Limit orders vs. market orders on sports prediction markets
A market order (Kalshi "Quick Order", Novig "Take") fills right away at the best available price. A limit order (Novig "Make") waits on the order book at the price you choose, and may never fill.
Key takeaways
- Market orders trade certainty of a fill for price: a big one can fill across several prices.
- Limit orders let you name your price and, on Novig, avoid the taker fee on live and futures trades.
- On Novig, pregame limit orders are cancelled when the game goes live.
- For most pregame bets on liquid games, a limit order a cent better than the current price is worth trying first.
A sportsbook gives you one choice: take the posted odds or don't. An exchange gives you two ways to trade, and picking the right one is one of the easiest ways to pay less over a season.
| Market order | Limit order | |
|---|---|---|
| What it does | Fills now at the best available price | Waits on the order book at a price you choose |
| Called on Kalshi | Quick Order | Limit order |
| Called on Novig | Take | Make |
| Guaranteed to fill? | Yes, if anyone is selling | No: only if someone trades at your price |
| Price you get | The best offer, and worse ones if your order is large | Your price or better |
| Fees on Novig | Pregame free; live and futures 0.06 × P × (1 − P) | No fee |
What is a market order?
A market order buys right away from whoever is selling at the lowest price. 
Kalshi calls it a Quick Order; 
Novig calls it a Take. Kalshi notes that a large quick order can fill across several prices: if only 200 contracts are offered at 52¢, the rest of a 500-contract order fills at 53¢, 54¢ and so on.
Use a market order when getting in matters more than the last cent: breaking injury news, a line you expect to move, or a small position in a busy market where the spread is a single cent.
What is a limit order?
A limit order says "I'll buy at this price or better" and sits on the order book until another trader takes it, you cancel it, or it expires. Novig calls it a Make, and its make orders must sit on an approved price increment.
Use a limit order when you have time and a target price. If a team trades at 47¢ and you'd be happy at 45¢, post 45¢. If the market drifts your way, you're filled at your number; if it doesn't, you've lost nothing.
Does a limit order save money on fees?
On Novig, yes for live and futures trades: makers pay no fee, while takers pay 0.06 × P × (1 − P), up to 1.5¢ a contract at 50¢. Pregame straight trades are free for both sides. Novig also runs a Maker Credit Program that pays makers back part of the taker fee on some fills.
Kalshi charges maker fees on some markets, including its main college football and NFL game markets, but only when a resting order fills; cancelling is free. See fees compared.
What happens to an open order at kickoff?
On Novig, pregame make orders are cancelled when the game goes live, or when the duration you set runs out, whichever comes first. Live make orders last until your chosen duration or the end of the game. If you want to stay in the market after kickoff, you have to place a new order.
Which should you use?
- Pregame, liquid game, a day or more out: start with a limit order a cent or two better than the current price.
- News just broke: a market order, before everyone else reprices.
- Live, fast-moving game: a market order for small size; a limit order if you have a price in mind and can wait.
- Thin market (small schools, props): almost always a limit order, so one order doesn't push the price against you. See liquidity explained.
Frequently asked questions
What is a take order on Novig?
A take order fills immediately at the displayed price, like a market order. A make order sets your own price and waits for another trader to match it.
Do limit orders cost less?
On Novig, makers pay no fee and takers pay 0.06 × P × (1 − P) on live and futures trades; pregame straight trades are free either way. Kalshi charges maker fees on some markets, including its main college football and NFL game markets, but only when a resting order fills.
What happens to my open order when the game starts?
On Novig, pregame make orders are cancelled when the game goes live. Check each exchange's rules for live orders.
Sources
- Kalshi Help Center: Quick orders
- Novig Support: Make orders vs. take orders
- Novig Support: Fees on Novig
- Kalshi Help Center: Fees
Facts that change, such as fees, rules and where each exchange operates, were checked on the date above. Check the exchange's own pages before you trade.
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