# Order Types (/docs/risex/trading/order-types)

The two main order types are Maker and Taker:

* **Maker orders**: These orders are placed on the book and provide liquidity, indicating that a trader is willing to transact at this price. They provide the "inventory" for the book, allowing other traders to come buy this inventory (Inventory here is the contract to long or short this asset)
* **Taker orders**: These are orders that look to remove that inventory from the book. Taker orders signify that the trader wants liquidity now and is more price-insensitive.

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## Order Types

| Order Type       | Description                                                                                                                                                                                                                                                                     |
| ---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Maker orders** | These orders are placed on the book and provide liquidity meaning there is a trader willing to transact at this price. They provide the "inventory" for the book allowing other traders to come buy this inventory (Inventory here is the contract to long or short this asset) |
| **Limit orders** | These are orders that look to remove that inventory off the book. Taker orders signify that the trader wants liquidity now and is more price insensitive.                                                                                                                       |

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## Order Conditions

| Order Condition             | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| --------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Post only**               | Order that is posted to the book and cannot match immediately. If a post-only order crosses the spread than it is cancelled                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Reduce only**             | Order that is sent to reduce a current position. If a reduce only order flips the bias of the trader (long to short) than the order will be rejected                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **Time-in-force**           | RISEx supports multiple TIF orders:<br /><br />**IOC (Immediate or Cancel)**: Any portion of the order that can fill immediately against resting liquidity is executed. Unfilled remainder is cancelled and doesn't rest on the book. This is non-resting and is a one-shot attempt to fill.<br /><br />**GTC (Good Till Cancelled)**: Order sits on the book indefinitely until it is fully matched or there is a direct cancellation instruction. If the limit order is marketable (can be filled immediately) it will fill as much as it can and the rest remains on the book sitting as inventory.<br /><br />**GTT (Good Till Time)**: Order sits on the book until user-defined expiry hits. If it doesn't match or if it only partially matches then the order is taken off the book. It is like GTC but with a user defined expiry.<br /><br />**FOK (Fill or Kill)**: Entire order has to fill immediately in a single execution or the entire order is rejected and partial fills are impossible. If the book doesn't have the depth to fill then the order (at or below the limit price for limit orders, or at any price for market order) is cancelled and does not execute. |
| **Take Profit / Stop Loss** | TP/SL is a conditional order triggered when the mark price reaches levels specified by the trader. These orders can be configured to fully or partially exit a position but will never change your bias.<br /><br />Traders can set partial or full TP/SL positions:<br /><br />**Full TP/SL**: You can only set this at once at a specific level.<br /><br />**Partial TP/SL**: You can set multiple partial TP/SL orders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |