Orders overview
Order types
Users can place buy and sell orders for each futures. Order types include: limit order, market order, conditional order, and take profit/stop loss order.
Limit order
A limit order is used to specify the maximum price a trader is willing to buy at or the minimum price they are willing to sell at. Traders use this order type to reduce their trading costs. However, if the order price is far from the current market price, the order may not be filled.
There are three main types of limit orders
・Good-Til-Canceled (GTC): The order remains active until it is canceled.
・Immediate-or-Cancel (IOC): Any portion of the order that isn't filled immediately will be canceled.
・Fill-or-Kill (FOK): The order must be filled entirely and immediately, or it will be canceled.
Post only (maker only)
A post-only order ensures you receive the maker fee by only executing if it's a maker order. If it matches with an existing order in the order book, it will be automatically canceled.
Market order
A market order executes immediately against the best available price in the order book. Any portion that isn't filled will be canceled. Traders choose this type of order when they intend to execute an order urgently. When using this kind of order, be careful with order book depth, as a large market order could eat through the order book, resulting in significant price impact.
Trigger order
A conditional order is a limit or market order which is only activated when set price conditions are met. When the last price reaches the preset trigger price, the limit or market order will be placed.
TP/SL orders
Take profit/Stop loss (TP/SL) orders are exit strategies that users set for their positions in advance to lock in profits or limit losses.
・TP trigger price: Price at which you intend to take profit on a position. Trigger price can be based on last price, mark price, or index price.
・SL trigger price: Price at which you intend to stop losses on a position. Trigger price can be based on last price, mark price, or index price.
・The triggered order can be either a market or limit order.
・You can set a TP/SL on an existing position or attach one to new order.
Limit order rules
To protect investors and prevent market manipulation, we have established the following limit order rules for perpetual and delivery futures:
Perpetual futures, delivery futures
Max buy price
Mark price × (1 + N%)
Min sell price
Mark price × (1 - N%)
These rules apply to both opening and closing positions.
When a user opens a long or closes a short, a limit order will be rejected if its price is higher than the highest buy price.
When a user opens a short or closes a long, a limit order will be rejected if its price is lower than the lowest sell price.