# Limit order

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Canonical: https://novigapi.com/learn/limit-order

A limit order is an order to buy at a set price or better, which rests on the order book until another trader fills it or you cancel it.

A limit order names your price. If you place a buy order at 50% and the best ask is 53%, your order does not fill right away; it rests on the book at 50% and waits for someone to sell to you there. If your limit price crosses a resting order, it fills immediately at that order's price, up to the size available. Limit orders give you price control at the cost of uncertainty: you may never be filled, and you are most likely to be filled when the market moves your way for a bad reason.

## How it works

Resting limit orders form the order book. They queue by price, then by time, so an earlier order at the same price fills first. When you rest an order, you are the maker; whoever fills it is the taker. Orders can be partly filled, leaving the rest on the book. On most exchanges you can cancel a resting order at any time until it fills.

## Worked example

The best Yes ask is 53% and you want 1,000 Yes contracts on a live game market. Compare taking now with resting a bid at 50%:

Taking at the ask vs resting a limit bid

| Choice | Fill price | Contract cost | Fee | Total cost | Fill certain? |
| --- | --- | --- | --- | --- | --- |
| Take now at the ask | 53% | $530.00 | $14.95 | $544.95 | Yes |
| Rest a bid at 50% | 50% | $500.00 | $0.00 | $500.00 | No |


```
taker fee = 0.06 x 0.53 x 0.47 x 1,000 = $14.946
```

Resting saves $44.95 if it fills, and as the maker on a live fill you would also earn a credit of 25% of your taker's fee: 0.25 x 0.06 x 0.50 x 0.50 x 1,000 = $3.75. The [Novig fee calculator](https://novigapi.com/novig-fee-calculator) shows both sides.

## On Novig

Novig's book holds bids only, so every limit order is a bid on one outcome. A bid on No at 47% is, in effect, an offer to sell Yes at 53%. Per [Novig trading fees](https://docs.novig.com/api/concepts/fees) (checked 12 Nov 2026), the fee is computed on the fill price, not your limit price, and a resting order placed before kickoff that fills in-game counts as a live fill. Novig's docs also note that every go-live event voids every resting order, so pregame limit orders do not carry into the game. Our `/orderbook/{id}` endpoint shows where your bid would sit in the queue.

## Common mistakes

- Resting a stale order through news. A limit bid left up during an injury report is a free option for faster traders.
- Assuming a resting order survives the start. On Novig it is voided when the event goes live.
- Chasing a fill by moving the limit repeatedly. If you need certainty, take the ask and pay the cost knowingly.

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