All or None Order (AON)

What Is an All-Or-None (AON) Order?

An All-Or-None (AON) order is a type of order that requires either the entire requested quantity to be filled in a single transaction, or the order is automatically canceled. Partial fills are not accepted; execution occurs only if the market can meet the full quantity at the specified price.

For example, imagine you want to buy 1,000 tokens at a limit price of 1.00. If there are only 700 tokens available for sale at 1.00 or better, the AON order will not execute—it will not fill the 700 first and wait for the remaining 300. Instead, the order will be canceled entirely.

How Does an All-Or-None Order Work?

The core principle of an AON order is that it must be matched in full by the matching engine in one transaction. The matching engine is the system responsible for pairing buy and sell orders, and it checks if counterparties in the order book can satisfy your full quantity at your specified price.

The order book is a list of buy and sell orders sorted by price, showing available quantities at each level. When you submit an AON order, the system aggregates all available counterparties within your limit price (or better). If the total matches your requested amount, your order executes in full; if not, it is canceled without any partial fill.

Why Use an All-Or-None Order?

The main purpose of using an AON order is to avoid uncertainty in price and cost caused by partial fills and to ensure strict adherence to your trading size and strategy.

1. Avoiding Slippage: Slippage refers to the difference between your expected execution price and the actual price. In markets with low liquidity, partial fills may lead to subsequent executions at worse prices, raising your average cost.
2. Controlling Fees: Multiple partial fills can trigger repeated exchange fees. Executing the entire order at once reduces costs associated with multiple matches.
3. Strategy Alignment: For strategies like hedging, if you need to offset 5 units of risk, a partial fill of 3 units leaves you exposed by 2 units. AON orders guarantee either complete execution or none at all.

How Are All-Or-None Orders Used in Crypto Trading?

In crypto trading, AON orders are best suited for tokens with low liquidity or strategies requiring precise trade sizes. Two critical factors before placing an AON order are order book depth and your limit price range.

Liquidity represents the ability to buy or sell sufficient quantities without significantly impacting price. In low liquidity environments, gathering enough counterparties within your price limit may be difficult, resulting in frequent cancellation of AON orders.

Order book depth refers to the total available quantity at each price level. If you wish to buy 1,000 tokens at 1.00, check whether the total sell orders at 1.00 or better meet your requirement. If not, you might need to adjust your limit price higher or reduce your order size.

Watch out for slippage as well. While AON orders avoid slippage caused by multiple partial fills, if your order is canceled, you may have to place a new order at a less favorable price and face new risks from price changes.

How Does an All-Or-None Order Differ From FOK and IOC?

AON orders are often compared with FOK (Fill-Or-Kill) and IOC (Immediate-Or-Cancel), as all three relate to whether orders are filled instantly and their time requirements.

FOK (Fill-Or-Kill) means "execute the full quantity immediately or cancel." It is stricter on timing, requiring instant full execution; if not possible at that moment, it’s canceled right away. AON focuses on "all or none" but doesn't always enforce immediate execution—it can be filled anytime within the order’s validity period, depending on platform rules.

IOC (Immediate-Or-Cancel) allows partial fills—whatever can be executed immediately is filled; the rest is canceled. This is fundamentally different from AON’s strict "no partial fills" rule.

In summary:

• All-Or-None (AON): No partial fills; executes only if full quantity is matched in one go.
• FOK: No partial fills and requires immediate execution.
• IOC: Allows immediate partial fill; remainder is canceled.

What Are the Risks of Using All-Or-None Orders?

The main risk with AON orders is missing out on execution. In fast-moving markets or pairs with shallow depth, orders may be canceled frequently, causing you to chase prices or miss opportunities.

There is also opportunity cost: If your order is canceled and prices move away from your target, you may have to place a new order at a worse price, increasing your total cost.

Additionally, over-reliance on precise sizing can reduce flexibility in volatile markets—insisting on "all or nothing" may cause you to miss out on partial fills that could have been beneficial.

For capital safety, always prepare contingency plans for canceled orders—consider setting alternative price ranges, breaking up large orders into smaller batches, and using risk controls.

How to Place an All-Or-None Order on Gate

If the platform supports AON orders, follow these steps; if not, consider alternatives like FOK for "immediate all-or-none" conditions.

Step 1: Open the trading page for your chosen pair and confirm if advanced order types or conditions are available. Step 2: Select limit order and input your desired price and total quantity. The limit price sets your maximum buy or minimum sell price. Step 3: In advanced options, check "All-Or-None" (or select equivalent constraints such as FOK; refer to available settings). Step 4: Review order book depth—make sure there’s enough counterparty volume at your set price (or better) for a full fill. If not, consider adjusting price or quantity. Step 5: Submit your order. If counterparties can fulfill your request in one transaction under your terms, it will execute fully; otherwise, it will be canceled and you can reassess your strategy.

Key Takeaways on All-Or-None Orders

AON orders are ideal for scenarios demanding consistent trade sizes, helping control average price and fees by rejecting partial fills and ensuring strategy completeness. They’re particularly useful for low liquidity tokens but more prone to cancellation due to insufficient market depth. Unlike FOK and IOC orders, their defining feature is "no partial fills," while immediacy depends on specific platform implementation. When using AON on Gate, consider order book depth, slippage tolerance, and risk controls—choose appropriate advanced options and have backup plans ready if full execution isn’t possible.

FAQ

What happens if only part of an AON order can be filled?

AON orders operate under an "all-or-none" rule—if the market cannot meet your entire requested quantity, the whole order is automatically canceled. For example, if you submit an AON buy order for 100 BTC but only 80 are available, the order will be canceled with no fill. This mechanism suits large trades where quantity requirements are strict.

When should I choose AON over a regular order?

AON orders are most valuable when your trading objective requires acquiring a specific amount of assets. For instance, if you need exactly 1,000 tokens for staking, a regular order might only fill 800 and stop—while an AON ensures either all 1,000 are acquired or none at all. This avoids holding insufficient quantities for your intended use.

Can AON orders remain pending for a long time without filling?

This is a common risk with AON orders—their strict "all-or-none" requirement means that in illiquid or volatile markets, they may remain unfilled for extended periods. It’s recommended to use AON only on pairs with good liquidity and set reasonable expiration times to avoid tying up funds indefinitely.

After an AON order executes, can I partially close my position?

Yes. The AON constraint only applies during order execution—it requires complete fulfillment when matching. Once filled, your position behaves like any regular position; you can close it partially or fully at any time without restriction.

Is AON necessary for small trades?

Usually not. AON is designed for large trades or situations where exact quantities matter. For small transactions, market liquidity is typically sufficient for fast execution via regular orders. Using AON may actually reduce efficiency due to frequent cancellations from insufficient liquidity. For small spot trades on Gate, standard market orders or limit orders are recommended.