Orders & Execution
This article details how to place the different order types available on Rails:
Before you continue:
There is a minimum order size of $1 USD for all trades.
There is no maximum order value.
Order Book & Recent Trades
The order book is a real-time, digital ledger that displays all open buy and sell orders for the asset you are viewing in the price chart. It helps traders see quantity and price levels at which others are willing to buy or sell. You'll also find all recent trades tabbed next to the order book.
Order Book
The order book shows Buy Orders (Bids), which list what buyers will pay, and Sell Orders (Asks), which list what sellers offer. It helps traders read market sentiment, spot possible price moves, and make better decisions.
The order book also includes two useful features:
The Spread is the difference between the highest bid and lowest ask. It appears as both a $(asset value) and percentage difference.
The currency switcher lets you view each asset's order book in units or USD at each price.
Order Panel
This is where you place your trades.
The order panel displays a dynamic summary of your order. Use the percentage bar to select what portion of your buying power you wish to deploy for this order, where buying power refers to your available balance multiplied by your account leverage.
Order Types
Read below to understand the various order types available for perpetuals trading:
Calculator
Our built-in trading calculator enables users to estimate the returns or losses of their trades before placing them:
Cherck each tab below to show how each tab works in the calculator in more detail:
Estimate the profit or loss of your trade by selecting a long or short position and inputting the quantity, entry price, close price and preferred leverage.
The impact of your trade is calculated and displayed at the bottom of the calculator. This information includes:
Profit (or loss): Estimated amount gained or lost in USD.
% Profit (or Loss): The estimated change in profit or loss (%) of the order total.
% Return: The estimated return of your margin (%) if you used leverage.
This tab allows you to input the quantity and entry price to confirm the liquidation price of your trade.
The impact of your trade is automatically calculated and presented at the bottom right of the calculator. This information includes:
Liquidation Price: The price at which your position will be liquidated.
Order Total: Total volume in USD of your trade.
Leverage: How much your account will be leveraged, based on your available balance. (i.e. Effective Leverage)
This tab is a helpful tool in helping determine your take profit trigger order details by determining the price you need the asset to reach (target price) if you have a desired return on investment (ROI%).
Select the order type (long or short) and input the quantity, entry price and ROI% to assess the target price.
The key results of this assessment are displayed at the bottom of the calculator as follows:
Target Price: The price at which you should close your position for the desired profit.
Margin Used: The amount of your account balance that would be allocated to open this trade.
Use this tab to determine the price at which you should enter a position. Select your order type (long or short) and input the quantity, target price and the desired ROI for this trade.
The impact of your trade is automatically calculated and presented at the bottom of the calculator and includes:
Entry Price: The price at which you should open your position for the desired profit.
Margin Used: The amount of your account balance that is being allocated to maintain this trade.
Placing Market or Limit Orders
To place a market or limit order, complete the following steps:
Select the Asset you wish to trade in the top-left-hand corner of your Rails account under All Markets.
Select Market or Limit to ensure that you are executing the type of order you want.
Select Buy or Sell depending on whether you want to open a Long or Short position respectively.
Choose your Margin Mode by selecting either Cross or Isolated Margin.
Select your preferred Leverage amount by clicking on the cross-margin drop-down menu.
Note: If you are changing your leverage, the change will apply to any open orders for that market only.
Input the details of your order or use the % options shortcuts to set a percentage of your available balance.
Select Post only if desired.
Click the Buy or Sell button to place your order.
A green "Order accepted" banner will pop up and you should see your order appear under the Positions tab if it was successful. See our troubleshooting tips if you need help.
Placing Trigger Orders
To place a Trigger Limit Order you must follow these steps:
Once you have an open position, navigate to your Positions Tab on the main Trading Page.
From the Order Panel, click the trigger order drop down menu and select whether you want a Take Profit Limit Order, Stop Loss Limit Order, Take Profit Market Order or a Stop Loss Market Order
Select the Trigger Price, which is the price at which you would like the order to execute.
Select the Price which is the highest you would like to take profit or lowest you would like to stop loss.
Input the Amount you would like to buy/sell in one of three ways:
Use the % options shortcuts to set a percentage of your available balance, or
Input the Amount in either quantity (# of asset) or trade volume ($ in USD) using the arrows to toggle between the two options.
Click the Buy or Sell button to place your trigger limit order.
You should see a success message in the lower left-hand side of your screen if it was successful. See our troubleshooting tips if you need help.
Trigger Order Shortcut
The easiest way to add a trigger order is using the shortcut directly from your position in your positions tab.
Follow these steps to use the shortcut to place a Trigger Order:
Once you have an open position, navigate to your Positions Tab on the main Trading Page.
Click Add --> on either TP or SL in the Trigger Orders column.
The default is to set to Market Trigger orders, or select the checkbox to set a Limit Price:
Click UPDATE TRIGGER(S).
A success message shows on screen if your trigger orders are placed successfully, and you can navigate to the trigger orders tab to confirm.
TWAP Orders
When you place a TWAP order, you are asking the system to execute your order (the parent order) in equal slices (or child orders) over your requested running time.
Each slice uses a fixed size, calculated as:
Child orders execute every 30 seconds, and this interval cannot be changed.
Your TWAP order may not fill completely, as execution is best-effort and individual slices may not fill where margin or liquidity is insufficient; Rails does not retry unfilled slices.
To place your TWAP order:
Select the Asset you wish to trade in the top-left-hand corner of your Rails account under All Markets.
Select TWAP from the Pro Order Types:
Select Buy or Sell depending on whether you want to open a Long or Short position respectively.
Choose your Margin Mode by selecting either Cross or Isolated Margin.
Select your preferred Leverage amount by clicking on the cross-margin drop-down menu.
Note: If you are changing your leverage, the change will apply to any open orders for that market only.
Input the details of your order or use the % options shortcuts to set a percentage of your available balance.
Choose your Running Time (any time between 5mins and 4hrs, including run time like 2hrs 30mins)
Click the Buy or Sell button to place your order to begin the TWAP execution.
Terminating Your TWAP Order
You can terminate your TWAP Execution at any time, however you cannot pause, restart or delay it, so if you terminate and then want to restart, you'll have to place your order again.
To Terminate your order, find the Terminate button to the right of your TWAP execution in the TWAP tab:
Once your order has successfully stopped executing, you'll see it show as terminated in the TWAP tab, as shown on the right.
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