What are the different order types on Bybit? Limit vs. Market vs. Conditional.

Limit Orders

1. A limit order allows traders to specify the exact price at which they want to buy or sell a cryptocurrency asset.

2. Execution only occurs when the market price reaches or surpasses the predefined limit price.

3. These orders appear in the order book and contribute to market liquidity until filled.

4. Traders using limit orders often aim to secure better entry or exit points than prevailing market rates.

5. Partial fills are possible, meaning only a portion of the order may execute if matching volume is insufficient.

Market Orders

1. Market orders prioritize immediate execution over price control, filling at the best available price in the order book.

2. They consume existing liquidity rather than adding to it, resulting in potential slippage during volatile or low-volume conditions.

3. On Bybit, market orders for perpetual contracts are executed against the mid-price with a default price deviation cap to prevent extreme slippage.

4. Spot market orders execute instantly against the top-of-book bids or asks depending on direction.

5. No price guarantee exists—especially noticeable during sharp price movements or thin order books.

Conditional Orders

1. Conditional orders activate only when a specified trigger condition is met, such as a price reaching a certain level.

2. Once triggered, they convert into either a market, limit, or another conditional order based on user configuration.

3. Traders use them for automated risk management, including stop-loss and take-profit placements.

4. Trigger prices can be set relative to mark price or last traded price, offering flexibility across different volatility environments.

5. These orders remain off-chain until activation, meaning they do not affect the visible order book prior to triggering.

Advanced Order Variants

1. Stop Market orders execute as market orders once the stop price is hit, prioritizing speed over price precision.

2. Take Profit Limit orders place a limit order upon hitting a profit target, aiming to capture gains at a desired rate.

3. Trailing Stop orders dynamically adjust the stop price based on favorable price movement, locking in profits while allowing room for further upside.

4. Iceberg orders conceal large volumes by displaying only a small visible portion, reducing market impact during execution.

5. Post-Only orders ensure placement exclusively as liquidity providers, preventing accidental market-taking behavior that incurs higher fees.

Frequently Asked Questions

Q1: Can a limit order be canceled after submission?Yes, active limit orders can be canceled anytime before full or partial execution via the Bybit trading interface or API.

Q2: Do market orders incur higher fees than limit orders?Yes—Bybit applies a taker fee to market orders while limit orders placed away from the best bid/ask qualify for maker rebates.

Q3: What happens if a conditional order’s trigger price is never reached?The order remains dormant indefinitely until manually canceled or until the trigger condition is satisfied.

Q4: Is there a difference between trigger price and order price in conditional orders?Yes—the trigger price initiates the order, while the order price defines the execution terms once activated.