# Order Types & TIF

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### Overview

Different situations call for different order types. A market order gets you in fast. A limit order gets you a better price. A stop-market protects your downside. Knowing which to use and when is key to trading effectively.

This page covers every order type available through Boba Agents on Hyperliquid, along with time-in-force options that control how long your orders stay active.

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### Order Types

#### Market

Executes immediately at the best available price.

| Prompt           | Interpretation               |
| ---------------- | ---------------------------- |
| "Long $500 BTC"  | Market buy, fills instantly  |
| "Short $200 ETH" | Market sell, fills instantly |

**Pros:**

* Guaranteed execution (as long as there's liquidity)
* Instant entry or exit
* Simple, no price to specify

**Cons:**

* You pay the taker fee (0.035%)
* Slippage on large orders or thin books
* No control over execution price

{% hint style="info" %}
**Best for**: Quick entries, quick exits, liquid assets, small to medium sizes.
{% endhint %}

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#### Limit

Executes at your specified price or better. Sits on the order book until filled, cancelled, or expired.

| Prompt                      | Interpretation                              |
| --------------------------- | ------------------------------------------- |
| "Long $500 BTC at $95,000"  | Only fills if BTC drops to $95,000 or lower |
| "Short $1000 ETH at $3,800" | Only fills if ETH rises to $3,800 or higher |

**Pros:**

* You control the execution price
* Earns a maker rebate (0.01%) instead of paying fees
* No slippage, you get your price or better

**Cons:**

* Not guaranteed to fill (price may never reach your level)
* Can partially fill if there isn't enough volume at your price
* Requires patience

{% hint style="info" %}
**Best for**: Planned entries, scaling into positions, earning rebates, illiquid assets.
{% endhint %}

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#### Stop-Market

A market order that triggers when price hits your stop level. Commonly used for stop-losses and breakdown entries.

| Prompt                                 | Interpretation                               |
| -------------------------------------- | -------------------------------------------- |
| "Sell $200 BTC if it drops to $60,000" | Stop-loss, market sells BTC at $60k          |
| "Short ETH if it breaks below $3,000"  | Breakdown entry, opens short when $3k breaks |
| "Long SOL if it breaks above $160"     | Breakout entry, opens long on the move up    |

**How it works:**

1. Price hits your trigger level
2. A market order is immediately placed
3. Fills at the best available price (may have slippage from trigger)

{% hint style="info" %}
**Best for**: Stop-losses (guaranteed exit), breakout/breakdown entries.
{% endhint %}

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#### Stop-Limit

A limit order that triggers when price hits your stop level. Gives you price control but risks not filling.

| Prompt                                          | Interpretation                           |
| ----------------------------------------------- | ---------------------------------------- |
| "Sell BTC at $60,000 trigger, $59,500 limit"    | Triggered at $60k, limit order at $59.5k |
| "Short ETH at $3,000 trigger with $2,990 limit" | Triggered at $3k, limit at $2,990        |

**How it works:**

1. Price hits your trigger level
2. A limit order is placed at your specified limit price
3. Fills at your limit price or better (but may not fill at all)

{% hint style="info" %}
**Best for**: Exits where you want price control, situations where slippage is unacceptable.
{% endhint %}

{% hint style="danger" %}
**Risk:** In a fast crash, price can gap through your trigger **AND** your limit, leaving the order unfilled. For critical stop-losses, stop-market is safer.
{% endhint %}

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#### Take-Market

A market order that triggers at your take-profit level.

| Prompt                              | Interpretation              |
| ----------------------------------- | --------------------------- |
| "Buy $300 ETH if it reaches $5,000" | Take-profit entry at $5,000 |
| "Close my BTC long at $105,000"     | Take-profit exit at $105k   |

**How it works:**

1. Price reaches your target level
2. A market order is immediately placed
3. Fills at the best available price

{% hint style="info" %}
**Best for**: Take-profit exits (guaranteed fill at target), momentum entries.
{% endhint %}

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#### Take-Limit

A limit order that triggers at your take-profit level. Price control on your profit-taking.

| Prompt                                                   | Interpretation                       |
| -------------------------------------------------------- | ------------------------------------ |
| "Take profit on BTC at $105,000 trigger, $104,900 limit" | Triggered at $105k, limit at $104.9k |
| "Buy ETH at $5,000 trigger with $5,010 limit"            | Triggered at $5k, limit at $5,010    |

**How it works:**

1. Price reaches your target level
2. A limit order is placed at your specified limit price
3. Fills at your limit price or better

{% hint style="info" %}
**Best for**: Precise profit-taking, earning maker rebates on exits.
{% endhint %}

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### Order Types Comparison

| Type        | Trigger    | Execution | Fill Guarantee | Best For                 |
| ----------- | ---------- | --------- | -------------- | ------------------------ |
| Market      | Immediate  | Market    | Yes            | Quick entries/exits      |
| Limit       | At price   | Limit     | No             | Planned entries, rebates |
| Stop-Market | At trigger | Market    | Yes            | Stop-losses, breakdowns  |
| Stop-Limit  | At trigger | Limit     | No             | Controlled exits         |
| Take-Market | At trigger | Market    | Yes            | Take-profits, breakouts  |
| Take-Limit  | At trigger | Limit     | No             | Precise profit-taking    |

**The key trade-off**: Market execution guarantees a fill but you pay taker fees and may get slippage. Limit execution gives you price control and earns rebates but risks not filling.

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### Time-in-Force (TIF)

Time-in-force controls how long your order stays active. This only applies to limit orders and conditional limit orders.

#### GTC (Good-Till-Cancelled)

The default. Your order stays on the book until it fills completely or you cancel it. No expiration.

| Prompt                          | Interpretation                          |
| ------------------------------- | --------------------------------------- |
| "Limit long BTC at $95,000"     | GTC by default, stays open indefinitely |
| "Buy SOL at $140, keep it open" | GTC limit order                         |

{% hint style="info" %}
**Best for**: Most limit orders, patient entries, orders you want to leave and forget.
{% endhint %}

#### IOC (Immediate-or-Cancel)

Fills whatever it can immediately, then cancels the remaining unfilled portion. Never sits on the book.

| Prompt                          | Interpretation                                           |
| ------------------------------- | -------------------------------------------------------- |
| "Buy $5000 BTC at $97,000, IOC" | Fills what's available at $97k, cancels the rest         |
| "IOC limit buy ETH at $3,400"   | Fills immediately at $3,400 or better, cancels remainder |

{% hint style="info" %}
**Best for**: Large orders where you want some limit price protection but don't want to leave an order on the book. Getting partial fills at your price without commitment.
{% endhint %}

#### ALO (Add-Liquidity-Only)

Your order is rejected entirely if it would execute immediately (take liquidity). It only posts to the book as a maker order.

| Prompt                               | Interpretation                                           |
| ------------------------------------ | -------------------------------------------------------- |
| "Post-only limit buy BTC at $97,000" | Only adds to book, rejected if it would fill immediately |
| "ALO limit order on ETH at $3,400"   | Guarantees maker rebate or no fill                       |

{% hint style="info" %}
**Best for**: Guaranteeing you earn the maker rebate. If you set a limit price that's above the current ask (for buys), ALO prevents you from accidentally paying taker fees.
{% endhint %}

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### TIF Comparison

| TIF | Behavior                         | Sits on Book      | Best For                     |
| --- | -------------------------------- | ----------------- | ---------------------------- |
| GTC | Stays until filled or cancelled  | Yes               | Most orders, patient entries |
| IOC | Fills what it can, cancels rest  | No                | Large orders, partial fills  |
| ALO | Rejected if would take liquidity | Yes (or rejected) | Guaranteeing maker rebates   |

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### Choosing the Right Order Type

| Situation                                       | Order Type                | Description                                                           |
| ----------------------------------------------- | ------------------------- | --------------------------------------------------------------------- |
| I want in now                                   | Market Order              | Fast, guaranteed, simple.                                             |
| I want a better price                           | Limit Order with GTC      | Set your price and wait.                                              |
| I need to protect my downside                   | Stop-Market               | Guaranteed exit when your stop level is hit.                          |
| I want to take profits automatically            | Take-Market or Take-Limit | Use Take-Market for guaranteed fill, or Take-Limit for price control. |
| I want to enter on a breakout                   | Stop-Market               | Place above resistance for longs or below support for shorts.         |
| I want to make sure I get maker rebates         | Limit Order with ALO      | Order is rejected if it would take liquidity instead of providing it. |
| I'm placing a large order and want some control | Limit Order with IOC      | Fills what it can at your price; doesn’t leave the rest hanging.      |

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### Pro Tips

1. **Default to limit orders** - You get better prices and earn rebates instead of paying fees
2. **Use stop-market for critical stop-losses** - Stop-limits can miss in fast markets, stop-market guarantees an exit
3. **Use ALO when rebates matter** - Prevents accidental taker fills on limit orders
4. **IOC is great for large orders** - Get partial fills at your price without leaving a visible order on the book
5. **Combine types for full strategies** - Limit entry + stop-market SL + take-market TP is a solid setup
6. **Don't use stop-limit for your only stop-loss** - If price gaps through both levels, you're unprotected

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