A post-only order is a limit order instruction designed to add liquidity instead of taking liquidity immediately. Binance explains that a post-only order should rest on the order book as a maker order, while OKX says a post-only order that would immediately match an existing order is canceled. Kraken’s trading rules describe the same core idea: if the limit price would cross the book, the post-only order does not execute as a taker.
This is useful when the fee difference, maker rebate, or order-book queue position matters. A trader trying to build or exit a position slowly may prefer to quote a price and wait rather than pay the spread plus a taker fee. In thin markets, post-only can also stop a rushed limit order from behaving like a market order.
The trade-off is execution certainty. If the market moves away, the order can sit unfilled. If the price is too aggressive, the exchange may cancel it because it would take liquidity. During news or low-liquidity sessions, repeated post-only cancellations can leave a trader watching price move without a position.
Practical workflow: first check the spread and depth. Second, place the order just outside the opposite side of the book if your goal is maker execution. Third, decide in advance how many missed fills are acceptable. Fourth, switch to a normal limit or smaller taker order only if the trade thesis justifies paying for immediacy.
Sources: Binance post-only and time-in-force FAQ; OKX order-types guide; Kraken exchange trading rules; Kraken Pro limit-order guide.
Risk notice: This is a trading workflow guide, not financial advice. Maker orders can miss fills, and chasing a missed trade can create worse execution than the fee savings justify.
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