Advanced Crypto Order Types: GTC, IOC, FOK, Post Only, Reduce Only and Iceberg

A Market or Limit order defines the basic price logic of a trade. Advanced order instructions add another layer. They control how long an order can stay active, whether partial execution is acceptable, whether an order may take liquidity, and whether a futures order can increase exposure.

This guide covers the main advanced crypto order types and instructions: GTC, GTD, IOC, FOK, Post Only, Reduce Only, and Iceberg. It also shows how these concepts connect with advanced execution workflows in Origami Tech.

Order Type vs Order Instruction

Market and Limit describe the core execution method. A Market order interacts with available liquidity immediately. A Limit order defines an acceptable price boundary.

GTC, IOC, FOK, Post Only, and Reduce Only modify how that order behaves.

Investor.gov classifies GTC, IOC, and FOK as timing restrictions and trading instructions. Coinbase Advanced uses the same concept for crypto trading and documents GTC, GTD, IOC, and FOK as time in force policies.

What Is Time in Force?

Time in force determines how long an order can remain active and what happens when immediate execution is unavailable.

GTC: Good Till Canceled

A Good Till Canceled order remains active until it fills or is canceled.

Investor.gov defines GTC this way and notes that providers can impose their own maximum lifetime. Hyperliquid uses the same principle and describes GTC as an order that rests on the order book until it is filled or canceled.

For example, a buy Limit order below the current BTC price can remain in the book until matching liquidity becomes available at that price or better.

GTD: Good Till Date

Good Till Date adds an expiration time.

The order remains active until it fills, is canceled, or reaches a specified deadline. Coinbase Advanced documents GTD as an order valid until a defined end time.

GTD gives traders a way to keep an order active for a particular period without leaving it open indefinitely.

IOC: Immediate Or Cancel

Immediate Or Cancel executes whatever quantity is immediately available and cancels the remainder.

Investor.gov and Hyperliquid both describe IOC according to this principle.

Suppose a trader submits a Limit order to buy 10 ETH at $2,500, while only 6 ETH are immediately available at that price or better. IOC can fill 6 ETH and cancel the remaining 4 ETH.

FOK: Fill Or Kill

Fill Or Kill requires the complete requested quantity to execute immediately. Otherwise the entire order is canceled.

Investor.gov distinguishes FOK from IOC through this full fill requirement. Coinbase Advanced also supports FOK configurations.

The key difference is partial execution. IOC permits it. FOK requires a complete immediate fill.

Post Only Orders

Post Only is designed for passive Limit execution.

A Post Only order should enter the order book as maker liquidity. If the submitted price would cause immediate matching, the venue rejects or cancels the order.

Kraken describes Post Only as a Limit order canceled when its price would execute immediately. Hyperliquid describes its Post Only option, also called ALO, as an order added to the book without immediate execution.

Reduce Only Orders

Reduce Only is mainly relevant to futures and leveraged crypto trading.

The instruction allows execution only when it reduces an existing position. Kraken states that a Reduce Only order can execute only when it decreases the number of open contracts. Hyperliquid defines it as an order that reduces a current position rather than opening exposure in the opposite direction.

A trader holding a long position of 5 ETH could submit a Reduce Only sell order for 3 ETH. Execution can reduce the position to 2 ETH. An order that would increase exposure or create a new opposite position is restricted according to the venue rules.

Iceberg Orders

An Iceberg order hides part of the total requested quantity from the public order book.

A trader submits a larger total quantity while only a smaller display quantity is visible. Coinbase Prime documents this through its display size parameter, which can turn a Limit order into an iceberg style order.

For example, a trader can submit 100 ETH while displaying only 10 ETH at a time. As the visible portion executes, additional quantity can become available.

Advanced Crypto Order Types Compared

How Advanced Instructions Connect With Algorithmic Execution

Time in force and execution instructions govern individual orders. Algorithmic execution manages a broader sequence of orders.

This distinction becomes important with TWAP, VWAP, and other advanced execution methods.

A TWAP can divide one parent order into several child orders. Each child order still needs execution logic. Depending on the system, it can use Market or Limit execution and additional controls around price or failure handling.

Origami Tech provides a practical example. Inside Manual Orders, TWAP allows users to select Market or Limit execution. When Limit is selected, the interface also provides a Price offset field and Cancel on failure.

What Cancel on Failure Means in Origami Tech

Cancel on failure controls what happens to the remaining TWAP schedule when a child order fails.

When enabled, a failed execution can stop the remaining algorithm. When disabled, later scheduled orders can continue.

This setting belongs to the TWAP workflow in Origami Tech. IOC and FOK work at the level of an individual order, while Cancel on failure controls whether the broader algorithm continues.

From Parent Order to Individual Fills

A broader algorithm can result in several individual exchange orders.

In the Origami Tech example, a TWAP using Limit execution generates separate Limit orders. Their execution can be reviewed in History with prices, quantities, status, and timestamps.

This is also an important distinction for a crypto trading bot. Strategy logic can determine when and how much to trade, while order settings determine how each resulting request interacts with the exchange.

Why Exchange Rules Matter

Advanced crypto order types are venue specific.

Coinbase supports several time in force configurations including GTC, GTD, IOC, and FOK. Hyperliquid documents GTC, IOC, Post Only, and Reduce Only. Kraken also documents Post Only, IOC, and Reduce Only for derivatives.

Similar names can still come with different combinations, fees, minimum sizes, and rejection rules. Traders should check the documentation of the connected venue before relying on a particular instruction.

Final Thoughts

Advanced order instructions give traders more control over execution.

GTC controls persistence. GTD adds an expiration. IOC accepts immediately available liquidity. FOK requires complete immediate execution. Post Only keeps an order on the maker side. Reduce Only prevents a futures order from increasing exposure. Iceberg limits how much of a larger order is publicly displayed.

These settings operate at the individual order level.

The next layer is algorithmic execution. TWAP, VWAP, and Chase manage how a larger execution is divided, timed, or repriced. Origami Tech brings these algorithmic tools together with Market and Limit execution controls inside the same crypto trading terminal.

FAQ

What is the difference between GTC and IOC?

GTC allows an order to remain active until it fills or is canceled. IOC requires immediate execution of available quantity and cancels the remainder.

What is the difference between IOC and FOK?

IOC permits an immediate partial fill. FOK requires the entire requested quantity to fill immediately.

What does Post Only mean in crypto trading?

Post Only restricts a Limit order to maker placement. An order that would immediately take liquidity is canceled or rejected according to venue rules.

What does Reduce Only mean?

Reduce Only restricts an order to reducing an existing futures or leveraged position.

What is an Iceberg order?

An Iceberg order displays only part of a larger total quantity in the public order book.

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