Order Types
Market orders, limit orders, and the order book
Overview
Vezta supports multiple order types depending on your trading tier. Understanding order types helps you control execution price, manage risk, and optimize your trading strategy.
Market Orders
A market order executes immediately at the best available price in the order book. This is the simplest way to trade.
- When to use: You want to enter or exit a position right now and are willing to accept the current price.
- Advantage: Instant execution -- your order fills immediately.
- Trade-off: On thin order books, large market orders may experience price impact (slippage), meaning you pay slightly more than the displayed price.
When you place a market order, Vezta's smart router finds the best available price across Polymarket and Kalshi and executes your trade on the exchange offering the best fill.
Limit Orders
A limit order lets you set the exact price you want to pay. Your order sits in the order book until another trader is willing to fill it at your price.
- When to use: You have a target entry price and are willing to wait for it.
- Advantage: Full price control -- you never pay more than your specified price.
- Trade-off: Your order may not fill if the market never reaches your price.
For example, if YES shares are currently at $0.65 but you only want to buy at $0.55, you place a limit order at $0.55. If the price drops to that level, your order fills automatically.
The Order Book (CLOB)
Both Polymarket and Kalshi use a Central Limit Order Book (CLOB) model. The order book is a list of all open buy and sell orders at various prices.
Bid and Ask
- Bids are buy orders -- prices traders are willing to pay
- Asks are sell orders -- prices traders are willing to accept
- The spread is the gap between the highest bid and the lowest ask
A tighter spread means better liquidity and more efficient pricing. The order book visualization on the market detail page shows bid depth (green) and ask depth (red) so you can gauge available liquidity at each price level.
Price Impact
When you place a large order, it may consume multiple price levels in the order book. This is called price impact. For example, if you want to buy 10,000 YES shares but only 2,000 are available at $0.65, the remaining 8,000 may fill at progressively higher prices ($0.66, $0.67, etc.).
Vezta shows an estimated price impact before you confirm your order so there are no surprises.
Pro Order Types
The following order types are available in Pro mode:
| Order Type | Description | Source |
|---|---|---|
| Fill-and-Kill (FAK) | Fills as much as possible at your price, cancels the rest | Polymarket |
| Post Only | Adds liquidity only -- rejects if it would immediately fill | Polymarket |
| Fill-or-Kill (FOK) | Fills the entire order at your price or cancels completely | Kalshi |
| Good-til-Canceled (GTC) | Stays open until filled or manually canceled | Kalshi |
| Take Profit / Stop Loss | Automated exit orders triggered at specified price levels | Vezta |
Pro order types depend on the underlying exchange. Polymarket-specific order types are available for Polymarket markets, and Kalshi-specific types for Kalshi markets.
Order States
After you place an order, it moves through a series of states:
- Created -- order submitted to Vezta
- Pending -- order sent to the exchange
- Partial -- some shares filled, waiting for the rest
- Filled -- fully executed (terminal state)
- Cancelled -- order withdrawn before filling (terminal state)
- Failed -- order rejected by the exchange (terminal state)
You can track all your orders and their current status in the Portfolio page under the Order History tab.