Where the price actually fills.

• Why an order gets rejected instead of filled 5 Nov 2026 / execution

  A rejection means your order was never accepted into the order book at all, so it never had a chance to fill. Some rule between your platform and the matching engine tested the order before it went live and found it inadmissible: wrong size, a price too far from the market, not enough free margin, or an instrument that is not accepting orders right now. Rejection is a pre-trade check failing, not a trade failing.

• Trailing stops: a stop that moves one way only 4 Nov 2026 / execution

  A trailing stop is a stop order that stores a distance instead of a price. For a long position, the trigger sits one trail distance below the highest price reached since the order went live, and because that high can only rise, the trigger can only rise with it. It follows price while the position is winning and then holds still the moment price turns.

• Time in force: GTC, IOC and FOK in plain English 3 Nov 2026 / execution

  Time in force is the instruction that tells the order book how long your order is allowed to sit there unfilled. GTC means wait indefinitely until filled or cancelled, IOC means fill whatever you can right now and cancel the rest, and FOK means fill the whole thing right now or cancel it entirely. The difference between them is not price, it is patience: how much waiting, and how much partial filling, you are willing to accept.

• Price impact: how your own order moves the price against you 2 Nov 2026 / execution

  Price impact is the amount the price moves because of your own order. A large order consumes the resting offers nearest the current price, then the next ones out, so the fill is an average across several price levels rather than the single price you saw. The bigger your order relative to what is resting on the book, the further out it reaches, and the worse that average gets.

• Partial fills: when half your order is a position and half is still an order 1 Nov 2026 / execution

  A partial fill means only part of your order quantity traded, and the rest is still sitting live as an open order. This happens because an order needs a counterparty at an acceptable price for every unit, and often there is only enough size at your price for part of your request. You end up holding a smaller position than you asked for, at an average price built from the pieces that filled, with a remainder that may fill later, fill worse, or never fill.

• Market depth: the difference between a price and a price you can get size at 31 Oct 2026 / execution

  Market depth is the amount of resting size sitting at each price level of the order book, not just the best bid and offer. The quoted price only applies to the size available at the top level, so an order larger than that walks into the next levels and fills at progressively worse prices. Depth is therefore the schedule of what size costs, and the quote is only the first line of it.

Where people trade

Published figures from each venue's own fee schedule and terms. Slippage Desk does not claim its own account measurements, and a link being a referral link never changes the order.

Our editor's pick for how your order really gets filled is Bybit. Read why before you act on it.