Short answer: A post-only order is a limit order that guarantees you’ll add liquidity to the order book. It gets canceled automatically if it would match an existing order immediately.
You’re trading crypto futures and you see the fee schedule: makers pay 0.02%, takers pay 0.06%. That spread adds up fast. Post-only orders are your ticket to paying less, but only if you know how to use them right. Let’s break it down so you don’t waste money on fees or get stuck with unwanted fills.
Key Takeaways
- Post-only orders guarantee you’re a market maker — they only place limit orders that add liquidity to the order book.
- If your limit price would immediately match a resting order, the post-only order is canceled rather than executed.
- Using post-only can cut your trading fees by 60-70% compared to taker fees on most exchanges.
How Does a Post-Only Order Actually Work?
Imagine the order book for Bitcoin futures. The best bid is $62,000, the best ask is $62,050. You want to buy at $62,010. That price sits between the current bid and ask — it’s not matching anything. So your limit order sits on the book as a new bid, adding liquidity. That’s a maker order. You get the low maker fee.
Now imagine you set a buy limit at $62,050 — exactly the current ask. That would match the existing sell order immediately. A regular limit order would execute as a taker. But a post-only order? It gets rejected. The exchange says: “Nope, you’d be taking liquidity, so this order is canceled.”
This behavior is hard-coded into the order type. You can’t override it. If you want to buy at the ask price, you need to use a different order type — like a regular limit order or a market order.
Why Would I Use a Post-Only Order Instead of a Regular Limit Order?
The answer is simple: fees. Most exchanges charge makers 0.02% and takers 0.06% on futures. On a $50,000 trade, that’s $10 vs $30. Over 100 trades a month, you’re looking at $1,000 in savings. That’s real money.
There’s another reason: you might be running a strategy that needs to avoid immediate fills. Say you’re trying to build a position by adding to the order book slowly. A post-only order ensures you don’t accidentally get filled at a bad price because the market moved while your order was in transit.
But here’s the catch: you might miss opportunities. If the market is moving fast and you need to get in now, a post-only order could keep you out. It’s a trade-off between fee savings and execution speed.
What Happens to My Post-Only Order if the Market Moves?
Let’s say you placed a post-only sell at $62,100. The market was at $62,050 when you placed it. But then Bitcoin jumps to $62,080. Your sell at $62,100 is still on the book — it hasn’t been touched. Now the market jumps again to $62,120. Your sell at $62,100 is now below the current price. A regular limit order would fill immediately as a taker. But your post-only order? It gets canceled.
This is where people get confused. They think “post-only” means their order stays forever. It doesn’t. The exchange checks every time your order could be matched. If it would take liquidity, it’s gone. So you need to monitor your open orders and re-place them if the market moves through your price.
This behavior makes post-only orders less useful in highly volatile markets. If you’re trading during a news event and prices are swinging 5% in minutes, you might place an order that gets canceled before you even see it. It’s frustrating, but it’s by design.
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Can I Use Post-Only Orders on All Crypto Exchanges?
Most major futures exchanges support post-only orders, but the naming and behavior vary slightly. Here’s a quick rundown:
- Binance Futures: Calls it “Post Only” in the order entry. It’s a checkbox next to the limit order.
- Bybit: Same concept — “Post Only” option in the dropdown.
- Deribit: Uses “Post Only” as well, but it’s a toggle in the advanced options.
- OKX: “Post Only” is available for limit orders.
- dYdX: On-chain futures have post-only as an order flag.
One important nuance: some exchanges combine post-only with “reduce-only” or “IOC” (immediate-or-cancel) flags. Check the order entry screen carefully. A post-only order combined with IOC makes no sense — it would always cancel. Some exchanges block that combination.
Also, not all exchanges apply the same fee discounts. Binance gives makers a 0.02% rebate on some pairs, meaning they pay negative fees. Bybit offers a 0.01% maker fee vs 0.06% taker. Always check the fee schedule for your specific trading pair.
What Most People Get Wrong
Mistake #1: “Post-only means my order won’t get filled fast.” Wrong. Post-only means your order won’t execute as a taker. It can still get filled instantly if a taker order comes in at your price. It’s about how you enter the order book, not how fast you leave it.
Mistake #2: “Post-only orders save fees on every trade.” Not true. You only save if the order actually gets placed as a maker. If it gets canceled because it would take liquidity, you pay nothing — but you also get nothing. No fill, no fee, no profit. You wasted time and possibly missed a trade.
Mistake #3: “I can use post-only orders to avoid slippage on market orders.” No. Post-only is for limit orders only. If you want to avoid slippage, use a limit order. Post-only is about fee structure, not price improvement.
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Key Risks and Pitfalls
Post-only orders aren’t a magic bullet. Here are the real risks:
Missed trades. In fast markets, your post-only order might get canceled repeatedly. You try to buy at $62,100, but the market keeps jumping past you. You spend 10 minutes re-placing orders while the price runs to $62,500. You could have just taken the trade at $62,100 with a market order and paid the extra fee. Sometimes the fee is worth it.
Order book manipulation. Some traders use post-only orders to create fake depth — placing large orders they never intend to fill, just to influence the order book. This is called spoofing and is illegal in regulated markets. In crypto, it’s a gray area but can get you banned from exchanges.
Fee rebate abuse. Some exchanges offer negative fees (rebates) for makers. Traders have tried to game this by placing tiny post-only orders that get filled instantly, collecting rebates. Exchanges have caught on and now limit rebates or require minimum order sizes.
Technical complexity. Post-only orders require you to understand order book mechanics. If you’re new to futures, you might accidentally place orders that never fill or get canceled without understanding why. This can lead to frustration and mistakes.
Always test with small amounts first. Most exchanges have a testnet where you can practice post-only orders without risking real money.
Our Take
From our research and analysis, we believe post-only orders are a powerful tool for active traders who understand order book dynamics. If you’re making 50+ trades a month, the fee savings are significant — potentially thousands of dollars annually.
But they’re not for everyone. Casual traders or those who trade infrequently might find post-only orders more confusing than helpful. The constant cancellations and re-placing can be a hassle. For those traders, a simple limit order or even a market order might be better, even with higher fees.
Our advice: if you’re going to use post-only orders, pair them with a good understanding of the order book and a strategy that accounts for cancellations. Use them for building positions over time, not for quick entries.
Sources & References
- Investopedia: Post-Only Order Definition
- CoinDesk: What Is a Limit Order in Crypto Trading?
- SEC: Post-Only Orders in Securities Markets
- For more on futures trading mechanics, check out our guide on Pepe Futures Strategy for London Session
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