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Market orders are the fastest way to trade on Basemarket. They execute immediately at the current best available price.

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What is a Market Order?

A market order is an instruction to buy or sell shares instantly at the best price currently available in the order book. Key characteristics:
  • Instant execution - Trades happen immediately.
  • Dollar-based - You specify how much USD you want to spend.
  • Average price - Your order may fill at multiple prices to complete the full amount.
  • No cancellation - Cannot be cancelled once placed.

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How It Works

Market Order Interface When you place a market order:
  1. Choose your side - Select YES or NO.
  2. Enter amount - Specify how much USD you want to spend (e.g., $100).
  3. Review execution - See your estimated “To Win” amount.
  4. Confirm - Click “Buy Yes” or “Buy No” to execute immediately.
Your order matches with the best available limit orders in the order book, filling at progressively worse prices until your full dollar amount is spent.

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Price Impact & Average Price

Price Impact occurs when your order size exceeds the available liquidity at the best price, forcing your order to fill at multiple price levels. Example: You place a market order to buy $100 worth of YES shares. The order book shows: 
Sell Orders (Asks):
17¢ - 200 shares ($34 available).
18¢ - 300 shares ($54 available).
19¢ - 400 shares ($76 available).
Your $100 order will:
  • Buy ~200 shares at 17¢ ($34).
  • Buy ~300 shares at 18¢ ($54).
  • Buy ~63 shares at 19¢ ($12).
  • Total: ~563 shares for $100.
  • Average price: ~17.8¢ per share.
The larger your order relative to available liquidity, the more price impact you’ll experience.
Check liquidity first: In thin markets, large market orders can experience significant slippage (worse average price). Always check the order book depth before placing large orders.

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When to Use Market Orders

Use market orders when:
  • You want to trade immediately.
  • The spread is tight (1-2¢).
  • You’re trading smaller amounts.
  • Speed matters more than getting a specific price.
Avoid market orders when:
  • The spread is wide (>5¢).
  • The market has low liquidity.
  • You’re trading large amounts relative to order book depth.
  • You want to wait for a better price (use limit orders instead).

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Market Order vs Limit Order

FeatureMarket OrderLimit Order
ExecutionImmediateWhen your price is reached
InputDollar amountShare quantity at specific price
PriceCurrent best (average)Your specified price or better
CertaintyGuaranteed fillFill not guaranteed
Best ForSpeedBetter prices
Learn more about Limit Orders.