> ## Documentation Index
> Fetch the complete documentation index at: https://docs.perpetradex.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Order Types & Reduce-Only

> Market, limit, and TP/SL orders, and how reduce-only orders work

Perpetra's order panel offers three order type tabs: **Market**, **Limit**, and **TP/SL**. Perpetra also applies a **reduce-only** flag automatically to orders that are meant to close, rather than open, a position.

## Market orders

A market order fills immediately against the best available price on the opposite side of the book. Use this when you want in (or out) now and don't need control over the exact fill price.

Because a market order can walk through multiple price levels if there isn't enough size resting at the best price, your actual fill price is a notional-weighted average across every level it fills against, not a single fixed price. See [Slippage & Execution](/trading/slippage-and-execution) for how Perpetra bounds how far that average can drift.

## Limit orders

A limit order rests on the book at your chosen price until a counterparty fills it (or you cancel it). Your limit price is a guarantee, not a target:

* On a **long**, your limit price is a ceiling. You will never pay more than that price, though you may pay less.
* On a **short**, your limit price is a floor. You will never receive less than that price, though you may receive more.

If no counterparty ever matches your price, the order simply sits open until filled or cancelled.

## TP/SL orders

The TP/SL tab is visible in the order panel but isn't functional yet. Neither take-profit nor stop-loss orders are supported at this time.

## Reduce-only orders

A reduce-only order can only close or shrink an existing position, never open new exposure or flip you to the opposite side. You don't set this yourself. Perpetra applies it automatically whenever an order is meant to close a position, such as closing from the Positions panel.

<Note>
  If you're long 0.1 BTC and Perpetra submits a reduce-only sell order for 0.1
  BTC on your behalf, it closes you out to flat. A reduce-only order can never
  exceed your existing position size, so it can't flip you into a new position
  on the other side.
</Note>

Perpetra applies reduce-only internally whenever you close a position from the Positions panel, so a close action can never accidentally leave you with a new position on the opposite side.