The sequence of order by which LTM VIP process the traffic

It is a open ended question.

1. The Event diagram may be useful in understanding packet flow:

The101: Events and Priorities

https://devcentral.f5.com/questions/irule-event-order-http

2.

You may look for general precedence related info here:

K9038: The order of precedence for local traffic object listeners

https://support.f5.com/csp/article/K9038

In addition to the other answers (which are very good), this Lightboard video might also provide some insight: BIG-IP Life of a Packet