Understanding Order Types on Delta Exchange
Delta Exchange supports a variety of order types to help you trade smarter based on your strategy and risk appetite. Here’s a quick but detailed breakdown of each:
Limit Order
A limit order lets you buy or sell at a specific price. Great if you want control over the price, but there’s no guarantee it will fill.
Example: Buying BTC at $58,000 when it’s trading at $59,000. It’ll only execute if the price drops to your target.
Market Order
This order type executes immediately at the best available price in the order book. It’s the fastest way to enter or exit a position — but you might get a less-than-ideal price during high volatility.
Best for: Fast entries or exits when speed is more important than price.
Stop Market Order
This acts like a market order, but only after a set trigger price (stop price) is hit.
Common use: Setting stop-losses to automatically exit a losing position before it worsens.
Stop Limit Order
Combines a stop order and a limit order. Once the stop price is triggered, a limit order is placed at your set limit price.
More precise than a stop market
Trailing Stop Order
A dynamic stop order that “trails” the market as it moves in your favor. If the price reverses by your set trailing distance, a market (or limit) order is triggered.
Ideal for locking in profits without manually adjusting your stop. Set and forget.
Take Profit Order
Automatically closes your position once a target profit price is reached.
Great for securing gains while you’re away from the screen.
Note: It uses a limit order, so price must hit your target to execute.
Reduce Only
This ensures the order only reduces or closes your current position — it won’t increase it or open a new one.
Prevents accidental over-leveraging or reversing positions.
Basket Order
Place a single order to buy or sell multiple assets or contracts at once.
Efficient for managing diversified portfolios or strategies across several tokens/futures.
Prefer watching? Check out this quick tutorial video for the full walkthrough: YouTube