Polymarket Order Types: Market, Limit, GTC Explained

Understanding Polymarket order types is crucial for minimizing fees and optimizing execution. This comprehensive 2026 guide covers Market orders, Limit orders, GTC (Good Till Cancel), IOC (Immediate Or Cancel), FOK (Fill Or Kill), and the critical difference between maker and taker orders that determines whether you pay 0% fees or up to 3% fees on crypto markets.

Polymarket uses a maker-taker fee model similar to cryptocurrency exchanges. Maker orders (limit orders that add liquidity) have 0% fees, while taker orders (market orders that immediately fill) have up to 3% fees on crypto markets. Choosing the right order type can save hundreds or thousands of dollars in fees annually. This guide explains each order type, when to use them, fee implications, and strategies for optimal execution. Professional traders use advanced analytics platforms like PolyTrack Pro to analyze order execution quality across thousands of wallets, identifying which order types and strategies consistently generate the best returns.

Maker vs Taker Orders

The fundamental distinction in Polymarket order types is between maker orders and taker orders. This classification determines your fee structure:

Maker Orders Explained

Maker orders add liquidity to the orderbook by placing limit orders that don't immediately fill. These orders sit on the orderbook waiting for someone else to take them:

• • Fee: 0% (zero fees)
• • How they work: Your order is placed on the orderbook at your specified price
• • Execution: Fills when someone else places a market order or matching limit order
• • Liquidity provision: You're providing liquidity to the market
• • Example: Place buy limit order at $0.30 when current price is $0.35 - order sits on book until price drops

Taker Orders Explained

Taker orders remove liquidity by immediately filling against existing orders on the orderbook:

• • Fee: Up to 3% on crypto markets
• • How they work: Your order immediately fills against existing maker orders
• • Execution: Instant execution at current market price
• • Liquidity consumption: You're taking liquidity from the market
• • Example: Place market buy order when current price is $0.35 - immediately fills at $0.35 + fees

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Limit Orders (GTC - Good Till Cancel)

Limit orders (also called GTC - Good Till Cancel) allow you to specify the exact price you want to buy or sell at. These are maker orders with 0% fees, making them the preferred order type for cost-conscious traders.

How Limit Orders Work

When you place a limit order:

1. 1. You specify a price (e.g., buy at $0.30)
2. 2. Order is placed on the orderbook at that price
3. 3. Order sits on book until filled or cancelled
4. 4. Fills when someone matches your price (market order or matching limit)
5. 5. Never pays more than your limit price (for buys) or less than your limit price (for sells)

Buy Limit Order Example

Sell Limit Order Example

When to Use Limit Orders

• • Always prefer limit orders to avoid fees
• • When you have time to wait for price to reach your level
• • For larger orders where fees would be significant
• • When current market price is not favorable
• • For market making strategies (providing liquidity)

Market Orders (Taker Orders)

Market orders execute immediately at the current best available price. These are taker orders with up to 3% fees on crypto markets. Use market orders when speed is more important than fees.

How Market Orders Work

When you place a market order:

1. 1. You specify quantity (e.g., buy 100 shares or $100 worth)
2. 2. Order immediately fills at best available price
3. 3. Price can vary slightly depending on orderbook depth
4. 4. Pays up to 3% fees (taker fee)
5. 5. Execution is instant, no waiting

Market Order Example

When to Use Market Orders

• • When you need immediate execution
• • For small orders where fees are negligible
• • When current price is acceptable and you don't want to wait
• • During high volatility when prices are moving rapidly
• • Emergency exits when you need to close positions quickly

IOC Orders (Immediate Or Cancel)

IOC (Immediate Or Cancel) orders attempt to fill immediately, but any unfilled portion is cancelled. These are taker orders with up to 3% fees. Useful when you want immediate execution but don't want partial fills sitting on the orderbook.

How IOC Orders Work

• • Attempts to fill immediately at current market price
• • Any portion that can't fill immediately is cancelled
• • No partial fills remain on orderbook
• • Up to 3% taker fees apply
• • Example: Order 1000 shares, only 600 available → fills 600, cancels remaining 400

When to Use IOC Orders

• • When you want immediate execution but don't want leftover orders
• • For large orders where partial fills are acceptable
• • When orderbook depth is uncertain
• • Similar use cases to market orders but with automatic cancellation

FOK Orders (Fill Or Kill)

FOK (Fill Or Kill) orders must fill completely immediately, or the entire order is cancelled. These are taker orders with up to 3% fees. Use FOK when you only want to trade if you can get the full quantity.

How FOK Orders Work

• • Must fill the entire order quantity immediately
• • If full quantity can't be filled, entire order is cancelled
• • No partial fills - all or nothing
• • Up to 3% taker fees apply if filled
• • Example: Order 1000 shares, only 600 available → entire order cancelled

When to Use FOK Orders

• • When you need exact quantity and won't accept partial fills
• • For arbitrage strategies requiring precise position sizes
• • When orderbook depth must support full order size
• • Less commonly used than market or limit orders

Fee Optimization Strategies

Strategy 1: Always Use Limit Orders When Possible

The simplest and most effective strategy is to always use limit orders (GTC) instead of market orders:

• • Savings: 0% vs up to 3% fees = 100% fee reduction
• • Trade-off: May take time to fill if price doesn't reach your limit
• • Best for: Non-urgent trades where price level matters more than speed
• • Example: Instead of market buying at $0.36, place limit order at $0.35 and wait

Strategy 2: Aggressive Limit Orders

Place limit orders slightly better than current market price for faster fills while maintaining maker status:

• • Buy orders: Place at current bid price or slightly above
• • Sell orders: Place at current ask price or slightly below
• • Benefit: Still get 0% fees while improving fill probability
• • Example: Market bid $0.34, ask $0.36 → place buy limit at $0.35 (better than market, still maker)

Strategy 3: Hybrid Approach

Use limit orders for larger positions and market orders for small, urgent trades:

• • Large orders: Always use limit orders (fee savings significant)
• • Small orders: Market orders acceptable if fees are minimal
• • Rule of thumb: If fees < $1, market order is fine; if fees > $10, use limit order
• • Example: $100 trade with 3% fee = $3 (acceptable). $10,000 trade with 3% fee = $300 (use limit order)

Order Type Comparison Summary

Conclusion

Understanding Polymarket order types is essential for minimizing fees and optimizing execution. The key takeaway: always use limit orders (GTC) when possible to avoid up to 3% taker fees. Maker orders have 0% fees and can save thousands of dollars annually for active traders.

While market orders offer instant execution, the fee cost is significant. Reserve market orders for urgent, small trades where fees are minimal. For larger positions or non-urgent trades, limit orders provide better price control and zero fees, making them the optimal choice for most trading scenarios.

Related Resources

• • How to Use Polymarket: Complete Beginner Guide
• • Polymarket Trading Strategies: Learn from the Best
• • Polymarket CLOB API Reference
• • Polymarket Fees Explained: Maker vs Taker