English · 한국어
A stop set at 100 does not mean you will sell at 100. A stop is a condition that submits another order. The order type, available quotes, and exchange restrictions then determine what fills and at what price. This article explains the common mechanics of orders on crypto futures venues. Available order types, trigger references, and restrictions vary by product and exchange.
Three prices to keep separate
- Trigger price: the reference that activates a conditional order. A venue may let you choose last traded price, mark price, or index price.
- Order price: the limit price submitted after a stop-limit order triggers. A stop-market order has no limit price.
- Fill price: the price at which your order actually matches against the other side. A single order can fill at several prices, producing a different average fill.
Selecting mark price as the trigger does not mean execution occurs at the mark price. Check whether the chart price and your selected trigger reference are the same before placing the order. Bybit's order execution FAQ distinguishes the trigger from the execution price.
Market and limit orders prioritize different things
A market order tries to match against available quotes on the other side of the book when it reaches the market. It aims for quick execution, but it does not guarantee the price you saw on screen. Thin liquidity or a fast move can produce fills at several levels. Exchange price protection, quantity, and margin rules may also reject an order.
A buy limit tries to fill at its limit or lower; a sell limit tries to fill at its limit or higher. The price condition is controlled, but the order may fill only partly or not at all if eligible quotes are unavailable or other orders are ahead in the queue. A limit order that is immediately marketable may remove liquidity rather than act as a maker order. See the Binance Futures order types and Bybit execution FAQ.
Stop-market and stop-limit: what gets submitted after the trigger?
A stop-market submits a market order when its condition is met. A stop-limit submits a limit order at the price you set. If the sell limit is too high during a rapid decline, bids can move below it and your position may stay open. A stop-market does not impose that limit, so it may sell for less than expected. Neither order guarantees a maximum loss. The Binance stop-order guide describes the two order types.
A hypothetical sell order triggered at 100
Ignore fees and latency for this example. Suppose the last traded price reaches 100, triggering an order to sell five units. Immediately afterward, the only bids are two units at 99.8 and three at 99.5. If a market order fills all five units against those bids, its average fill is (99.8 × 2 + 99.5 × 3) ÷ 5 = 99.62. The 100 level triggered the order; it was not the fill price.
Now use the same trigger with a stop-limit sell priced at 99.9. There is no bid at or above 99.9 in this snapshot. Assuming the order remains valid, all five units stay unfilled. It could fill if a suitable bid appears later, but time-in-force and exchange restrictions can also cancel or reject it. The numbers and diagram are teaching assumptions, not a real order book or a measured trading result.
The market order's 99.62 average is not a promised outcome either. Quotes can change between trigger and submission, and an order may fill only partly. Record the selected trigger reference, actual fill prices, filled quantity, and remaining quantity separately from the planned price.
Check the status after submission
- Waiting: the conditional order has not triggered, or a limit order remains on the book.
- Partly filled: some units matched. Check what happens to the remainder.
- Filled: the full quantity matched. Check the average fill and fees.
- Canceled, rejected, or expired: do not assume the position was closed. Check the reason and the actual remaining position.
Do not treat the stop price as a guaranteed loss cap in a sizing calculation. Position sizing explains planned risk and quantity; this article adds the execution step. Before placing an order, check its trigger reference, order type, limit price, quantity, time in force, reduce-only setting, margin, and the venue's protection rules.
The target and stop in a 1:2 risk–reward plan are planned prices too. Recalculate the realized ratio after the fills.
Sources and next steps
- Binance Futures: Types of order
- Binance Futures: Stop orders
- Bybit: Order execution and liquidation FAQ
- TRADE EVIDENCE: Trading journal
For education only. All prices and quantities above are hypothetical, not market data or trading performance. Check the current rules and contract specifications of your venue before placing an order.