Technical Definition
Fill-or-Kill (FOK)
A Fill-or-Kill order must be filled completely and immediately or cancelled entirely.
By Crypto University Editorial
Order bookLimit orderLiquidity
✦ Key Insight
It can prevent partial fills but may reduce execution probability in thin markets.
✕ Common Misconceptions
FOK is different from IOC because IOC can fill partially.
Detailed Explanation
It is designed for traders who do not want a partial position.
In Practice
“A FOK order for 100 units is cancelled when only 80 units are immediately available.”
Dig Deeper
Liquidity
Liquidity describes how easily an asset can be bought or sold in meaningful size without causing a large change in price.
Order book
An order book is a list of open buy and sell orders arranged by price on a trading venue.
Slippage
Slippage is the difference between an expected trade price and the actual execution price.
Limit order
A limit order instructs a trading venue to buy or sell only at a specified price or better.
Market Depth
Market depth describes the quantity of buy and sell orders available at different prices in an order book.