Market orders prioritize execution; limit orders prioritize price control. On Kraken Futures, a market order takes available liquidity at the best prices it can reach, subject to Kraken’s stated 1% price boundary, so it can fill at several prices, fill only partly, or be cancelled if liquidity is unavailable. A limit order trades only at its specified price or better, but it can wait indefinitely, remain partly filled, or never execute. The right choice depends on whether completing the trade now or controlling the worst acceptable price matters more.
The decision in one table
The order book, your size, volatility and the options attached to the order determine the actual result. Neither order type guarantees a complete fill.
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| Question | Market order | Limit order |
|---|---|---|
| Primary objective | Seek immediate execution | Set a worst acceptable execution price |
| Execution price | Best available prices in the book, potentially across multiple levels; Kraken’s stated protection prevents matching more than 1% above the best ask for a buy or below the best bid for a sell | At the limit price or better |
| Fill certainty | Usually seeks an immediate fill, but can be partial or entirely cancelled when eligible liquidity is insufficient | No guarantee of execution; the market may never reach the price |
| Unfilled remainder | Cancelled rather than left resting on the book | Normally rests in the order book unless a time-in-force or another setting cancels it |
| Liquidity role | Takes existing liquidity and is treated as taker | Can take liquidity when it crosses the spread, or add liquidity when it rests without matching |
| Main risk | Price uncertainty and slippage across book levels | Waiting, non-execution or losing a trade as the market moves away |
Kraken publishes the mechanics in its derivatives order-types documentation. The 1% boundary is a Kraken platform rule, not a promise that a market order will fill completely and not a statistic about typical slippage.
How a market order behaves on Kraken Futures
It consumes available prices, not one guaranteed quote
A market buy accepts the best eligible asks and a market sell accepts the best eligible bids. If the quantity at the first level is smaller than your order, Kraken can match the balance at successive levels. Your average fill can therefore differ from the price shown at the top of the book. Larger size, thin liquidity and fast movement increase the chance of multiple fills and a less favorable average.
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Kraken states that a market order cannot match more than 1% above the best ask for a buy or more than 1% below the best bid for a sell. This protection narrows the prices the order may use. If the book does not contain enough eligible quantity inside that boundary, only the available amount is filled and the balance is cancelled. With no eligible quantity, the order can be cancelled without a fill.
What “immediate” does and does not mean
“Immediate” describes the order’s execution intent: it does not sit waiting for a chosen price. It does not mean every contract will be filled, that the displayed best price will remain available, or that the order will execute at one price. A market order can be partly filled during a rapidly moving market, leaving you with a smaller position than requested.
When a market order is sensible
- You need to enter or exit now and accept the prices currently available.
- The order is small relative to visible depth and the cost of waiting is greater than uncertain execution price.
- You are responding to a position or risk event and have checked that the 1% protection still leaves enough likely liquidity.
Before submitting, compare quantity with the visible bid or ask depth, not just the top price. Depth can disappear between review and submission, so treat the book as a live, changing estimate.
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The limit is a price boundary, not a fill promise
A buy limit can execute only at its stated price or lower. A sell limit can execute only at its stated price or higher. If matching orders are available at an acceptable price, Kraken executes that quantity. Otherwise, the remaining quantity can be added to the order book. It may wait for seconds, hours or indefinitely, and it can remain untouched if the market moves away.
Kraken’s documentation gives this recommendation: “We recommend using limit orders to control the worst price at which an order can be matched.” That recommendation concerns price control; it does not guarantee execution, prevent losses or make the order a maker order.
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Resting limits and marketable limits are different
A resting limit is priced away from the opposing quote so it does not match immediately. It waits in the book and may add liquidity. A marketable limit crosses the spread: for example, a buy priced at or above the current best ask can execute immediately, while a sell priced at or below the best bid can execute immediately. The limit still caps the worst acceptable price, but the order can take liquidity and be classified as taker.
Even a marketable limit can be partial. If the opposing side has less quantity than you requested at prices within your limit, the available portion executes and the remainder follows the order’s time-in-force: it may rest, cancel, or be handled by another explicit setting.
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Margin can affect an open limit
Kraken performs a margin check when a limit order is placed. Kraken also says open limit orders may be cancelled if portfolio value falls below initial-margin requirements. A limit order that was valid when submitted is therefore not guaranteed to remain open until the market reaches its price. Monitor both the order and account margin rather than assuming a resting order will stay on the book.
Post-only, immediate-or-cancel and reduce-only
These options change what happens around execution; they do not turn a limit into a guaranteed fill or change the fundamental price boundary.
| Option | What Kraken does | Useful for | Trade-off |
|---|---|---|---|
| Post-only | Cancels a limit order that would execute immediately instead of allowing it to take liquidity | Enforcing an intention to rest as a maker order | The order may be cancelled and no trade occurs if its price crosses the spread |
| Immediate-or-cancel (IOC) | Executes the quantity available immediately and cancels the remainder; if none is available at the selected level, Kraken says the order is rejected and cancelled | Getting whatever is available now without leaving an order behind | You can receive a partial fill or no fill, with no resting remainder |
| Reduce-only | Allows execution only when it reduces an existing open position | Closing or trimming exposure without accidentally increasing it | It is a position constraint, not a price, timing or execution guarantee |
Kraken describes these controls in its other order options guide. Confirm the selected option in the order ticket before submitting; a setting that prevents an unwanted fill can also prevent the fill you wanted.
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Choosing between the two in practice
Use a market order when completion now is the priority
- Check the contract, direction and quantity.
- Inspect current bid/ask depth and consider whether your size will reach several levels.
- Confirm that Kraken’s 1% market-order boundary leaves a realistic path to execution.
- Submit the market order and immediately inspect filled quantity and average price.
- If it is partial, decide whether to submit another order based on the remaining exposure rather than assuming the first order is complete.
Do not automatically resubmit the full original quantity after a partial fill. Doing so can double the portion that already executed and create an oversized position.
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- Select the correct Futures contract, buy or sell direction and quantity.
- Set the highest price you will accept for a buy or the lowest price you will accept for a sell.
- Decide whether that price should cross the spread or remain passive.
- Choose post-only if avoiding an immediate liquidity-taking execution is more important than getting the trade; understand that Kraken will cancel a crossing order.
- Choose IOC if you want only currently available quantity and do not want a remainder resting on the book.
- Submit, then monitor status, filled quantity, remaining quantity and account margin.
If the limit remains open while the market moves away, changing it closer to the market can make it marketable. Recheck the new price and liquidity role each time you edit an order.
Fees: identify maker or taker status, then verify the rate
Kraken’s maker/taker explanation defines the classification by what happens when the order reaches the book. An order that matches immediately against an existing opposing order is taker. A market order accepts available liquidity and is therefore taker. A limit order that crosses the spread is also taker, even though it uses a limit price. A limit order that rests without matching may be maker; post-only preserves that intention by cancelling rather than executing immediately.
Do not infer a numeric Futures fee from the order type alone. Rates depend on the applicable product, account and current fee schedule. Check Kraken’s current maker-and-taker fee documentation and the schedule shown for your account before estimating cost. The order’s eventual interaction with the book, not merely the word “limit” in the ticket, determines the classification.
Execution price is separate from mark price and liquidation
Your fill price is the price at which an order matches. Kraken uses mark price to value positions and determine liquidations. Mark price is therefore not a promise that a limit order will execute there, nor does a market order necessarily fill at mark price.
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For trigger-based orders, Kraken’s derivatives guide says mark price is the default trigger signal, with last trade and index alternatives. A trigger is only the event that activates the subsequent order; it does not guarantee the resulting execution price or a complete exit. Treat trigger selection and execution type as two separate decisions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Closing a position without increasing exposure
To close a long, an order in the opposite direction is required; to close a short, use the opposite direction as well. Kraken’s single-collateral derivatives trading guidance advises checking direction and quantity carefully. Use reduce-only where appropriate so an order can reduce an existing position but cannot open or enlarge one if the position changes before execution.
Choose market versus limit according to the exit objective. A market exit seeks speed but can be partial and price-variable. A limit exit protects the minimum acceptable sell price or maximum acceptable buyback price but can leave the position open. If the position is close to liquidation, waiting for a preferred limit may carry more risk than accepting available liquidity; this is a risk decision, not a guarantee about what the book will provide.
Common mistakes and how to avoid them
Assuming a limit order guarantees the quoted price
The limit protects the worst matching price, not the time of execution. If the market never trades at your price, there is no fill. If only part of the opposing quantity is available, only that part executes.
Calling every limit order a maker order
A limit that crosses the spread takes liquidity and can incur the taker rate. Use post-only when maker intent matters more than immediate execution, and accept that the exchange may cancel the order instead.
Reading “market” as “full fill”
Kraken’s boundary can leave a market order partly filled or cancelled when the eligible book is too thin. Check the actual fill report and handle the remainder explicitly.
Ignoring the remainder policy
A market order’s remainder is cancelled. IOC also cancels its remainder. A normal limit can remain open. Confusing these behaviors can leave you either underexposed or unexpectedly exposed.
Using reduce-only as if it controlled price
Reduce-only limits position direction; it does not set a price, guarantee a fill or prevent partial execution.
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Price can move away, liquidity can change and margin conditions can deteriorate. Kraken says open limits may be cancelled when portfolio value falls below initial-margin requirements, so review working orders and margin regularly.
A pre-submit checklist
- Correct Futures contract, side and quantity.
- Current bid/ask, spread and enough visible depth for the intended size.
- For a market order: acceptance of variable fills and Kraken’s 1% boundary.
- For a limit order: maximum buy or minimum sell price written down before submission.
- Decision on resting versus crossing behavior.
- Post-only or IOC selected only when its cancellation behavior is acceptable.
- Reduce-only enabled when the sole objective is to reduce an existing position.
- Sufficient margin, with awareness that open limits can be cancelled if initial-margin requirements are no longer met.
- Plan for a partial fill and a separate decision for any remaining quantity.
What the available evidence can and cannot tell you
Kraken’s documentation establishes the order mechanics and the 1% protection rule, but it does not provide a universal market-versus-limit fill-rate, average-slippage figure or realized-outcome benchmark. Results vary with contract, order size, book depth, volatility and timing. Use the live order book and your own execution records for those decisions; do not treat the platform rule as a performance statistic.
For more detail on how limit prices interact with the book, see Kraken’s limit-pricing guide. Its examples provide general pricing context; they should not be read as a quoted Futures fee schedule.
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