> For the complete documentation index, see [llms.txt](https://docs.bullpen.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bullpen.fi/trading/order-types/market-order.md). # Market Order Executes immediately at the best available price. ## Use When You need to enter or exit a position immediately and price slippage is acceptable. ## Parameters * **Asset**: The token or contract you want to trade * **Size**: Amount to buy or sell * **Direction**: Buy/Sell * **Reduce Only** (optional): Only reduces existing position, won't open new position ## How It Works 1. You place a market order 2. Order immediately matches against the best available prices on the orderbook 3. Execution happens within the same block on Hyperliquid 4. You get filled at whatever price is available ## Important Notes * **No price guarantee**: You'll get the best available price, but it may differ from the last traded price * **Slippage**: Large orders can move through multiple price levels * **Immediate execution**: Best for urgent entries/exits * **Higher fees**: Market orders are always taker orders (you pay taker fees, no rebates) ## Best Practices * Check orderbook depth before placing large market orders * Consider using limit orders if you have time and want price control * Use TWAP orders for very large positions to minimize slippage * Set a mental max acceptable slippage before executing --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.bullpen.fi/trading/order-types/market-order.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.