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Order Types on GTX DEX

GTX DEX supports professional-grade order types designed for both retail and institutional traders. Every order type is optimized to generate yield while providing precise execution control.

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Market Orders

Execute trades immediately at the best available market price.

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How Market Orders Work

Market orders prioritize speed over price control:
  1. Immediate Execution - Order executes against existing liquidity
  2. Price Taking - You pay the current ask (buy) or receive current bid (sell)
  3. No Yield Period - Executes instantly, no yield accumulation time

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When to Use Market Orders

Urgent Execution

When you need immediate entry or exit from a position

High Liquidity Markets

In deep markets where price impact is minimal

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Market Order Example

// Buy 1.5 ETH at current market price
{
  type: "MARKET",
  side: "BUY", 
  quantity: "1.5",
  symbol: "ETHUSDC"
}

// Expected execution: Immediate at best ask price
// Yield generation: None (instant execution)

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Advantages & Disadvantages

✅ Advantages❌ Disadvantages
Immediate executionNo price control
Guaranteed fillPotential slippage
Simple to useHigher effective cost

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Limit Orders

Execute trades only at your specified price or better, while earning yield.

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How Limit Orders Work

Limit orders provide price control and yield generation:
  1. Price Control - Sets maximum buy price or minimum sell price
  2. Queue Position - Joins order book at specified price level
  3. Yield Accrual - Earns yield while waiting for execution
  4. Partial Fills - Can execute in portions as liquidity becomes available

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When to Use Limit Orders

Price Discipline

When you have a specific target price in mind

Yield Generation

To earn returns while waiting for execution

Market Making

To provide liquidity and earn trading fees

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Limit Order Examples

// Buy 2.0 ETH at $2400 or lower
{
  type: "LIMIT",
  side: "BUY",
  quantity: "2.0", 
  price: "2400.00",
  symbol: "ETHUSDC"
}

// Yield earnings while order is open:
// - Base yield rate on position value
// - Potential maker fee rebates
// - Protocol reward tokens

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Limit Order Execution Priority

Orders execute based on Price-Time Priority:
  1. Best Price First - Higher bids and lower asks get priority
  2. Time Priority - Among same price, earlier orders execute first
  3. Pro-Rata - Large orders may split execution fairly

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Order Management

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Order Status Types

StatusDescriptionYield Earning
NEWOrder submitted, not yet in book❌
OPENActive in order book✅
PARTIALLY_FILLEDPartially executed✅ (on remaining)
FILLEDCompletely executed❌
CANCELLEDCancelled by user❌

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Modifying Orders

Remove orders from the order book:
// Cancel specific order
await gtx.cancelOrder(orderId);

// Cancel all orders for symbol
await gtx.cancelAllOrders("ETHUSDC");
Note: Yield stops accruing immediately upon cancellation
Modify price or quantity:
// Cancel and replace with new parameters
await gtx.replaceOrder(orderId, {
  price: "2550.00",
  quantity: "1.5"
});
Note: Replacement creates new order, losing time priority

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Advanced Order Strategies

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Iceberg Orders

Break large orders into smaller chunks to avoid market impact: 
// Large order split into smaller pieces
{
  type: "ICEBERG",
  side: "BUY",
  totalQuantity: "10.0",
  visibleQuantity: "1.0", // Only show 1.0 at a time
  price: "2500.00",
  symbol: "ETHUSDC"
}
Benefits:
  • Reduced market impact
  • Maintain yield on entire position
  • Hide trading intentions

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Time-in-Force Options

Control how long orders remain active:
TypeDescriptionYield Impact
GTCGood Till CancelledMaximum yield time
IOCImmediate or CancelMinimal yield opportunity
FOKFill or KillNo yield (instant decision)

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Market Making Strategies

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Spread Trading

// Place both buy and sell orders
const buyOrder = {
  type: "LIMIT",
  side: "BUY", 
  quantity: "1.0",
  price: "2495.00", // Below market
  symbol: "ETHUSDC"
};

const sellOrder = {
  type: "LIMIT", 
  side: "SELL",
  quantity: "1.0", 
  price: "2505.00", // Above market
  symbol: "ETHUSDC"
};

// Earn yield on both orders + spread profit when filled

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Dynamic Pricing

// Adjust orders based on market conditions
setInterval(async () => {
  const ticker = await gtx.getTicker("ETHUSDC");
  const midPrice = (ticker.bid + ticker.ask) / 2;
  
  // Update orders around mid price
  await gtx.replaceOrder(buyOrderId, {
    price: (midPrice * 0.999).toFixed(2) // 0.1% below mid
  });
  
  await gtx.replaceOrder(sellOrderId, {
    price: (midPrice * 1.001).toFixed(2) // 0.1% above mid  
  });
}, 5000); // Update every 5 seconds

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Order Book Interaction

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Reading the Order Book

// Get current order book depth
const depth = await gtx.getOrderBook("ETHUSDC", 10);

console.log("Best Bid:", depth.bids[0]); // [price, quantity]
console.log("Best Ask:", depth.asks[0]); // [price, quantity]

// Calculate spread
const spread = depth.asks[0][0] - depth.bids[0][0];
console.log("Spread:", spread);

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Understanding Market Impact

// Calculate potential market impact
function estimateMarketImpact(orderBook, side, quantity) {
  const orders = side === "BUY" ? orderBook.asks : orderBook.bids;
  let remaining = quantity;
  let totalCost = 0;
  
  for (const [price, available] of orders) {
    const fillQty = Math.min(remaining, available);
    totalCost += fillQty * price;
    remaining -= fillQty;
    
    if (remaining <= 0) break;
  }
  
  const avgPrice = totalCost / (quantity - remaining);
  const marketPrice = orders[0][0];
  const impact = Math.abs(avgPrice - marketPrice) / marketPrice;
  
  return { avgPrice, impact: impact * 100 }; // Impact as percentage
}

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Best Practices

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For Maximum Yield

1

Use Limit Orders

Prefer limit orders over market orders to earn yield while waiting
2

Set Competitive Prices

Price orders close to market for higher execution probability
3

Monitor Markets

Adjust orders as market conditions change
4

Diversify Timeframes

Mix short-term and long-term orders for consistent yield

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For Better Execution

  • Check Liquidity - Review order book depth before large orders
  • Avoid Round Numbers - Use prices like 2501.50 instead of 2500.00
  • Time Your Orders - Place during high-liquidity periods
  • Monitor Fills - Watch for partial executions and adjust accordingly

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Risk Management

Order Risks to Consider:
  • Limit orders may never execute if price doesn’t reach your level
  • Market orders can experience slippage in volatile conditions
  • Yield is not guaranteed and varies based on market conditions
  • Always monitor positions and market conditions

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Order Examples by Scenario

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Conservative Trading

// Conservative approach: Close to market prices
{
  type: "LIMIT",
  side: "BUY",
  quantity: "1.0", 
  price: currentAsk * 0.995, // 0.5% below ask
  symbol: "ETHUSDC"
}

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Aggressive Trading

// Aggressive approach: Further from market  
{
  type: "LIMIT",
  side: "BUY",
  quantity: "1.0",
  price: currentAsk * 0.98, // 2% below ask
  symbol: "ETHUSDC"  
}

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Yield Optimization

// Maximum yield: Patient orders
{
  type: "LIMIT", 
  side: "BUY",
  quantity: "5.0",
  price: currentAsk * 0.95, // 5% below ask
  symbol: "ETHUSDC",
  timeInForce: "GTC" // Keep earning until filled
}
Every order type on GTX DEX is designed to maximize your trading efficiency while generating yield. Choose the right order type based on your strategy, risk tolerance, and yield objectives.