Fill Or Kill Order (FOK)Introductory Guide
Fill Or Kill (FOK) is an order type that requires the entire order to be filled immediately; otherwise, it is canceled in full, with no partial fills allowed. It is suitable for scenarios requiring precise quantities and immediate execution, but whether it can be filled depends heavily on market liquidity at the time.
Basic Definition and Execution Rules
Submitting FOK orders, traders specify the quantity, price, and immediate execution conditions. The matching engine checks whether the order book contains sufficient quantity that can be filled at the specified price or a better price; if so, the order is executed in full at once; if not, the order is canceled immediately, and no portion is filled.
Differences from Other Order Types
FOK and Immediate or Cancel (IOC)both emphasize immediate processing, but IOC allows the available portion to be filled first, with the remainder canceled.All or Nothing (AON)likewise requires a complete fill, but has no immediate execution restriction and can remain posted while awaiting execution.FOK is characterized by emphasizing both completeness and immediacy.
Applicable Scenarios and Limitations
When traders need to establish a precise position, avoid unhedged risk caused by partial fills, or quickly pursue short-lived price opportunities,FOK may be useful. It generally depends on sufficient liquidity; when trading volume is low or the market lacks liquidity, the order is more likely to be canceled because it cannot be filled in full.
Original Tutorial
https://www.binance.com/en/academy/glossary/fill-or-kill-order
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