An order (buy or sell order) that is placed by a customer determining that it will consist of two transactions provided that a specific price differential is attainable between the transactions. Otherwise, the order is not executed. For example, the customer may construct the order in a way that 100 shares are purchased and 100 different shares are sold only if the price differential between the sell order and buy order is 7 monetary units.

Swap orders are also known as switch orders.