In addition to common order options available on exchanges, Kraken offers additional order options for advanced traders. The other order options offer you more flexibility with your orders and allow you to be specific on how you would like spot positions on margin* to be closed if the open order is executed. Other order options include: Conditional Close, Order Start/Expiration Time, Trading Fee Currency Preference, and Post Limit orders.
All of the order options outlined below are only available on the Advanced tab of the New Order page.
A Conditional Close Order is automatically placed when the opening order executes. It creates an opposing order intended to close the volume which has been executed.
- It is not possible to place "combined" or "one cancels the other" type orders using a conditional close.
- If you close a spot position on margin using a newly created order, any conditional closing orders intended to close the position can end up creating new spot positions on margin in the opposite direction.
Order Start Time: The Starts field allows you to customize the time at which the order is placed on the market.
Order Expiration Time: The Expires field allows you to customize the time at which the order is cancelled if it isn't filled.
This field sets your preference for the currency in which your non-margin fees are determined if the order is filled. But it won't necessarily give you your choice (for example, if you set it to a currency in which you have zero balance). Note that:
- The setting applies to the current order only (it isn't a global setting for future orders as well).
The setting does not apply to margin fees. Margin fees (if applicable) are charged in the currency that is provided by Kraken to you to facilitate your ability to open the spot position on margin (if available).
This prevents placing a limit buy order that instantly matches against the sell side of the order book (and vice versa for sell orders) which would result in taker fees. The order will either get posted to the order book, or be cancelled, ensuring a maker fee when executed.
In the example below you are opening a margin position to go long BTC at limit price of $7,826.70. The order won’t be able to execute until the “start” time which is the 8th of December 2021 at 13:00. If the order is not executed by the 30th of December 2021 at 13:00 it will automatically cancel based on the “expire” time.
You have chosen USD as your preferred “fee currency” for the order. The “post limit order” box has been checked which means the order will cancel if the price has already moved below $7,826.70 by the “start” time.
A conditional close limit order has been set at $10,000. This would result in a sell limit order of 1 BTC being created once the primary order has executed. The conditional close would close the spot position on margin once the price of BTC has reached $10,000.
The decimal and thousands separators shown in this article may differ from the formats displayed on our trading platforms. Review our article on how we use points and commas for more information.