What Is the Difference between “Market Order” and “Limit Order” in the Context of Derivative Exchanges?

A market order is an instruction to buy or sell a derivative contract immediately at the best available current price. It guarantees execution but not the price, making it susceptible to slippage.

A limit order is an instruction to buy or sell at a specified price or better. It guarantees the price but not the execution, as the order will only fill if the market reaches the limit price.