All or None Order (AON)Introductory Guide
All or None Order (AON)is an execution rule requiring an order to be filled in full in a single transaction, suitable for traders who want to avoid partial fills.
Basic Definition
All or None Order (AON)requires buying or selling the full quantity of an asset at the specified price. The order is executed only when the entire quantity can be filled; if the full quantity cannot be matched at once, no partial fill occurs.
How the Order Is Executed
AON remains on the order book after submission, waiting for sufficient counterparty quantity to become available. The order may remain valid until the end of the trading session or until the trader cancels it, depending on the exchange and the time-in-force settings.
Use Cases and Limitations
AON is suitable for traders who do not want their positions split across multiple fills and can also be used for algorithmic trading. However, because the full quantity must be available at the same time, execution may take longer; if liquidity is insufficient, the order may never be filled.
Differences from Other Orders
Fill or Kill (FOK) also requires a complete fill, but must be filled immediately or canceled;AON can continue waiting. Stop-limit order is triggered by price,iceberg order splits a large order into smaller visible portions.
Original Tutorial
https://www.binance.com/en/academy/glossary/all-or-none-order
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