Quick answer
A market order asks to buy or sell immediately at the best available prices.
What is Market order?
A market order prioritizes execution over a specific price. The trade may fill across multiple order-book levels, especially when the market is thin, volatile, or the order is large relative to available liquidity.
The useful way to approach this term is to separate its definition from the assumptions people often attach to it. In crypto, the same word can appear in a protocol rule, a user interface, a market-data label, or a marketing claim. Check which layer the explanation is describing.
Why does market order matter?
The visible last-traded price is not a promise about the price your market order will receive. Reviewing depth, fees, and slippage is essential before submitting an order.
Concrete example
See it in a real situation
A user submits a market buy for 1 ETH. The first part fills at the lowest ask, while the rest may fill at higher asks if the first level does not contain enough ETH.
Common misconceptions
What this term does not mean
- Market order does not mean a guaranteed fair price.
- Fast execution does not remove trading fees or price impact.
Related terms
Sources and further reading
Definitions are written for education and checked against the sources below where relevant. A source can explain a protocol or rule without endorsing every product built around it.