Nexwest supports the order types required for manual trading and systematic execution. All orders are expressed in the same signed action format; the tif and trigger fields determine behavior.
At a glance
| Type | Executes | Trigger | Typical use |
|---|---|---|---|
| Market | Immediately at the best available price | — | Exit now |
| Limit | At the limit price or better | — | Control price |
| Stop market | Becomes a market order | Mark crosses trigger | Cut a loss |
| Stop limit | Becomes a limit order | Mark crosses trigger | Cap slippage |
| Take market | Becomes a market order | Mark crosses trigger | Take profit |
| Take limit | Becomes a limit order | Mark crosses trigger | Take profit with a cap |
| Chase | Re-prices with the best bid/ask | — | Passive entry or exit |
| Scale | Multiple limit orders in a range | — | Build a position |
| Trailing stop | Follows the best price, then triggers | Retracement | Protect a trend |
| TWAP | Slices a large order over time | Optional | Minimize impact |
Market and limit orders
A market order fills against resting liquidity. It can walk the book and pay more than the top level. A limit order rests until filled or canceled; it never pays worse than the limit price.
Time in force
| TIF | Behavior |
|---|---|
GTC | Rests until filled or canceled |
IOC | Fills what it can, cancels the rest |
ALO | Post-only; cancels if it would cross |
Post-only is not a guarantee
ALO guarantees that the order does not take liquidity when accepted. It can still be filled later if the market moves to it.
Stop and take orders
A stop order is dormant until the mark price crosses the trigger. For a long position, a stop trigger is below the current mark; for a short, it is above. Take-profit triggers are the inverse.
- Stop market sends a market order on trigger. It prioritizes certainty of exit over price.
- Stop limit sends a limit order on trigger. It may not fill if the market gaps through the limit.
- Take market / take limit behave the same way, but the trigger direction is reversed.
Triggers use mark price, not last trade price. This prevents a single wick from triggering every stop in the book.
Chase orders
A chase order is a post-only limit order that re-prices to track the best bid or ask. It rests one tick inside the spread and updates as the book moves. Up to five chase orders can be active per account, and they run in the browser session that created them.
A chase order terminates when:
- it fills,
- the spread exceeds the configured maximum,
- the order is canceled,
- the browser session closes.
Scale orders
A scale order places several limit orders between a start and end price. You choose the number of slices and the total size; each slice is sized equally by default. Scale orders are useful for building a position around a reference price.
Trailing stops
A trailing stop follows the best mark price reached since activation. It never moves against the position. When the mark retraces by the configured distance (absolute or percentage), it sends a market order.
trailing stop for a long:
high_water = max(mark since activation)
trigger = high_water × (1 - distance)TWAP
TWAP divides an order into slices over a running time. The minimum interval is 30 seconds, and each suborder has a maximum slippage of 3% against the arrival price.
| Parameter | Meaning |
|---|---|
size | Total order size |
duration | Total running time |
interval | Time between slices, minimum 30s |
randomize | Vary slice size by up to ±20% |
maxPrice / minPrice | Optional bounds for every slice |
TWAP orders can be canceled at any time; unfilled slices are canceled immediately. A TWAP does not guarantee a better average price than a single limit order; it reduces market impact.
Self-trade prevention
An account cannot match its own resting order. The default behavior is to cancel the older order (the maker) and continue matching the new order against other liquidity. The stp field can be set to cancel_newest, cancel_oldest, or cancel_both on supported endpoints.