> For the complete documentation index, see [llms.txt](https://docs.hyena.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hyena.trade/trading/order-types.md).

# Order Types

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#### Order Types on Hyena

Hyena provides a wide range of order types to give traders maximum flexibility and control over their execution. Each order type serves a different trading purpose, from simple entries to advanced automation.

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**1. Market Order**

A Market Order executes immediately at the best available price in the order book.

* Best for traders who prioritize speed of execution over exact entry price.
* Example: If you place a market buy for ETH/USDe, it fills instantly at the current best ask price.
* Note: Market orders can experience slippage in low-liquidity conditions.

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**2. Limit Order**

A Limit Order allows you to set a specific price at which you want to buy or sell. The order only executes if the market reaches your chosen price.

* Best for traders who want price precision and are willing to wait.
* Example: You place a buy limit order for BTC/USDe at $60,000 — the order only fills once the price drops to that level.
* This order type helps avoid slippage but might not execute if the market never reaches your price.

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**3. Stop Market Order**

A Stop Market Order triggers a market order once a specific stop price is hit.

* Commonly used for stop-losses or breakout trades.
* Example: You hold a long ETH position and set a stop market sell at $2,900 — if ETH falls to $2,900, your sell executes immediately at the best market price to prevent further loss.
* Prioritizes execution certainty over price control.

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**4. Stop Limit Order**

A Stop Limit Order combines the logic of a stop order and a limit order. Once the stop price is reached, a limit order (not a market order) is placed.

* Best for traders who want to control their exit price even after a trigger condition.
* Example: You set a stop at $2,900 and a limit at $2,880. When the stop triggers, your sell limit order is placed at $2,880.
* Offers more control but might not fill during fast-moving markets.

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**5. Scale Order**

A Scale Order lets you place multiple limit orders at predefined intervals (price ladder).

* Useful for averaging into or out of positions over a range of prices.
* Example: You want to buy ETH between $2,900 and $2,700 in increments of $50 — Hyena automatically places limit orders at each step.
* Ideal for DCA strategies or liquidity provisioning.

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**6. TWAP Order (Time-Weighted Average Price)**

A TWAP Order breaks a large order into smaller chunks and executes them gradually over time to achieve an average entry or exit price.

* Helps minimize market impact and slippage for large trades.
* Example: You want to buy $100,000 worth of BTC over 2 hours — TWAP executes smaller orders periodically to blend into market volume.
* Perfect for institutional-sized orders or strategic accumulation.

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**7. Scalp Order**

A Scalp Order is optimized for short-term, rapid trades that aim to capture small price movements.

* Often used in high-frequency trading or volatile conditions.
* Can be combined with tight stop-losses and take-profits for quick, automated execution.
* Example: You buy BTC expecting a small move from $60,000 to $60,200, then immediately sell to lock in quick profits.
* Designed for speed and efficiency, not long-term holds.

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