Definition
A market order prioritizes execution over control of the final price. A buy consumes available sell orders, while a sell consumes buy orders. The displayed last traded price is historical and is not a promise of the price this order will receive.
How It Works
Suppose a book offers 1 unit at 100 USDT and another at 102 USDT. A market purchase of 2 units would cost 202 USDT before fees if those offers remain available, giving an average price of 101 USDT. It does not buy both units at the first displayed price. Such an order takes liquidity and typically receives taker treatment.
Key Considerations
Execution can differ from expectations because of thin liquidity or rapid price movement. Exchange price-protection rules may reject an order or cancel an unfilled remainder. “Market” therefore does not guarantee a complete fill at any price. Confirm the amount unit and consider depth, fees, and slippage before submission.