Event Contract Order Types and Durations

What order types are supported for Event Contracts?

Currently, Event Contracts can be traded using the following order types:

• Limit Orders

• Quick Orders

How do limit orders work?

A limit order lets you set the most you will pay to buy a contract, or the least you will accept to sell one. It executes only at your limit price or better. Event contract prices range from $0.01 to $0.99, and the price you choose reflects the probability of the outcome you are willing to pay for. If no one on the other side will trade at your price, the order waits unfilled for as long as its duration allows. Webull supports only buy-to-open and sell-to-close orders, so you cannot sell to open. To take the opposite view of an outcome, you buy the "No" side instead.

How do Quick Orders work?

A Quick Order is a type of limit order with a limit price automatically set at the current market price when the order is submitted. You can place a trade based on either a dollar value (USD) or a specific number of contracts. Quick Orders are designed for prompt execution, but execution is not guaranteed because prices and available quantities may change before the order is filled.

What is the difference between ordering by contract quantity and dollar amount?

When you order by quantity, you choose how many contracts to buy or sell, and your total cost is that number times the fill price, plus fees. When you order by dollar amount, you choose how much to spend, and the number of contracts you get depends on the prices at execution. Dollar-amount orders are available only as Quick Orders and only with a Fill or Kill duration. The order therefore either fills completely for the amount you entered or is canceled.

What order durations are supported for Event Contracts?

You may use the same time-in-force selections for Quick Orders as Limit Orders if you are trading a specific number of contracts. If you select to trade in dollar value (USD), you may only select Fill or Kill (FOK) as the time-in-force. Available time-in-force selections for Event Contracts include:

• Day: The order stays active until the end of the trading day. On Webull, unfilled Day orders are canceled at 12:10 AM ET the following day.

• Immediate or Cancel (IOC): The order fills whatever it can immediately, and any remaining quantity is canceled right away.

• Fill or Kill (FOK): The entire order must fill immediately. If it cannot fill in full, it is canceled and nothing executes.

• Good 'Til Canceled (GTC): The order stays active until it fills or you cancel it.

• Good 'Til Date (GTD): The order stays active until it fills, you cancel it, or the date and time you selected arrives, whichever comes first.

Which order durations can I use with each Event Contract order type?

• Limit Order: Day, IOC, FOK, GTC, and GTD

• Quick Order: Day, IOC, FOK, GTC, and GTD

• Quick Order (USD): FOK

How do price protection, execution uncertainty, and price changes affect an order?

Event contract prices can move quickly, especially around news, data releases and live events. Between submitting an order and its execution, the available price may change. This is most relevant to Quick Orders, which execute at the prices available when they reach the market rather than at a price you set. A limit order guarantees your price or better, but not that the order will fill. A Quick Order is more likely to fill quickly, but its price is not guaranteed. In thin markets, a larger Quick Order may fill across several price levels.