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Market IOC order Meaning

A "Market Immediate-or-Cancel" order. Similar to a limit IOC, this order tells the exchange: "Buy as much as you can right now at the market price, and cancel whatever you can't fill instantly." This is used to "Sweep the Book." If you want to buy 1,000 tokens and there are only 600 available on the first few levels of the order book, the Market IOC will buy those 600 and cancel the rest.

This prevents you from "chasing" the price up into the illiquid parts of the book. It is the preferred tool for large players who want to enter a position quickly but want to "cap" their slippage.

By using an IOC, they ensure they don't accidentally buy the last few tokens at a 20% higher price just because the order book was empty at that level.

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