> For the complete documentation index, see [llms.txt](https://docs.boba.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.boba.xyz/spot-trading/order-types.md). # Order Types ## Market Order Executed immediately at the market price. * **Pros:** Fast execution, guaranteed fill * **Cons:** May experience slippage on large orders or illiquid tokens > I want to trade 1 Solana for Bitcoin now. ### Slippage Slippage is the difference between expected price and the actual execution price. You can set a custom slippage limit in Boba. * **Low (0.5-1%):** May fail on volatile tokens * **Medium (1-5%):** Good for most trades * **High (5%+):** For highly volatile tokens or urgent trades {% hint style="info" %} For new launches and meme tokens, you may need higher slippage due to rapid price movements. {% endhint %} *** ## Limit Order Trade is executed at user's set limit price. * Trades are only executed at the limit price or better and remain open until filled or closed * Used when price control is more important than immediate execution > I want to buy Bitcoin at $80,000. {% hint style="warning" %} Execution Risk: If the asset does not reach the set limit price, the order will remain unfilled. {% endhint %} *** ## DCA (Dollar Cost Average) Trades are executed at a fixed time interval for a fixed dollar amount. * Once started, a DCA order executes automatically until closed of filled * Allows traders to reduce volitility risk by breaking up large sums over time > I want to buy $100 of Bitcoin every day. *** ## TWAP (Time Weighted Average Price) Large orders are broken up evenly into smaller order placed at fixed intervals. * Breaks up large orders on the order book, allowing for minimal market impact * Allows large order execution while reducing slippage and market disruption * Very similar to DCA, but focuses on execution efficiency > I want to buy 100 ETH over the next 6 hours. *** {% hint style="info" %} Always research advanced order types yourself. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.boba.xyz/spot-trading/order-types.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.