Order types in NyxGo

The NyxGo order form’s core order types are market and limit, with a reduce-only option and time-in-force settings for limit orders. The Pro menu adds stop, take-profit, scale and TWAP orders. This guide explains what each one does and when you might choose it.

Market orders

A market order fills straight away against the best prices available in the order book. You get certainty that the order executes, but not certainty about the exact price.

The exchange has no native market order. When you place a market order in NyxGo, it is sent as an immediate-or-cancel limit order priced through the book by your max slippage. Anything that can’t fill within that price is cancelled instead of being left on the book.

For example, with the mid price at $100 and max slippage at 2%:

• A market buy is sent with a limit of $102, so you will never pay more than $102.
• A market sell is sent with a limit of $98, so you will never receive less than $98.

In a liquid market you will usually fill much closer to the mid price. The limit is your worst case, not your expected price. The order form shows your Max slippage and the resulting worst price before you submit.

You can change the defaults under Settings in the account menu:

• Max slippage for market orders: choose 0.5%, 1%, 2% or 3%, or enter a custom value between 0.1% and 10%. The default is 2%.
• Confirm market orders: when switched on, NyxGo asks you to review side, size, order value and worst price before a market order is sent. It is off by default.

Both preferences are saved in your browser. Market orders take liquidity from the book, so they pay the exchange’s taker fee rate.

Limit orders

A limit order executes at the price you set or better. A buy limit below the current price, or a sell limit above it, rests on the order book until the market reaches it or you cancel it. A limit order priced through the book, such as a buy at or above the best ask, fills straight away as far as your limit allows.

To place one in NyxGo, switch the order form to Limit and enter a Price. Two shortcuts help:

• The Mid button fills in the current mid price.
• Clicking a price in the order book switches the form to a limit order at that price.

Time in force

For limit orders, a menu next to Reduce only sets how long the order stays live:

Option in NyxGo	Also called	What it does
GTC	Good til cancel	Rests on the book until it fills or you cancel it. This is the default.
IOC	Immediate or cancel	Fills whatever it can straight away, and the rest is cancelled.
Post only	Add liquidity only	Only adds liquidity to the book. If it would fill immediately, it is cancelled instead.

Post only is useful when you want to be sure you pay the maker rate rather than the taker rate.

Key idea: A market order gives you certainty of execution. A limit order gives you certainty of price. No single order gives you both.

Reduce only

Tick Reduce only to make sure an order can only shrink an existing position. It will never increase the position or flip it to the other side.

Say you are long 10 coins bought at $100 and want to take profit at $110. A reduce-only limit sell for 10 coins at $110 closes the position if the price gets there. If you have already closed the position by then, the order can’t open a new short by accident.

NyxGo uses reduce-only orders itself. Market close in the Positions tab sends a reduce-only market order for the whole position, and Close all does the same for every open position after you confirm.

Stop and take-profit orders

Trigger orders wait on the exchange until the price crosses a Trigger you set, then send an order. Choose them from the Pro menu:

Option in NyxGo	What it does
Stop Market	Sends a market order when the price crosses the trigger. Typically a stop loss.
Stop Limit	Sends a limit order at your Limit price when the price crosses the trigger.
Take Market	Sends a market order when the price reaches the trigger. Typically a take profit.
Take Limit	Sends a limit order at your Limit price when the price reaches the trigger.

Tick Reduce only when a trigger order is meant to close a position, so it can’t open a new one the other way. A triggered market order can fill up to 10% away from the trigger, so in a fast market it can land well past your level. A limit version protects your price but may not fill.

Two shortcuts set exits for you:

• Tick TP/SL on a market or limit order to attach a take profit and a stop loss to the entry.
• In the Positions tab, select a position’s TP / SL column to set them on a position you already hold. They are reduce-only market orders that close it when triggered.

Scale and TWAP orders

• Scale places a ladder of 2 to 50 limit orders between a Start and an End price. Size skew sets the last order’s size as a multiple of the first.
• TWAP splits your size into slices sent every 30 seconds over the Hours and Minutes you choose, from 5 minutes to 24 hours. Each slice may slip up to 3%, and Randomize slice timing varies when they go out. Running TWAP orders appear in the TWAP tab below the chart.

Choosing a size

The size field accepts either the coin amount or a dollar amount. Select the unit label (for example BTC or USD) to switch between them. The percentage slider below sets your size as a share of the largest order your account can open in that direction at your current leverage.

NyxGo checks two rules before it sends an order:

• The minimum order value is $10.
• The size can’t exceed your buying power unless the order is reduce-only.

The bottom of the form shows Order value, Margin required and Est. fee. The fee estimate combines your exchange fee rate with the NyxGo platform fee when one is active. Hover over it to see the breakdown. The estimate assumes the taker rate for market and IOC orders and the maker rate for GTC and post-only orders. A GTC limit priced through the book fills immediately and pays the taker rate. The Fees page explains how rates depend on your volume.

Managing open orders

Resting orders appear in the Open orders tab below the chart. Each row shows the time, market, type, side, remaining size against the original size, price, trigger price, order value and whether the order is reduce-only. Edit one with the pencil or cancel it with the cross at the end of its row, or use Cancel all when you have more than one. Tick the market-only box, for example BTC only, to hide other markets.

Open orders are read straight from your account on the exchange, so orders you placed on the same account through another interface show up here too. Orders placed by one of your agents carry an Agent chip. The Trade history tab lists your fills with price, size, trade value, fee and closed PnL.

Agents

Every order above is placed once, by you. For orders that repeat on a schedule, follow the price or trade a range while you’re away, switch the order panel from Trade to Agent. The Pro menu has a DCA agent shortcut too. Agents on NyxGo explains DCA, trailing stop and grid agents and the limits you sign for them.

Start with BTC to see the form in action, and read Risk management basics before you size your first position. Perpetual futures are high risk, and nothing here is financial advice.

Key takeaways

• NyxGo offers market and limit orders. A market order is sent as an immediate-or-cancel limit order bounded by your max slippage.
• Limit orders support GTC (the default), IOC and Post only time-in-force settings.
• Reduce only guarantees an order can shrink a position but never grow or flip it. Market close and Close all use it.
• Orders must be worth at least $10. Check Order value, Margin required and Est. fee before you submit.
• The Pro menu adds stop and take-profit trigger orders, scale and TWAP orders, and TP/SL attaches exits to an entry.
• For orders that run while you’re away, use an agent.