As part of the default settings of the v4 open source software (”dYdX Chain”), dYdX Chain supports 6 different order types:

A Market Order is an order to buy or sell a given asset and will execute immediately at the best price dependent on the liquidity on the other side of the order book. By default, the front end submits market orders as Immediate-or-Cancel orders, meaning the order will fill immediately (matched against the other side of the order book) and any part that isn’t filled will be canceled. Market orders are also used to close positions. For closing positions, the order is submitted as an Immediate-or-Cancel order. To place a Market Order, traders can:

Amount - this is the amount to buy or sell. This is the amount a trader’s position will increase or decrease by when the order is filled, not the trader’s resulting position amount.

Leverage — Leverage controls how much of a trader’s position is borrowed. The higher the leverage is, the smaller the trader’s margin deposit is and the more funds are borrowed to open a position. Borrowing more funds is riskier, amplifying both a trader’s gains and losses, while also giving positions a riskier liquidation price.

A Limit Order is an order to buy or sell a given asset at a specified (or better) price. A limit order to buy will only execute at the limit price or lower, and a limit order to sell will only execute at the limit price or higher. To place a Limit Order, traders can:

Limit orders have a default Good Til Date of 28 days which can be changed.

As part of the default settings of the v4 open source software, traders can also use advanced options such as Good-Til-Date, Immediate or Cancel, or Post-Only. When selecting a limit order, traders can expand the Advanced section to reveal the following Time in Force and Execution policies:

A Stop Market Order protects against losses by closing a trader’s position once the Oracle Price or the last traded price* crosses the trigger price. The trigger price can be triggered by either the Oracle Price or the last traded price*. Stop market orders can be used to limit losses on a trader’s positions by automatically closing them when the price falls below (for longs) or rises above (for shorts) the trigger price.

Once triggered, the resulting market order will be immediately filled at the best price on the books.

To place a Stop Market Order:

*the last traded price in a confirmed block is clamped by a min and max PPM value from the oracle price. This is used to protect users and prevent conditional orders from being triggered by the last traded price when it drifts significantly from the oracle price. Proto

As part of the default settings of the v4 open source software, traders can edit the Good Til Time under the Advanced section in the trade box.

Max slippage is 10% for all markets.

Traders may have multiple stop orders open for a given position.

A Stop Limit Order will execute only when the Oracle Price or the last traded price* crosses a specified Trigger Price. The trigger price can be triggered by either the Oracle Price or the last traded price*. Stop limit orders can be used to limit losses on a trader’s positions by automatically closing them when the price falls below (for longs) or rises above (for shorts) the trigger price.

Once triggered, the resulting limit order may either be immediately filled or may rest on the orderbook at the limit price. The limit price operates exactly the same as for normal limit orders.

To place a Stop Limit Order:

*the last traded price in a confirmed block is clamped by a min and max PPM value from the oracle price. This is used to protect users and prevent conditional orders from being triggered by the last traded price when it drifts significantly from the oracle price. Proto

As part of the default settings of the v4 open source software, traders can edit the Good Til Time under the Advanced section in the trade box.

Traders may have multiple stop orders open for a given position.

Take Profit Market orders allow traders to set targets and protect profits on positions by specifying a price at which to close an open position for profit. Take profit market orders lock in profits by closing a trader’s position once the Oracle Price or last traded price* crosses the trigger price.

For a long position, a trader places a stop above the current market price. For a short position, a trader places the stop below the current market price. Stop limit orders can be used to limit losses on a trader’s positions by automatically closing them when the price falls below (for longs) or rises above (for shorts) the trigger price.

To place a Take Profit Market Order:

*the last traded price in a confirmed block is clamped by a min and max PPM value from the oracle price. This is used to protect users and prevent conditional orders from being triggered by the last traded price when it drifts significantly from the oracle price. Proto

As part of the default settings of the v4 open source software, traders can edit the Good Til Time under the Advanced section in the trade box.

The default max slippage is 10% for all markets.

Take Profit Limit orders allow traders to set targets and protect profits on positions by specifying a price at which to close an open position for profit. Take profit limit orders enable profit taking like take profit market orders, but with the versatility and control of a limit order.

For a long position, a trader places a take profit limit above the current market price. For a short position, a trader places the trigger below the current market price. If the Oracle Price or last traded price* rises/drops to take-profit point, the T/P order changes from 'Untriggered' -> 'Open', and then behaves as a traditional limit order. Take-profit orders are best used by short-term traders interested in managing their risk. This is because they can get out of a trade as soon as their planned profit target is reached and not risk a possible future downturn in the market.

*the last traded price in a confirmed block is clamped by a min and max PPM value from the oracle price. This is used to protect users and prevent conditional orders from being triggered by the last traded price when it drifts significantly from the oracle price. Proto

To place a Take Profit Limit Order:

As part of the default settings of the v4 open source software, traders can edit the Good Til Time under the Advanced section in the trade box.

Traders can also add options like Default (Good-Til-Date), Immediate-Or-Cancel, or Post-Only.

Disclaimer and Terms

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