All or None Orders (AON) are orders that must be executed entirely or remain open until a full and total execution situation is met. Said differently, AON orders that cannot be immediately, fully executed remain open until executed or cancelled. It is not common to find AON orders within the cryptocurrency market as the market is continuous (never stops operating). AON is mostly used on stock markets to keep an order open over several days.

Pros: Can be efficient strategy for large volume orders fulfillment (Institutions and Funds).

Cons: Large orders can take time to be executed or even never execute in illiquid markets.