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Limit Order

A limit order is an instruction to buy or sell a prediction market contract at a specific price or better, resting on the order book until a counterparty matches it or the order is cancelled. Unlike a market order, it guarantees a price but not an immediate fill.

Updated June 25, 2026Market Mechanics
TL;DR
Set your price and wait. A limit order lets you name your terms and adds liquidity to the market, often earning you lower trading fees.

Key Points

✓A limit buy order executes only at the specified price or lower; a limit sell executes only at the specified price or higher.
✓Unmatched limit orders rest on the [[order-book]] and are visible to other traders as part of [[depth-of-market]].
✓Limit order placers are classified as makers in the [[maker-taker]] fee model, typically paying lower fees than takers.
✓The main risk is non-execution: if the market never reaches your price, the order stays open or expires unfilled.
✓Limit orders are the primary tool for controlling [[slippage]] on low-liquidity prediction market contracts.

How Limit Orders Work on Prediction Markets

When you place a limit order on a platform like Kalshi or Polymarket, you specify the contract, quantity, and maximum price you are willing to pay (for a buy) or minimum price you will accept (for a sell). The Matching Engine checks the existing Order Book for a counterparty at that price. If one exists, the order fills immediately; if not, your order joins the queue of resting orders at your price level. The order remains open until it is matched, you cancel it, or the Market Expiry date passes. Because limit orders add quotes to the book rather than consuming them, they provide Liquidity and are rewarded with maker status in platforms that operate a maker-taker fee model.

Limit Orders vs. Market Orders

The central trade-off between a limit order and a Market Order is price certainty versus execution certainty. A limit order guarantees you will not pay more than your specified price, but it may never fill if the market does not reach that level. A market order fills immediately but exposes you to Slippage when the Order Book is thin. On prediction markets, where many contracts have wide Bid-Ask Spread values or limited depth, limit orders are generally preferred by experienced traders. Platforms such as Kalshi charge makers roughly 25% of the taker fee, making limit orders significantly cheaper to use when the order is not time-sensitive and you are willing to wait for the market to come to your price.

Related Terms

Market Order
A market order is an instruction to buy or sell a prediction market contract immediately at the best available price, consuming existing resting orders on the order book. It prioritizes speed of execution over price certainty.
Order Book
An order book is the real-time electronic ledger that lists all outstanding buy (bid) and sell (ask) orders for an event contract, organized by price level. It is the central mechanism through which prediction market exchanges match buyers and sellers.
Maker and Taker
The maker-taker model is a fee structure used by prediction market exchanges that charges different rates based on whether an order adds liquidity to the order book (maker) or removes it (taker). Makers place resting limit orders; takers fill those orders with market or aggressive limit orders.
Slippage
Slippage is the difference between the price a trader expects to pay (or receive) for an event contract and the actual price at which the order is filled, caused by insufficient liquidity at the desired price level. It is most common on large orders or in thin markets.
Order Fill
An order fill is the execution of a buy or sell order in a prediction market, confirming that the specified quantity of contracts has been matched with a counterparty at an agreed price. Orders can be fully filled, partially filled, or left unfilled depending on available liquidity.

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