> For the complete documentation index, see [llms.txt](https://docs.punch.win/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.punch.win/trading/trading/order-types.md).

# Order Types

PUNCH.WIN supports two order types: **Market Order** and **Limit Order**.

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## Market Order

An order that executes **immediately** at the best available price on the Orderbook.

| Field        | Details                                                             |
| ------------ | ------------------------------------------------------------------- |
| Execution    | Immediate                                                           |
| Price        | Automatically set to the current market price                       |
| Role         | Always **Taker**                                                    |
| Fee          | Charged ([Fee details](/market-structure/market-structure/fees.md)) |
| Cancellation | Not possible, as it executes immediately                            |

***

## Limit Order

An order placed at a user-specified price.

| Field        | Details                                                                      |
| ------------ | ---------------------------------------------------------------------------- |
| Execution    | When the specified price is reached                                          |
| Price        | User-defined ($0.001 – $0.999)                                               |
| Role         | **Maker** (if posted to the Orderbook) or **Taker** (if matched immediately) |
| Fee          | Maker: **None** / Taker: Charged                                             |
| Cancellation | Unfilled orders can be cancelled                                             |

***

## Taker vs Maker Determination

| Scenario                          | Determination | Fee     |
| --------------------------------- | ------------- | ------- |
| Market Order                      | Always Taker  | Charged |
| Limit Order → Matched immediately | Taker         | Charged |
| Limit Order → Posted to Orderbook | Maker         | None    |

* **Taker**: An order matched immediately against existing orders on the Orderbook. Fee charged.
* **Maker**: An order posted to the Orderbook awaiting execution. 0% fee + eligible for 50% Rebate.