{"id":6941,"date":"2024-05-20T08:41:19","date_gmt":"2024-05-20T08:41:19","guid":{"rendered":"https:\/\/paybis.com\/blog\/?post_type=glossary&#038;p=6941"},"modified":"2025-12-17T10:43:21","modified_gmt":"2025-12-17T10:43:21","slug":"all-or-none-order-aon","status":"publish","type":"glossary","link":"https:\/\/paybis.com\/blog\/glossary\/all-or-none-order-aon\/","title":{"rendered":"All or None Order (AON)"},"content":{"rendered":"<h2>What is All-or-None (AON) Order in Crypto?<\/h2>\n<p>An AON is a specific type of <a href=\"https:\/\/paybis.com\/blog\/glossary\/what-is-a-buy-order\/\">order<\/a> 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.<\/p>\n<p><span style=\"font-weight: 400;\">An AON order differs from a standard<\/span> <span style=\"font-weight: 400;\">buy order<\/span><span style=\"font-weight: 400;\"> because it requires complete execution. You either get the entire quantity you requested, or the order gets canceled entirely. This makes AON orders specifically useful for traders who need precise position sizes and can&#8217;t work with partial fills.<\/span><\/p>\n<h2>How Does an All or None Order Work?<\/h2>\n<p>Here&#8217;s a breakdown of how AON orders work in crypto:<\/p>\n<ul>\n<li><strong>Execution:<\/strong> The order is executed only if the entire quantity can be bought or sold at the specified price.<\/li>\n<li><strong>Cancellation:<\/strong> If the entire quantity cannot be executed, the order is canceled, and no partial execution occurs.<\/li>\n<li><strong>Price: <\/strong>The order is executed at the specified price or better.<\/li>\n<li><strong>Quantity: <\/strong>The order is executed for the entire specified quantity.<\/li>\n<\/ul>\n<h2>When Should Traders Use AON Orders?<\/h2>\n<ul>\n<li><strong>Precision in Execution:<\/strong> AONs are useful when you have a specific price target and want the entire order filled at that exact price or not at all.<\/li>\n<li><strong>Market Volatility:<\/strong> In <a href=\"https:\/\/paybis.com\/blog\/glossary\/bitcoin-volatility-index\/\">volatile markets<\/a>, AONs can help avoid partial fills due to price fluctuations.<\/li>\n<li><strong>Large Orders:<\/strong> For large orders, AONs ensure the full amount is traded, potentially minimizing market impact.<\/li>\n<li><b>Avoiding Multiple Transaction Fees:<\/b><span style=\"font-weight: 400;\"> By ensuring the entire order fills at once, you avoid paying multiple transaction fees that would occur with several partial fills. This is especially important on exchanges with per-transaction fee structures.<\/span><\/li>\n<\/ul>\n<h2>How is AON Different From Other Order Types?<\/h2>\n<h3>AON vs. Market Order<\/h3>\n<ul>\n<li>AON: Execute the entire quantity at the specified price or better.<\/li>\n<li>Market Order: Execute the order at the best available price, regardless of quantity.<\/li>\n<\/ul>\n<h3>AON vs. Limit Order<\/h3>\n<ul>\n<li>AON: Execute the entire quantity at the specified price or better.<\/li>\n<li>Limit Order: Execute the order at the specified price or better, but allow partial execution.<\/li>\n<\/ul>\n<h3>AON vs. Immediate-or-Cancel (IOC) Order<\/h3>\n<ul>\n<li>AON: Execute the entire quantity at the specified price or better, or cancel the order.<\/li>\n<li>IOC: Execute the order immediately, or cancel any unfilled portion (allows partial execution).<\/li>\n<\/ul>\n<h2>Differences Between Major Order Types<\/h2>\n<table style=\"width: 100%; border-collapse: collapse; margin: 20px 0;\">\n<tbody>\n<tr style=\"background-color: #f5f5f5; font-weight: bold;\">\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Order Type<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Execution<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Quantity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Price<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 12px;\"><b>AON<\/b><\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Entire quantity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">All or none<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Specified or better<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 12px;\"><b>Market Order<\/b><\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any quantity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Best available<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 12px;\"><b>Limit Order<\/b><\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any quantity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Specified or better<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 12px;\"><b>IOC<\/b><\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any quantity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Any<\/td>\n<td style=\"border: 1px solid #ddd; padding: 12px;\">Specified or better<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>All or None vs Fill or Kill Orders<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While both AON and Fill or Kill (FOK) orders require complete execution, they differ in timing:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>All or None:<\/b><span style=\"font-weight: 400;\"> The order remains active until it can be completely filled at your specified price. It can sit in the<\/span> <span style=\"font-weight: 400;\">order book<\/span><span style=\"font-weight: 400;\"> for hours or days waiting for enough liquidity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fill or Kill:<\/b><span style=\"font-weight: 400;\"> Must execute immediately and in full, or it&#8217;s canceled instantly. FOK orders don&#8217;t wait for liquidity to build up.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For example, if you want to <a href=\"https:\/\/paybis.com\/\">buy 10 Bitcoin<\/a> at $43,000 with an AON order, the exchange will wait until 10 full BTC become available at that price. With FOK, if those 10 BTC aren&#8217;t available right now, the order cancels immediately.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traders use AON when they have time to wait for the right price and full quantity. They use FOK when they need immediate execution or nothing. Both protect against partial fills that could leave you with awkward position sizes.<\/span><\/p>\n<h2>Key Takeaway<\/h2>\n<p>AON orders may not always be executed, especially in volatile markets or when trading <a href=\"https:\/\/paybis.com\/blog\/glossary\/what-is-liquidity\/\">low-liquidity<\/a> assets. It is essential to understand the risks and limitations of AON orders before using them in your crypto trading strategy.<\/p>\n<p><em>Browse the Paybis Glossary to master more web3 lingo!<\/em><\/p>\n<p><em>Alternatively, explore related terms and articles below.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An All-or-None (AON) order in crypto is a type of trading instruction that requires an exchange to execute a transaction only if they can buy or sell the entire quantity requested at the specified price. If the whole amount cannot be executed, the order is canceled<\/p>\n","protected":false},"featured_media":0,"template":"","glossary_letter":[286],"glossary_term":[284,285,279],"class_list":["post-6941","glossary","type-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is an All or None Order Type? - Paybis<\/title>\n<meta name=\"description\" content=\"Master the &quot;All In or One Order&quot; strategy and discover how to maximize your trading potential in the stock market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/paybis.com\/blog\/glossary\/all-or-none-order-aon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is an All or None Order Type? 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