Order Types

There are currently two order types available to users of rhino.fi: Limit Order and Simple Order.

Limit Order

The Trader specifies the exact price and quantity they to buy or sell at. The order is then only successful if that specific price is met.

Example:

Imagine you have 10 ETH and you want to sell all of them. The current market price for ETH is $300 but you do not want to sell your tokens for less than $320. Using a limit order, you would set the price to $320, the amount to 10 ETH and then click 'Submit'. Your order would then only be executed if your specific price had been met.

Market Order

A market order is the simplest of the order types. It is a buy or sell order to be executed immediately at the current market prices, and is filled as long as there are willing sellers and buyers. Market orders are used when certainty of execution is a priority over the price of execution. In illiquid markets, market orders can lead to substantial slippage in price.

Example:

Imagine you have $1,000 USD and you want to buy some ETH. The current market price for ETH is $300. After selecting the 'market order’ option from the order form, the system will automatically input the price based on the last best price in the order book. This means you would only need to input the amount you wished to buy (Let’s say $1,000 worth) and hit ‘buy’.

Hidden order

Your order will not appear on the orderbook, but it will still get executed if matched.

Post-only order

The post-only limit order option ensures the limit order will be added to the order book and not matched with a pre-existing order. If your order were to cause a match with a pre-existing order, your post-only limit order would be cancelled.

A post-only limit order ensures that you will pay the maker fee and not the taker fee, unless matched with a hidden order.
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