All or None Order (AON)

What is All-or-None (AON) Order in Crypto?

An AON is a specific type of order placed on a cryptocurrency exchange. It specifies a set price and a desired volume of cryptocurrency to buy or sell. The key aspect is that the entire order must be fulfilled to be considered executed.

How Does an All or None Order Work?

Here’s a breakdown of how AON orders work in crypto:

• Execution: The order is executed only if the entire quantity can be bought or sold at the specified price.
• Cancellation: If the entire quantity cannot be executed, the order is canceled, and no partial execution occurs.
• Price: The order is executed at the specified price or better.
• Quantity: The order is executed for the entire specified quantity.

When Should Traders Use AON Orders?

• Precision in Execution: AONs are useful when you have a specific price target and want the entire order filled at that exact price or not at all.
• Market Volatility: In volatile markets, AONs can help avoid partial fills due to price fluctuations.
• Large Orders: For large orders, AONs ensure the full amount is traded, potentially minimizing market impact.

How is AON Different From Other Order Types?

AON vs. Market Order

• AON: Execute the entire quantity at the specified price or better.
• Market Order: Execute the order at the best available price, regardless of quantity.

AON vs. Limit Order

• AON: Execute the entire quantity at the specified price or better.
• Limit Order: Execute the order at the specified price or better, but allow partial execution.

AON vs. Immediate-or-Cancel (IOC) Order

• AON: Execute the entire quantity at the specified price or better, or cancel the order.
• IOC: Execute the order immediately, or cancel any unfilled portion (allows partial execution).

Differences Between Major Order Types

Key Takeaway

AON orders may not always be executed, especially in volatile markets or when trading low-liquidity assets. It is essential to understand the risks and limitations of AON orders before using them in your crypto trading strategy.

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