IOC Order (Immediate or Cancel)
An IOC order attempts to fill immediately. Any portion that can't fill instantly is cancelled. You get whatever is available at your price, and the rest disappears.
Understanding the Concept
IOC orders are for aggressive traders who want immediate execution without leaving unfilled orders sitting on the book. If you want to buy 10 ETH at $2,000 and only 6 are available, you get 6 and the remaining 4 is cancelled. This prevents stale orders that might fill at bad times. Useful when you need partial exposure quickly without committing to the full size. Also prevents your limit orders from being picked off later when conditions change. Most used by algorithmic traders and professionals.
Real-World Example
You place an IOC buy for 100 SOL at $120. The order book has 65 SOL available at that price. You receive 65 SOL immediately, and the order for the remaining 35 is cancelled automatically.
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