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Vita CLOB supports two fundamental order types that cater to different trading strategies and needs.

Limit Orders

Execute at your specified price or better

Market Orders

Execute immediately at best available price

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Limit Orders

Limit orders allow you to specify the exact price at which you want to buy or sell tokens. These orders are added to the order book and wait for a matching order at your specified price.

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How Limit Orders Work

Place Order Form
A buy limit order will only execute at or below your specified price.Example:
  • Current market price: 5.00 USDC
  • Your limit price: 4.95 USDC
  • Result: Order waits in order book until price drops to 4.95 or below

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Limit Order Structure

// Order parameters for limit orders
{
    market_id: u64,              // Market identifier
    price: U128,                 // Your specified price
    quantity: U128,              // Amount to trade
    is_buy: bool,                // true for buy, false for sell
    match_limit: u32             // Maximum number of matches (default: 50)
}

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Benefits of Limit Orders

  • Price Control: Trade only at your desired price
  • No Slippage: Price is guaranteed if order executes
  • Partial Fills: Orders can be partially filled over time
  • Order Book Visibility: Your order becomes part of market liquidity

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Market Orders

Market orders execute immediately at the best available price in the order book. They provide certainty of execution but not certainty of price.

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How Market Orders Work

1

Order Placement

Specify only the quantity you want to trade - no price needed
2

Price Matching

System automatically matches with best available orders:
  • Buy orders match with lowest asks
  • Sell orders match with highest bids
3

Execution

Order executes immediately, potentially at multiple price levels

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Market Order Structure

// Order parameters for market orders
{
    market_id: u64,              // Market identifier
    quantity: U128,              // Amount to trade
    is_buy: bool,                // true for buy, false for sell
    match_limit: u32             // Maximum number of matches (default: 50)
}

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Benefits of Market Orders

  • Immediate Execution: No waiting for price to reach your level
  • Simplicity: Only need to specify quantity
  • Complete Fills: Usually fills entire order amount
  • Time Priority: Executes before any new limit orders
Market orders may experience price slippage in low liquidity conditions. Always check order book depth before placing large market orders.

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Order Matching Rules

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Price-Time Priority

Orders are matched according to strict price-time priority:
  1. Price Priority: Best prices are matched first
    • Highest bid matches with lowest ask
    • Orders at better prices always execute before worse prices
  2. Time Priority: For orders at the same price
    • Earlier orders (by timestamp) execute first
    • First-in, first-out (FIFO) within each price level
Order Book View

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Matching Constraints

Each order can match with a maximum of 50 counter-orders per execution to prevent excessive gas consumption

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Self-Trade Prevention

The system prevents users from trading with their own orders:
  • Buy and sell orders from the same account cannot match
  • Prevents wash trading and maintains market integrity

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Order Lifecycle

1

Submission

Order validated and added to order book (limit) or matched immediately (market)
2

Matching

System continuously matches compatible orders based on price-time priority
3

Partial Fills

Orders may be partially filled if insufficient liquidity at desired price
4

Completion

Order removed from book when fully filled or cancelled

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Choosing Order Type

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Use Limit Orders When:

  • You have a specific price target
  • You’re not in a rush to execute
  • You want to avoid slippage
  • You’re providing liquidity to the market

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Use Market Orders When:

  • You need immediate execution
  • You’re trading liquid pairs
  • Small price differences don’t matter
  • You want to ensure your order fills

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Order Type Comparison

FeatureLimit OrderMarket Order
Price Control✓ Exact price✗ Market price
Execution SpeedMay take timeImmediate
SlippageNonePossible
Partial FillsCommonLess common
Order Book ImpactAdds liquidityTakes liquidity
Best ForPatient tradersUrgent trades

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Next Steps

Place Orders

Learn how to place your first order

Manage Orders

Track and manage your open orders