Skip to content

Order types#

Most orders you place on Anboto are one of three things: a Market order, a Limit order, or an execution algo that works your size over time. On top of those, any algo can be armed with a trigger so it only starts at your price, and multi-leg orders let you trade two instruments as one ticket.

Market and Limit#

The two simple order types behave the way they do on any venue, and are placed from the same order form as the algos.

Order type How it behaves When to use it
Market Sends your full quantity immediately at the best price available, taking liquidity from the book. You have no control over the price you get. Small size, or when getting done right now matters more than the price.
Limit Rests at the price you set and fills only at that price or better, adding liquidity to the book. It may not fill at all. You have a price in mind and are willing to wait for the market to come to you.

The top row of the order form is Market | Limit | algo dropdown. Select Market or Limit for a simple order, or open the dropdown on the right — it holds TWAP, VWAP, Iceberg, POV, IS and Scale — to place an algo. The account picker and the BUY/SELL switch sit above that row, and the symbol comes from the widget or chart your order form is attached to, so there is no symbol field in the form itself.

Then enter your quantity — and, for a limit order, the price.

Limit order in the order form

Note

A limit order rests as a single order at one price. To work a large order at a price without showing your full size, use Iceberg; to spread it across a range of prices, use Scale.

Execution algos#

Execution algos break large orders into smaller child orders and work them intelligently across CEXs and perp-DEXs, so you can move size without moving the market. Each algo optimizes for a different benchmark and market condition — the table below helps you pick the right one for your trade.

Algo What it optimizes Typical use case
TWAP Execution price close to the time-weighted average price Trading evenly over a set period (hours to days), especially large orders in illiquid markets
VWAP Execution price close to the volume-weighted average price Volume-adjusted execution over longer periods (days to weeks), low-liquidity environments
POV Predictable market impact via a fixed participation rate Following the market's natural rhythm, expressing urgency through the participation rate
Iceberg Discretion — hiding total order size at a chosen price Working a large order at a predefined price within seconds to minutes
Implementation Shortfall (IS) The gap between decision price and final execution price Large block trades in volatile or low-liquidity markets, urgency-driven pacing
Scale Distribution of size across a range of price levels Building positions across multiple price levels, cost averaging, volatile markets

Pick by intent#

If you'd rather choose by what you want than by acronym:

I want to… Use
Get filled right now, whatever the price Market
Wait for my price and not chase the market Limit
Get a large order done quietly over a fixed window TWAP
Track the market's traded volume, not the clock VWAP
Never be more than X% of the market's volume POV
Sit at my price without showing my full size Iceberg
Get it done fast while minimizing the cost of urgency Implementation Shortfall
Ladder into a position across a price range Scale
Only start executing when price reaches my level Any algo + a trigger
Fill everything if the market touches a "get-it-done" price Any algo + a Would Price (see Advanced settings)

Any algo can also be armed with a trigger price so execution only starts once the market reaches your level.

Note

Execution algos share a common set of advanced settings — Would Price, Limit Price, Trigger Price, Maker Placement, Clip Size, and Expiration — and some add a tab of their own, such as PoV Risk, Urgency, Iceberg Delay, or Scale Profile. Each algo page documents the ones that apply to it.