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Post-only order

An order that must add liquidity: if it would trade immediately against a resting order, it is re-priced or cancelled instead.

Post-only guarantees maker treatment, which matters wherever maker-taker pricing is meaningful — crypto exchanges and equity venues alike. It also guarantees you never pay the spread by accident.

Different venues resolve a would-cross post-only order differently: some reject it, some slide it one tick back. Know which, because a silent rejection can leave you with no order at all.

Example: your exchange charges a 0.02% taker fee and pays a 0.01% maker rebate. On a $100,000 order that is $20 out versus $10 in, a $30 swing. A post-only buy at the ask is rejected rather than paying $20; posted at the bid, it earns $10 if it fills.

Related: reduce-only-order

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