> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hit.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Market Orders
> Execute trades instantly at the best available price
Market orders are the fastest way to trade on Hit. They execute immediately at the current best available price.
### What is a Market Order?
A market order is an instruction to buy or sell shares instantly at the best price currently available in the [order book](/markets/order-book).
**Key characteristics:**
* **Instant execution** - Trades happen immediately.
* **Dollar-based** - You specify how much USD you want to spend.
* **Average price** - Your order may fill at multiple prices to complete the full amount.
* **No cancellation** - Cannot be cancelled once placed.
### How It Works
When you place a market order:
1. **Choose your side** - Select Hit or Miss.
2. **Enter amount** - Specify how much USD you want to spend (e.g., \$100).
3. **Review execution** - See your estimated "To Win" amount.
4. **Confirm** - Click "Buy Hit" or "Buy Miss" to execute immediately.
Your order matches with the best available [limit orders](/markets/limit-orders) in the order book, filling at progressively worse prices until your full dollar amount is spent.
### Price Impact & Average Price
**Price Impact** occurs when your order size exceeds the available liquidity at the best price, forcing your order to fill at multiple price levels.
**Example:**
You place a market order to buy \$100 worth of Hit shares. The order book shows:
```
Sell Orders (Asks):
17¢ - 200 shares ($34 available).
18¢ - 300 shares ($54 available).
19¢ - 400 shares ($76 available).
```
Your \$100 order will:
* Buy \~200 shares at 17¢ (\$34).
* Buy \~300 shares at 18¢ (\$54).
* Buy \~63 shares at 19¢ (\$12).
* **Total**: \~563 shares for \$100.
* **Average price**: \~17.8¢ per share.
The larger your order relative to available liquidity, the more price impact you'll experience.
**Check liquidity first**: In thin markets, large market orders can experience
significant slippage (worse average price). Always check the [order
book](/markets/order-book) depth before placing large orders.
### When to Use Market Orders
**Use market orders when:**
* You want to trade immediately.
* The spread is tight (1-2¢).
* You're trading smaller amounts.
* Speed matters more than getting a specific price.
**Avoid market orders when:**
* The spread is wide (>5¢).
* The market has low liquidity.
* You're trading large amounts relative to order book depth.
* You want to wait for a better price (use [limit orders](/markets/limit-orders) instead).
### Market Order vs Limit Order
| Feature | Market Order | Limit Order |
| :------------ | :--------------------- | :------------------------------- |
| **Execution** | Immediate | When your price is reached |
| **Input** | Dollar amount | Share quantity at specific price |
| **Price** | Current best (average) | Your specified price or better |
| **Certainty** | Guaranteed fill | Fill not guaranteed |
| **Best For** | Speed | Better prices |
Learn more about [Limit Orders](/markets/limit-orders).