Introduction to Call Auction and Opening Cross
1. Call Auction
A call auction is an order driven facility which batches multiple bid and ask orders together for simultaneous execution at a fixed time.
At a call auction, investors can place post-only orders freely at their desired prices when the prices of new orders are waiting to be marked before a continuous auction session. Our computer trading system will give priority to post-only orders placed at higher prices and at earlier time, and calculate the reference price (opening price) accordingly. The reference price determined must meet the following 3 conditions:
a. It must be able to generate the greatest trading volume.
b. All posted bid orders with prices higher than the reference price and all posted ask orders with prices lower than the reference price must be fully filled (executed).
c. Either side of all the posted orders with the same price as the reference price must be fully filled (executed).
If those 3 conditions are met, the reference price will become the traded price. After processing the call auction data, our trading system will calculate and mark the traded price.
This is also known as call auction price, and the whole process is called call auction.
OKEx Cloud call auction is divided into 2 sessions:
a. Session 1 (10 mins): users can place and cancel post-only orders.
b. Session 2 (10 mins): users can place post-only orders only, and cancellation is NOT allowed.
Our website, APP and API display the names of trading pairs, call auction stage and descriptions, estimated opening price, as well as filled and unfilled ratios of post-only orders during the call auction session.
2. Opening Cross
Opening cross refers to a method used by our system to determine the opening prices of marketable cryptocurrencies based on their real-time market data without a call auction.
a. First, our system pre-sets a reference price for reference of investors. Based on the free market principle, if a new traded price is marked within 1 minute after the market opens, such traded price will replace the pre-defined reference price and become the latest opening price. However, if no traded price is marked within 1 minute after the market opens, the pre-defined reference price will become the latest opening price.
b. To avoid great discrepancy between the latest opening price and the reference price, you can set up a white list account in advance on our system, which can automatically post bid and ask orders 30 minutes before the market opens. This enables that investors’ orders with prices far higher or lower than the reference price can be executed at prices within their desired range.
Note: The maximum discrepancy rate between the reference price and the prices of orders posted by your white list account is +/-20%. For example, if the reference price is 1 USDT, the minimum execution price of a bid order is 0.8, and the maximum execution price of an ask order is 1.2.
a. Please register a white list account at least 24 hours before the market opens.
b. Please post bid and ask orders at least 30 minutes before the market opens.
c. You can log in to post orders on our mobile app and website.