Glossary
Limit Order
An order to buy or sell at a specific price (or better), resting on the book until matched or canceled. Contrasts with a market order that takes whatever's available.
A limit order specifies the worst price the trader is willing to accept. On a CEX, the order sits in the order book until a counterparty matches it (or the trader cancels). The trader controls execution price; the cost is execution risk — the order may never fill.
DEXes implement limit orders via on-chain order books (dYdX, Hyperliquid), AMM-side hooks (Uniswap v4), or intent-based protocols (CoW, 1inch Fusion). Stop-loss and take-profit orders are limit orders triggered by a separate price condition.