Understanding Partial Fills in Cryptocurrency Trading
When trading crypto, especially with Limit Orders, you may notice that only part of your order gets executed while the rest stays open or gets canceled. This is known as a partial fill, and it’s a normal part of trading on any exchange that uses an order book.
What Is a Partial Fill?
A partial fill occurs when only some of the quantity you ordered is executed, while the remaining portion is still waiting to be matched with available liquidity at your specified price.
This happens when the order book does not have enough volume at your chosen price to fill your entire order at once.
Example:
You place a Buy Limit Order for 10 BTC at 90,000 USDT.
If the order book only has 4 BTC available at that exact price level:
- 4 BTC will be executed immediately
- The remaining 6 BTC will stay open (if your order type is GTC: Good ’til Cancelled)
- This is a partial fill
Why Partial Fills Happen
Partial fills are common in trading and can happen for several reasons:
1. Insufficient Liquidity at Your Price
If other traders haven’t placed enough buy or sell orders at your limit price, only the available volume will be matched.
Your order waits until more liquidity becomes available at the same price level.
2. Large Order Size
Large orders require more liquidity. When you set a limit price, your order won’t move to the next price level to fill the rest of the quantity.
This means:
- Only the portion available at your chosen price will execute
- The remainder waits until new orders enter the book at that price
3. Order Book Priority
All limit orders at the same price are executed using a first-come, first-served rule.
If many users placed orders at that price before you:
- Their orders are filled first
- Your order will only fill once those ahead in the queue are completed
- If liquidity runs out, only part of your order fills
4. Market Volatility
In volatile conditions:
- Liquidity may appear and disappear quickly
- Price may touch your limit price temporarily
Only a portion of your order may fill before the market moves away
How Partial Fills Affect Your Order
Depending on your order type:
- GTC (Good ’til Cancelled): The remaining quantity stays open until matched or manually canceled
IOC (Immediate or Cancel): Any unfilled portion is canceled immediately, leaving only the filled part - FOK (Fill or Kill): Partial fills are not allowed — the entire order must fill instantly or be canceled
Flipster currently supports GTC Limit Orders, meaning partial fills remain open until completed or canceled by you.
Are Partial Fills Normal?
Yes. Partial fills are expected behavior—especially when:
- Trading during volatile market conditions
- Using limit orders far from the current market price
- Executing large orders on lower-liquidity pairs
Partial fills help ensure your order is filled at your desired price, without paying more or accepting a worse price.
Summary
- A partial fill occurs when your order is only partially executed due to limited liquidity or order-book conditions.
- It is common when using limit orders or placing large trades.
- The unfilled portion remains open (GTC) until more liquidity arrives or you manually cancel it.
- Understanding partial fills helps you plan better trade execution and avoid unexpected outcomes.