices later.

Fill or Kill (FOK)

Fill or Kill (FOK) is a strict execution instruction that requires the entire order to be filled immediately, or else the entire order is cancelled. Unlike IOC, FOK does not allow partial fills. This option is best for traders who need full execution at a specific price or none at all.

• The order must match completely with existing liquidity.
• If sufficient depth is not available at the specified price, the order is rejected outright.
• FOK is often used in algorithmic trading or large block trades where partial execution could distort strategy performance.
• Not suitable for illiquid markets where order book depth is shallow.

For instance, placing a FOK sell order for 5 ETH at $1,800 means the system will only execute the order if there are buyers for all 5 ETH at that exact price. If not, the order disappears from the system.

Post Only

The Post Only option ensures that an order is placed only as a maker, meaning it will add liquidity to the order book and never execute immediately as a taker. If the order would otherwise match with an existing order, it is automatically cancelled instead of executing.

• Designed to avoid paying taker fees; instead, traders may receive maker rebates.
• Ideal for users who want to place limit orders at specific prices without risking immediate execution.
• If the limit price overlaps with the current best bid or ask, the order is rejected.
• Can be combined with GTC, allowing the order to stay on the book as long as it doesn't cross the spread.

To use Post Only:

• Enable the Post Only toggle in the order placement panel.
• Set a limit price that does not match or cross the current market price.
• Confirm the order; if it would take liquidity, it will not be placed.

This option is widely used by market makers and fee-sensitive traders.

How to Set Time-in-Force on Bybit

Setting the correct time-in-force option on Bybit is a straightforward process, but attention to detail is essential to avoid unintended executions.

• Navigate to the contract trading interface on the Bybit website or app.
• Select the desired contract (e.g., BTCUSD perpetual).
• Choose Limit or Market order type, as TIF options are primarily relevant for limit orders.
• Locate the Time in Force dropdown menu near the order entry panel.
• Select from available options: GTC, IOC, FOK, or Post Only.
• For Post Only, ensure the price does not cross the current best bid/ask.
• Enter the quantity and price, then click Buy/Long or Sell/Short to place the order.

Traders should verify the selected TIF before submission, as incorrect settings may lead to missed opportunities or unwanted executions.

Frequently Asked Questions

Can I change the time-in-force after placing an order?No, once an order is placed with a specific time-in-force setting, it cannot be modified. You must cancel the existing order and place a new one with the desired TIF option.

Does Market order support all time-in-force options on Bybit?Market orders typically default to IOC behavior on Bybit, as they are designed for immediate execution. Options like FOK and Post Only are not applicable to market orders due to their execution nature.

Why was my Post Only order cancelled immediately?Your Post Only order was likely placed at a price that would have matched existing orders, causing it to act as a taker. Since Post Only only allows maker orders, the system automatically cancels such attempts to maintain the maker-only rule.

Is GTC the default time-in-force on Bybit?Yes, for limit orders, Good Till Cancelled (GTC) is the default time-in-force option on Bybit. This allows orders to remain active until filled or manually cancelled unless another TIF is explicitly selected.