Understanding order types in futures trading: GTC, FOK, and IOC
In Bitget futures trading, the types of orders you place directly impact your trading efficiency and the use of trading bots. This article breaks down three commonly used order types—GTC, FOK, and IOC—to help you optimize your trades.
Comparing GTC, FOK, and IOC
|
Order type |
GTC (Good till Canceled) |
FOK (Fill or Kill) |
IOC (Immediate or Cancel) |
|
Key feature |
Remains active until canceled |
Must be fully executed immediately or canceled |
Executes what it can immediately, cancels the rest |
|
Validity period |
Remains active until manually canceled |
Executed instantly or canceled |
Executed instantly; any unfilled portion is canceled |
|
Execution condition |
No need for immediate execution in full |
Must be executed immediately in full or the whole order will be canceled |
Executes as much as possible immediately, cancels the rest |
|
Order feature |
No urgency—waits patiently for better prices |
Strict requirement—Must be executed immediately in full |
Flexible—fills as much as possible right away |
|
Best for |
Long-term limit orders targeting ideal entry or exit points |
Large trades where partial fills are unacceptable |
Fast trades that do not leave orders in the book |
GTC (Good till Canceled)
GTC stands for "Good Till Canceled." This order type remains active until it is either fully filled or manually canceled. It is ideal for traders who place long-standing limit orders, especially in volatile markets. GTC is suitable for traders looking for flexibility.
• Key feature: The order stays active until it's filled or canceled.
• Best for: Waiting to enter or exit the market at a specific price.
• Example: You believe BTC is a good buy at 50,000 USDT, but the current price is 52,000 USDT.
• Action: Place a GTC limit order to buy 1 BTC at 50,000 USDT.
• Outcome:
￮ If BTC falls to 50,000 USDT, the order will be filled automatically.
￮ If the price stays above 50,000 USDT, the order remains open until manually canceled.
FOK (Fill or Kill)
FOK stands for "Fill or Kill." This order type must be executed immediately in full upon placement—otherwise, it is canceled entirely. It's well-suited for placing large orders within a short timeframe. FOK orders can help reduce risk in highly volatile markets.
• Key feature: The order will either be executed immediately in full, or it will be automatically canceled.
• Best for: Executing large orders while avoiding price slippage from partial fills.
• Example: You want to buy 10 BTC at 51,000 USDT, but only 5 BTC is available at that price due to insufficient market depth.
• Action: Place an FOK limit order to buy 10 BTC at 51,000 USDT.
• Outcome:
￮ Since only 5 BTC is available in the market, the order cannot be filled entirely and will be canceled immediately—no partial execution occurs.
IOC (Immediate or Cancel)
IOC stands for "Immediate or Cancel." This order type executes any portion that can be filled immediately, and cancels the rest. It's ideal for short-term traders who need quick execution and want to avoid pending orders.
• Key feature: Partial execution is allowed; the remainder is canceled.
• Best for: Quick position adjustments or seizing market opportunities.
• Example: You want to sell 5 BTC as soon as possible. The best bid is 50,000 USDT for 3 BTC, and the second-best is 49,900 USDT for 2 BTC.
• Action: Place an IOC limit order to sell 5 BTC at 50,000 USDT.
• Outcome:
￮ 3 BTC will be sold immediately at a 50,000 USDT. The remaining 2 BTC will be canceled automatically (not executed at a lower price).
Summary
GTC is ideal for patient traders waiting for the right price, FOK ensures complete execution for large orders, and IOC offers a balance between speed and flexibility. On Bitget, choosing the right order type can significantly boost your trading performance and returns.
Related articles
• Bitget beginner's guide — Introduction to futures order types
• Bitget Futures: Scaled orders
• Bitget Futures: Iceberg orders
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