If the market is closed, the order will be queued for the market open. Just like other option orders, these orders will not execute during extended hours.
A limit order will only be executed if options contracts are available at your specific limit price or better. Keep in mind, limit orders aren't guaranteed to execute. There has to be a buyer and seller on both sides of the trade. If there aren't enough contracts in the market at your limit price, it may not be possible to fill the order.
SoFi’s limit orders are all-or-none and we cannot complete partial fills. This means the market will have to fill all of your requested shares, at that price or better, for all of the order to go through.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Options Disclosure Document. Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes.