Prodigy Perpetual Futures User Guide
  • Welcome to Prodigy Perpetual Futures
  • Account & Wallet Management
    • Connecting your wallet
    • Managing your account details
    • Disconnecting your wallet
  • Deposits & Withdrawals
    • Depositing into your account
    • Withdrawing from your account
  • Orderbook & Chart
    • Viewing the orderbook
    • Placing an order from the orderbook
    • Viewing the chart
  • Orders
    • Overview of orders
    • Placing a market order
    • Placing a limit order
    • Placing a stop market order
    • Placing a stop limit order
    • Placing a trailing stop order
    • Placing a take profit market order
    • Placing a take profit limit order
    • Placing a bracket order
    • Managing open orders
    • Viewing filled orders
    • Viewing order history
    • Viewing payments
  • Positions
    • Choosing positions
    • Opening positions
    • Closing positions
  • Portfolio
    • Viewing your portfolio
    • Managing your portfolio
      • Profile & Settings
      • Transactions
      • Portfolio
      • Copy address
      • Switch wallet
    • Viewing your open positions
    • Viewing your portfolio history
    • Viewing your investment
    • Managing notifications
  • Markets
    • Selecting a market
    • Market details
  • Ladder
    • Overview
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On this page
  • Placing a market order
  • Adding expert mode order options
  1. Orders

Placing a market order

PreviousOverview of ordersNextPlacing a limit order

Last updated 2 years ago

A is an order to buy or sell a financial asset that will execute immediately at the current market price determined by the orderbook at the time an order is processed by the matching engine.

Placing a market order

To execute a market order:

  1. Click Buy or Sell.

  2. In the Amount field, click the Select Instrument drop-down list to select the proper instrument for your trade. After selecting the instrument, the screen presents the Amount and Collateral fields.

  3. Type an amount to trade in either the Amount or Collateral field. Only type in one field. Typing in one field will auto-complete the other field.

  4. Drag the Leverage Slider to your desired position leverage, up to 10x.

  5. Click the Slippage percentage amount from the selections presented or click Custom to type a custom percentage.

  6. (Optional) To use the Export Mode options, see .

  7. Review your order summary to confirm your selections.

  8. Click Place Order to execute your order.

Note: Market orders do not guarantee execution at a specific price, as the price may fluctuate before the order is processed by the matching engine. Therefore, the price at which a market order is filled may differ from the estimated price displayed on the website.

Adding expert mode order options

By selecting the expert mode option, you have the ability to adjust your trade by TWAP or VWAP algorithms.

  • TWAP: TWAP stands for "Time-Weighted Average Price". The TWAP algorithm is used to execute trades over a specific period of time, such as a day, by dividing the trade into smaller orders and executing them gradually over time.

  • VWAP: VWAP stands for “Volume-Weighted Average Price”. The VWAP algorithm calculates the average price of an asset based on the total volume of trades that occur during a specified time period. The VWAP is calculated by dividing the total value of trades by the total volume of trades, which gives an average price for the asset based on its trading volume.

To add expert mode settings to your trade:

  2. Before completing the order (that is, do not yet click Place Order), select the Expert Mode toggle to enable this mode.

  3. Select from the following options under Algo parameters:

    1. Select either VWAP or TWA.

    2. Now is the only option in the center menu.

    3. Select a time frame from the right dropdown list. The default is 8 hours.

  4. Click Place Order.

Follow the steps in .

Place a Market Order
Add Expert Mode Order Options
Market Order