Polymarket Order Types Explained: GTC, FOK, GTD & More
Master every order type on Polymarket. Learn when to use limit orders, market orders, and advanced order types to maximize your trading efficiency.
Polymarket offers several order types that let you control exactly how your trades execute. Understanding these options is crucial for profitable trading - the wrong order type can cost you money through slippage, missed opportunities, or unfilled orders.
In this comprehensive guide, we break down every order type available on Polymarket's CLOB (Central Limit Order Book) system and show you exactly when to use each one.
Polymarket Order Types at a Glance
GTC (Good-Till-Cancelled) Orders
GTC orders are the default and most commonly used order type on Polymarket. When you place a GTC order, it stays on the order book until one of three things happens:
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When to Use GTC
Use GTC orders when you want a specific price and are willing to wait for it. Perfect for building positions gradually or setting "buy the dip" orders below current market price.
FOK (Fill-Or-Kill) Orders
FOK orders are all-or-nothing market orders. When you submit a FOK order, it must fill completely and immediately - or it cancels entirely. There's no middle ground.
FOK Order Example
FOK Advantages
- - Guaranteed full fill or no fill - no partial positions
- - Know exactly what you're getting before execution
- - Prevents slippage on large orders
FOK Disadvantages
- - May fail in low-liquidity markets
- - Large orders often won't fill
- - No price improvement opportunity
GTD (Good-Till-Date) Orders
GTD orders work exactly like GTC orders, but with an expiration timestamp. If your order hasn't filled by the specified date/time, it automatically cancels.
GTD Order Example
When to Use GTD
Perfect for time-sensitive strategies. Use GTD when you only want to enter at a price if it happens within a specific timeframe - like before a major news event or market resolution date.
FAK (Fill-And-Kill) Orders
FAK orders are a flexible middle-ground between GTC and FOK. They fill whatever portion is available immediately, then cancel the remaining unfilled portion.
FAK Order Example
When to Use FAK
Ideal when you want to grab available liquidity quickly without overpaying for the full size. Common in news trading when you need to enter fast but don't want a large unfilled order sitting on the book.
Limit Orders vs Market Orders
Beyond the order types above, it's crucial to understand the difference between limit and market orders:
| Feature | Limit Order | Market Order |
|---|---|---|
| Price Control | You set the price | Best available price |
| Execution Speed | May take time | Instant |
| Slippage Risk | None | Possible |
| Trading Fee | 0% (maker) | ~0.1% (taker) |
| Best For | Patient traders | Urgent entries/exits |
Order Type Strategy Guide
Here's when to use each order type based on your trading situation:
Building a Long-Term Position
Use: GTC Limit Orders
Set multiple limit orders at different price levels below market. Be patient and let orders fill over time.
News Trading / Quick Entry
Use: FAK or FOK Market Orders
When news breaks and you need to enter fast. FAK if partial fill is OK, FOK if you need the full size.
Pre-Event Positioning
Use: GTD Limit Orders
Set orders that expire before an event. If price doesn't reach your target before the event, order auto-cancels.
Selling a Winning Position
Use: GTC Limit Order (above market)
Set your take-profit price and let the market come to you. Saves on taker fees.
Exiting a Losing Position
Use: FAK Market Order
When you need to get out fast and cut losses. FAK ensures you exit whatever liquidity is available.
Common Order Mistakes to Avoid
Using FOK in Low-Liquidity Markets
FOK orders will constantly fail if there's not enough depth. Use FAK or split into smaller GTC orders instead.
Forgetting About Stale GTC Orders
GTC orders sit forever. If market conditions change, your old orders might fill at prices you no longer want. Review and cancel stale orders regularly.
Market Orders on Wide Spreads
In illiquid markets, market orders can fill at terrible prices. Always check the order book depth before using market orders.
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Start Trading FreeFrequently Asked Questions
What's the default order type on Polymarket?
GTC (Good-Till-Cancelled) is the default. When you place an order without specifying a type, it becomes a GTC limit order.
Can I change an order after placing it?
You cannot modify an existing order. You must cancel it and place a new order at your desired price/size.
Do unfilled orders cost gas?
Placing orders costs minimal gas on Polygon. Cancelling also costs gas. Orders that expire (GTD) do not cost additional gas.
What happens to my orders if the market resolves?
All unfilled orders are automatically cancelled when a market resolves. You won't pay additional fees.
Which order type has the lowest fees?
GTC limit orders that add liquidity (makers) have 0% trading fees. Market orders and immediately-filled limits pay ~0.1% taker fees.