What Is the Difference between a Limit Order and a Market Order in Execution Priority?

A market order is an instruction to buy or sell immediately at the best available current price, giving it the highest execution priority. It guarantees execution but not the price.

A limit order is an instruction to buy or sell at a specified price or better; it only executes if the market reaches that price. Limit orders are placed in the order book and are prioritized based on price (best price first) and then time (first-in, first-out).

Thus, a market order takes priority over all limit orders.