1. How Do I Manage My Open Orders?
All open orders can be found under the "Orders" page, and you can always cancel them before they are filled.
"Margin" only includes the margin needed for unfilled contract(s). While "Fee" only includes the fee charged for filled contract(s).
2. How to Open an Order?
a) Choose the token type，expiration type and order type:
order type: limit order, stop-limit order, advanced limit order, trail order, iceberg order, time-weighted average price order
b) Enter the price (USDT) and quantity (contracts). System will calculate the available number of contracts for opening and the margin ratio after opening the position.
c) Choose the execution type (Open Long, Open Short, Close Long, Close Short) to submit the order.
d)If market anomalies occur before or during settlement and delivery, which results in wide fluctuation of futures index or abnormal clawback rate, we may early settle or postpone settlement depending on the situation. We will post a detailed announcement in such a situation.
Under cross-margin mode, with 10x leverage, an order can only be opened when the margin ratio is larger than or equal to 90%; for 20x leverage, an order can only be opened when the margin ratio is larger than or equal to 80%.
3. Trade Type
Open Long: Buy to open the position, you would profit if the price rises.
Close Long: Sell to close the position. Taking the opposing position from the long position which is no longer desirable.
Open Short: Sell to open the position, you would profit if the price falls.
Close Short: Buy to close the position. Taking the opposing position from the short position which is no longer desirable.
Limit order is an order that limits the maximum buying price of the buyer, and the minimum selling price of the seller. After your order is placed, our system will post it on the order book, and match it with the orders available - at the price you specified or better.
Case : If the current BTC weekly futures contract market price(latest deal price) is USDT13,000, and you wish to buy at USDT12,900. When the price drops to USDT12,900 or below, the pre-set order will be triggered and filled automatically.
On the contrary if you wish to buy at USDT13,100, under the rule of buying at a price more favorable to the buyer, your order will be triggered and filled at USDT13,000 immediately, instead of waiting the market price to rise to USDT13,100.
Advanced Limit Order
Advanced limit order offers 3 additional order options to a regular limit order, including “Post Only”, . The regular limit order has been defaulted as “Good till Canceled”.
- Post Only: it never takes liquidity and makes sure the user will be a market maker. If your order would cause a match with a pre-existing order, your post-only limit order will be canceled.
For example, if a user wishes to buy BTC and the order book is shown as the below screenshot:
- Advanced Limit Order. If they have set the buy price as USDT 7051.4, the order would not take liquidity as they are a market maker. If the buy price is USDT 7051.4, the order will be executed with Buy (1). If the user is a market taker, the order will be canceled;