As Exchanges decentralizedThe functionalities of DEXs are constantly evolving, and often match those of CEXs. This functionality includes the ability to place limit order, which gives traders in DEXs more flexibility and efficiency. We will be looking at both the current limit order functionality and potential implementations.

A market order executes immediately at the current market price, but a limit order executes at the predetermined price, as soon as that price is reached. Automated market maker-based DEXs automatically use market orders. For beginners, they are easy and simple. Market orders are guaranteed to succeed or fail depending on the parameters such as maximum price impact.