TL;DR
A limit order lets you set a specific price at which you want to buy or sell a token, and the trade only executes when the market reaches that price.
A market order buys or sells immediately at the current price, accepting whatever slippage occurs. A limit order only executes at your specified price or better. On Solana, Jupiter’s limit orders work by monitoring prices and executing your swap when conditions are met. You deposit tokens into the limit order contract and they’re returned (swapped) when the target price is hit.
Jupiter’s limit orders are filled by a network of keepers (bots) that monitor open orders and execute them when the market price matches. When you place a limit order, your tokens are held in a program account. Keepers compete to fill orders because they earn a small fee. This means fills aren’t instant at the exact price — there’s a small delay as keepers detect and execute. Partial fills are supported for larger orders.
Use limit orders to buy dips without watching charts, set take-profit levels, or accumulate tokens at a target price. They’re especially useful in volatile markets where prices swing through your target briefly. For memecoin trading where speed matters more than price precision, market orders via bots are usually more appropriate.