How Does a “Fill or Kill” Order Differ from an “Immediate or Cancel” Order?
A "Fill or Kill" (FOK) order must be executed immediately and in its entirety; otherwise, the entire order is canceled. An "Immediate or Cancel" (IOC) order must be executed immediately, but partial fills are allowed.
Any unexecuted portion of an IOC order is canceled. FOK is stricter, requiring full execution.
Glossar
Fok Order
Concept ⎊ A Fill or Kill (FOK) Order is a stringent type of time-in-force instruction attached to a trade order, demanding that the entire specified quantity must be executed immediately and completely, or the entire order must be canceled without any partial fills.
Order Types
Execution ⎊ Order types dictate how a trading instruction is routed to an exchange or order book, fundamentally influencing price discovery and market impact, particularly within cryptocurrency derivatives.
Order
Execution ⎊ An order, within cryptocurrency, options, and derivatives, represents a conditional instruction communicated to an exchange or trading venue to buy or sell an asset at a specified price or under defined parameters.
IOC Order
Execution ⎊ An Immediate-or-Cancel (IOC) order instructs the exchange to execute as much of the order as possible immediately upon submission.