IV．Order Management

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:

token type: BTC, EOS, ETH, LTC, BCH, ETC, XRP, BSV, TRX

order type: limit order, stop-limit order, advanced limit order, trail order, iceberg order, time-weighted average price order

b) Enter the price (USD) 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, which results in wide fluctuation of perpetual 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%. Under fixed-margin mode, an order can only be opened when the available margin is larger than the margin required.

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.

4. Order Type

Limit Order
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.

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.

Stop Order

（1）What is a Stop Order?

Stop order is a kind of algorithm trading strategy by which users can predefine the trigger price and the order price, and the order will be placed automatically with the preset order price once the market price reaches the predefined trigger price. Through this strategy, Users can conduct momentum trading or exit the trade with stopping loss. According to the predefined direction and amount, stop orders can be divided into conditional orders and OCO orders. An OCO order will freeze the margin or position of one direction (SL or TP) in advance, and when one is triggered, the other will be invalid.

Stop order also support the selection of the trigger price type, users can choose the latest price, mark price, index price.

The placement and query interface for stop order as follows:

（2）Set up a stop order when submitting an open- position order：

When placing a Limit order/Advanced limit order/Market order, users can preset a stop-order for the position to be opened. The stop order will be submitted along with the limit order. When the limit order is fully filled, the stop order will be activated and placed automatically with the preset trigger price and order price.

Note:

• If you modify a limit order, the stop-order settings will be deleted once the modification is successful in case the settings can’t fit the new order as you expect.
• After the limit order is fully filled, the stop-order set up before will be listed on “Open Orders - Stop Orders”. The stop-order settings can be canceled anytime until they are activated.

The interface for setting up a stop order when submitting an open- position order as follows:

（3）What is the Position Stop Order?

A position stop order refers to a stop order specifically placed for a certain position，whose S/L & T/P settings can be queried and canceled on the [ Open Orders] page. After setting the stop-loss and take-profit parameters, the corresponding amount of positions will be frozen in advance.

The placement and query interface for position stop order as follows:

（4）How can I take profit & stop loss?

A. Case study

Case1（Close a long position with a conditional order）：

User A holds a long BTC contract with an average open price of $9,000 and expects to close a long position to stop the loss when the market price drops to $8,000. Then the user A can place a conditional order according to the following parameters:

【Trigger price】$8,000

【Order price】$7,950（ When selling out, a price that lower than the trigger price is recommended to make the order be filled immediately; Market price is also a good choice).

If the price falls to $8,000, stop-loss will be triggered, and a long position will be closed at $7,950. ( If the order price is set with the market price, the position will be closed at the market price immediately).

If user A wants to close a long position for locking in his gains, then the position should be closed out at a predefined price that higher than $9,000.

Case 2（Close a short position with a conditional order）

User B holds a short BTC contract with an average open price of $9,000 and expects to close a short position to stop the loss when the market price rises to $10,000. Then the user B can place a conditional order according to the following parameters:

【Trigger price】$10,000

【Order price】$10,050（When buying in, a price that higher than the trigger price is recommended to make the order be filled immediately; Market price is also a good choice.）

If the price grows to $10,000, stop-loss will be triggered, and a short position will be closed at $10,050 (If the order price is set with the market price, the position will be closed at the market price immediately).

If user B wants to close a short position for locking in his gains, then the position should be closed out at a predefined price that lower than $9,000.

Case 3 (Close a long position with an OCO order)

User C holds a long BTC contract with an average open price of $9,000. He expects to take profits when the market price surges to $10,000 and to stop losses when the market price dumps to $8,000. Then the user C can place an OCO order according to the following parameters:

【TP trigger price】$10,000

【TP order price】 Select market price (or enter prices like 9,950）

【SL trigger price】$8,000

【SL trigger price】Select market price (or enter prices like 7,950）

T/P will be triggered if the price pop up to $10,000, and the user can exist the trade at market price instantly (If the preset order price is 9,950, then close at 9,950),meanwhile, the S/L settings will be invalid.

Case 4 (Close out with an OCO order)

User D holds a short BTC contract with an average price of $9,000. He expects to take profits when the market price drops to $8,000 and to stop losses when the market price surges to $10,000. Then the user D can place an OCO order according to the following parameters:

【TP trigger price】$8,000

【TP order price】 Select market price (or enter prices like 8,050）

【SL trigger price】$10,000

【SL order price】Select market price (or enter prices like 10,050）

T/P will be triggered if the price drops to $8,000, and the user can exist the trade at market price instantly (If the preset order price is 8,050, then close at 8,050),meanwhile, the S/L settings will be invalid; S/L will be triggered if the price grows to $10,000, and the user can exist the trade at market price instantly(If the preset order price is 10,050, then close at 10,050),meanwhile, the T/P settings will be invalid.

Case 5（ Open a long position with conditional order）：

The current market price of BTC contract is $11,500, and user E believes that the market will turn bullish if the BTC contract price pushes through the $12,000 level. Then the user E can place a conditional order according to the following parameters:

【Trigger price】$12,000

【Order price】 Select market price（or enter prices like $12,050）

If the price rallies to $12,000, a long order will be triggered and placed at market price (or $12,050).

OCO orders can also be placed for opening a long position bilaterally. A bullish action will be triggered at the higher price while a reverse order will be triggered at the lower price.

Case 6（Open a short position with a conditional order）：

The current market price of BTC contract is $6,500, and user F believes that the market will turn bearish if the BTC contract price breaks through the $6,000 level. Then the user F can place a conditional order according to the following parameters:

【Trigger price】$6,000

【Order price】 Select market price（or enter prices like $5,950）

If the price goes down to $6,000, a short order will be triggered and placed at market price (or $5,950).

OCO orders can also be placed for opening a short position bilaterally. A bearish action will be triggered at the lower price while a reverse order will be triggered at the higher price.

(5) Stop-order settings and trigger rules:

Note:

1. Positions and margin will be frozen until the stop order is triggered.

2. The stop order may not be triggered successfully, and the order may fail to be placed due to the factors such as price restrictions, position restrictions, insufficient margin, being in a non-trading status, and system errors. Just like the ordinary limit orders, the successfully triggered limit orders may not be filled. The unfilled limit orders will be displayed in the [Open Order] section.

3. If the order is filled, your existing position will be closed or a new position will be opened. If the order fails to be filled, your position and margin will still exist.

4. When the order is activated as the trigger condition is met, if the predefined order price exceeds the price limit, the system will place the order with the highest or lowest market price at the time of activation.

5. There will be different restrictions on the order amount of single stop - market order for different contracts (the restrictions will be adjusted according to market changes)

Trigger Order

(1) What is a trigger order?

Trigger order is a kind of algorithm trading strategy by which users can predefine the trigger price and the market price, and the order will be placed automatically with the preset order price once the market price reaches the predefined trigger price. Through this strategy, Users can conduct momentum trading or exit the trade with stopping loss or taking profit. A trigger order will not freeze the margins or positions, which is the only difference from a stop order.

The trading interface of trigger order is as follows:

(2) Trigger order settings and trigger rules（The example is the same as the Stop order in the first half）

Note:

1. Positions and margin will not be frozen until the Trigger order is triggered.

2. The trigger order may not be triggered successfully, and the order may fail to be placed due to the factors such as price restrictions, position restrictions, insufficient margin, being in a non-trading status, and system errors. Just like the ordinary limit orders, the successfully triggered limit orders may not be filled. The unfilled limit orders will be displayed in the [Open Order] section.

3. If the order is filled, your existing position will be closed or a new position will be opened. If the order fails to be filled, your position and margin will still exist.

4. When the order is activated as the trigger condition is met, if the predefined order price exceeds the price limit, the system will place the order with the highest or lowest market price at the time of activation.

5. There will be different restrictions on the order amount of single Trigger - market order for different contracts (the restrictions will be adjusted according to market changes)

Trail order

Trail orders allow users to send a pre-set order to the market when a significant market swing takes place. When the latest market price reaches the maximum (or minimum) market price (1 ± user-defined callback rate) after a trail order is submitted, this triggers the order to be executed on the market.

Case 1: The current price of BTC is USDT19,000. A user believes the BTC market will go down but rebound on a certain price floor. When the user wishes to execute a buy order at the market price when the rebound rate exceeds the pre-set “callback rate”.

The user can place a trail order as follows:

When the BTC market price falls from USDT19,000 and reaches the lowest point at USDT17,800, the market price (USDT17,800) < trigger price (USDT18,000), the order requirement is fulfilled. Later, when the price rebounds to USDT17,978, which means the callback rate is (17,978 – 17,800) / 17,800 = 1%, matching the callback rate condition, it will trigger this trail order to place an order at market price and buy according to the trail order amount.

A buy trail order will be placed when trigger price >= lowest price, and rebound rate >= callback rate.

A sell trail order will be placed when trigger price <= highest price, and rebound rate >= callback rate.

Iceberg Order

An iceberg order is an algorithmic order type allowing users to avoid place a large order while avoiding slippage. An iceberg order automatically breaks up a user´s large order into multiple smaller orders. These orders will be placed on the market according to the latest best bid and ask price as well as the parameters set by the user. When one of the smaller orders has completely filled, or the latest market price has deviated significantly from the price of the current order, a new order will be placed automatically.

Case 1: A user would like to buy BTC at 19,000 US dollars and does not want to increase the cost so he/she place an iceberg order:

The system will automatically place an iceberg order. The amount of each order will be 80% - 100% of the single order average. The order price will be the latest buy price x (1-price variance). Once the order completely filled, a new order will be placed. When the last market price exceeds 2 x (order variance), the previous order would be cancelled and a new one will be placed.

When the amount traded equals the total order amount, the iceberg trade has been filled. When the last market price exceeds the highest buy price of 20,000 US Dollars, the iceberg order would be temporarily paused. After the price falls down to 20,000 US Dollars, the iceberg order would be resume.

Time-weighted average price (TWAP)

Time-weighted average price (TWAP) is the average price of an instrument over a specified time. TWAP is a strategy that will attempt to execute an order which trades in slices of order quantity at regular intervals of time as specified by users. The purpose of TWAP is to minimize the market impact on basket orders.

Parameters of TWAP:

Price Variance (%): Buy Order = Best Bid x (1 + Price Variance %). Sell Order = Best Ask x (1 – Price Variance %)

Sweep Ratio (%): Sliced order size as a percentage of an order. The sum of all sliced orders is equal to the total order quantity.

Total Amount: Total order size in terms of unit of underlying or number of contracts

Per Order Limit: Max Size per sliced order in terms of unit of underlying or number of contracts

Price Limit: Max/Min price for each sliced order

Time Interval: Time in seconds between order placement

Case 1: User would like to go long 1,000 contracts and places a TWAP order.

Assuming the order book is as follows:

Assuming the user sets the Price Variance at 1%, the Max Buy Limit Price is thus set at $10,029.99 x (1 + 1.00%) = $10,310.29. System would then compute the current aggregated sell quantities posted in the order in which the price is lower than mentioned $10,310.29(aka 570+1+200+1+1+1+1=775). Subsequently the system would take a reference on user-defined sweep ratio so to determine the sliced order size, in this case, which is 38.75BTC (775x5%).

The sliced limit buy order would be posted at $10,310.29 for 38.75BTC.

All unfilled order quantities would not be posted as pending order but would be cancelled. Order would be resent according to user-defined time intervals with an updated price and quantities.

In case the sliced order price reaches the max/min price limit defined by the user, the order would be sent at the max/min price as defined. Said order would be automatically cancelled should there be no matched price in the market.

In case the sliced order quantity reaches the max/min order quantity defined by the user, the order would be sent at the user-defined quantity accordingly.

Advanced Limit Order

Advanced limit order offers 3 additional order options to a regular limit order, including “Post Only”, “Fill or Kill” and “Immediate or Cancel”. The regular limit order has been defaulted as “Good till Canceled”.

1. 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.
2. Fill or Kill: it makes sure the buy/sell order is fully executed or canceled entirely without partial fills.
3. Immediate or Cancel: requires all or part of the order to be executed immediately, and any unfilled parts of the order are cancelled.

For example, if a user wishes to buy BTC and the order book is shown as the below screenshot:

1. If the user wishes to pay the maker fee, they can select the “Post Only” option under the Advanced Limit Order. If they have set the buy price as USD10,029.00, the order would not take liquidity as they are a market maker. If the buy price is USD10,030.00, the order will be executed with Buy (1). If the user is a market taker, the order will be canceled;
2. If the user selected the “Fill or Kill” option, set the buy price as USD10,050.00 and the order amount is 800 BTC, as the total amount on the order book is only 775 BTC (570+1+200+1+1+1+1), the order amount is not fulfilled (800-775=25 BTC) and will be canceled entirely. But if the user only ordered 700 BTC, the order will be executed accordingly;
3. If the user selected the “Immediate or Cancel” option, set the buy price as USD10,050.00 and the order amount is 800 BTC, as the total amount on the order book is only 775 BTC (570+1+200+1+1+1+1), 25 BTC (800-775) could not be filled, only 775 BTC of the order will be executed while the remaining order of 25 BTC is canceled as unfilled.