A limit order trades at a price you set and it waits until the market reaches that price. A stop market order waits for a trigger price, then sells at the best available market price. A stop limit order also waits for a trigger, but then places a limit order, so it only fills at your limit price or better.
How Do These Orders Compare at a Glance?
| Limit order | Stop market | Stop limit | |
|---|---|---|---|
| Prices you set | A limit price | A trigger price | A stop price and a limit price |
| When it becomes active | Right away, then waits for your price | When the price reaches the trigger | When the price reaches the stop price |
| How it fills | At your limit price or better | At market price | At your limit price or better |
| Price control | High | Low, can fill below the trigger | High |
| Risk | May never fill | Worse price in a fast drop | May not fill in a fast drop |
| Common use | Take profit, buying a dip | Stop loss when exiting matters most | Stop loss with a price floor |
What Is a Limit Order?
A limit order is an instruction to buy or sell at a specific price or better. A buy limit order sits below the current price, and a sell limit order sits above it. The order waits until the market reaches your price, the order expires, or you cancel it.
A limit order gives you price control, not fill certainty. If the market never reaches your price, the order never fills.
On KyberSwap, the person who creates a Limit Order is the maker, and the person who fills it is the taker. KyberSwap Limit Orders are a liquidity source for the KyberSwap Aggregator, so swaps routed through the Aggregator can fill your order.
Signing a Limit Order does not require gas. The taker pays the gas required to settle it. Token approval and wrapping a native token are separate on-chain actions and require gas.
On Ethereum, small orders are less likely to fill unless the price moves far enough to cover the taker’s gas cost. You can cancel an open order with Gasless Cancel, which does not require gas.
For how a limit order compares with an instant swap, see Limit Order vs Market Order in Crypto: Differences, Costs and When to Use Each.
What Is a Stop Market Order?
A stop market order waits until the price reaches a trigger you set, then sells at the best available market price. Traders mostly use it as a stop loss, with the trigger below the current price.
The trigger decides when the order runs, not the price you get. In a sharp drop, the fill can land below your trigger.
On KyberSwap, Stop Market automatically swaps a token once its price reaches a trigger you set below the current price. You sign the order from your wallet, and your tokens stay there until it executes.
How it triggers. The order is checked against a Chainlink-powered Oracle price every 5 seconds. It executes when the Oracle price reaches your trigger and the swap can return at least your Min. Receive. The swap is routed through the KyberSwap Aggregator.
How it limits a bad fill. Min. Receive is calculated from your trigger price, minus your Max slippage and the fee. If no route can meet it, the order shows Retrying instead of selling for less.
What it costs. Placing, editing and cancelling a Stop Market order is free. A fee of 0.015% to 1% is charged only on execution, depending on the volatility level of the tokens, with a minimum fee per chain. A first-time token approval requires gas, once per token per chain.
Stop Market works with tokens that have a valid Chainlink price feed. To set one, open the Limit Order tab and select Stop Market.
Why Do You Need Stop Market If You Already Have a Limit Order?
A Limit Order cannot protect you from a price drop. A sell Limit Order only sells at your price or better, so it is built to wait for the price to rise.
If you set a sell Limit Order below the current price, it does not wait for the drop. Your price is already below the market, so the order can fill right away.
Stop Market solves the opposite problem. It waits while the price stays above your trigger and sells only once the price falls to it. On KyberSwap, a Limit Order handles targets above the current price, and Stop Market handles triggers below it.
What Is a Stop Limit Order?
A stop limit order uses two prices: a stop price that activates the order, and a limit price that sets the worst price you accept. When the market reaches the stop price, a limit order is placed at your limit price.
For a sell stop limit, the limit is usually set a little below the stop. For example, a stop at $2,700 and a limit at $2,650. That gap gives the order room to fill if the price keeps sliding.
The trade-off is fill risk. If the price drops straight past your limit, the order waits unfilled while the market keeps falling. You keep your price control, but you may not get out.
Stop limit orders are common on centralized exchanges. KyberSwap offers Stop Market rather than a separate stop limit order. Its Max slippage setting plays a similar role, because it sets the least the swap must return before the order executes.
What Happens to Each Order in a Sharp Drop?
Say ETH trades at $3,000, and you place three sell orders:
- A limit order at $3,500
- A stop market order with a trigger at $2,700
- A stop limit order with a stop at $2,700 and a limit at $2,650
Then ETH falls from $2,750 to $2,600 within a few minutes.
| Order | What happens | Result |
|---|---|---|
| Limit at $3,500 | The price moves away from your target | Still waiting, ETH unsold |
| Stop market at $2,700 | Triggers at $2,700 and sells at the market | Sold, possibly below $2,700 |
| Stop limit at $2,700 / $2,650 | Triggers at $2,700 and places a limit at $2,650 | If the price passes $2,650 before it fills, it stays unfilled while ETH sits at $2,600 |
With KyberSwap Stop Market, the result depends on your Max slippage. If a route can still return at least your Min. Receive, the order sells. If the price has fallen further than your Max slippage allows, the order shows Retrying and your ETH stays in your wallet.
No order type wins in every market. The real choice is which risk you would rather take: a worse price, or no fill.
Which Order Should You Use?
Choose the order by your goal, not by the order name.
| Your goal | Order to use |
|---|---|
| Sell at a higher price (take profit) | Limit order |
| Buy at a lower price | Limit order |
| Get out of a falling position, even at a worse price | Stop market |
| Get out of a falling position, but not below a set price | Stop limit |
For volatile or thinly traded tokens, a stop limit is more likely to miss, because the price can jump past your limit. A stop market order is the safer exit there, as long as you accept some slippage.
On KyberSwap, you can combine both order types on one position: Stop Market below the current price as your stop loss, and a sell Limit Order above it as your take profit. They are separate orders, so when one executes, cancel the other.
FAQ
Is a Stop Limit Order Better Than a Stop Market Order?
A stop limit order is better for price control, and a stop market order is better for making sure you exit. If missing the exit would hurt more than a worse fill, use a stop market order.
Is a Stop Limit Order the Same as a Limit Order?
No. A limit order is active as soon as you place it. A stop limit order only becomes a limit order after the market reaches your stop price.
Can a KyberSwap Limit Order Be Partially Filled?
Yes. A KyberSwap Limit Order can be partially filled, and the unfilled amount stays open until it fills, expires or is cancelled.
Picking the Right Order for Your Trade
If you are waiting for a better price to buy or sell, a limit order is the right tool. If you need protection on the way down, decide whether getting out or protecting your price matters more. A stop market order puts the exit first, and a stop limit order puts the price floor first.
On KyberSwap, you can set both sides of a trade from your own wallet: a Limit Order for your target and Stop Market for your stop loss. Open the Limit Order tab on KyberSwap to set your first order.
