Introduction to Perpetual Future Orders

1. Basic Concept Explanation

1.1 Latest Transaction Price

Refers to the most recent transaction price in the current market.

1.2 Index Price

A price derived from the weighted average of spot prices across multiple exchanges, used as a market reference to reduce the impact of price fluctuations from any single exchange.

1.3 High Buy Orders and Low Sell Orders Execute Immediately

When the buy price is higher than the current best ask price, or the sell price is lower than the current best bid price, the system will execute the order at the market’s best price immediately. However, the actual execution may be influenced by the size of the opposing orders.

1.4 High Sell Orders and Low Buy Orders Wait in the Order Book

When your order price is higher than the current best bid price (for sell orders) or lower than the current best ask price (for buy orders), the order will wait in the order book until the market price reaches your order price, following the principles of time priority and price priority.

1.5 Time Priority, Price Priority

If the prices are the same, orders are executed based on which order was submitted first. For example, if A places a buy order at 5100 and B and C place buy orders at 5200, B will be executed before C because B’s order was submitted earlier.

1.6 Taker

Refers to an order that actively matches with existing orders in the market. The taker’s order will immediately match with the available orders.

1.7 Maker

Refers to placing an order that remains in the market, waiting for other users’ orders to match with it.

2. Order Details

2.1 Limit Orders

Users set a specific buy or sell price. Limit orders will execute when the market price reaches the set price. For example:

•Limit Buy: If the latest transaction price is 13000, and you set a buy limit order at 12900, the order will execute when the price drops to 12900 or lower. Conversely, if the market price is 13000 and you set a limit buy at 13100, the order will execute immediately at the market price of 13000 due to the “buy low” principle.

•Limit Sell: If the latest transaction price is 13000, and you set a sell limit order at 13100, the order will execute when the price rises to 13100 or higher. Conversely, if the market price is 13000 and you set a limit sell at 12900, the order will execute immediately at the market price of 13000 due to the “sell high” principle.

Note: For perpetual futures, limit orders follow the “buy low, sell high” execution logic. If the limit price results in “high buy” or “low sell” scenarios, it will execute at the market price immediately.

2.2 Opposite Price

Refers to placing an order at the market’s best bid or ask price. For example:

•Buy at Opposite Price: If the best ask price is 5050, your buy order will execute at 5050. If the buy quantity exceeds the best ask quantity, the system will continue to execute with subsequent ask prices.

•Sell at Opposite Price: If the best bid price is 5250, your sell order will execute at 5250. If the sell quantity exceeds the best bid quantity, the system will continue to execute with subsequent bid prices.

2.3 Market Orders

Users trade at the current market’s best price, suitable for fast execution scenarios. For example:

•Market Order to Open a Position: If the current BTC perpetual futures price is 13000, and you choose to buy 200 perpetuals at the market price, the order will execute at the best available price, with an average execution price around 13000.

•Market Order to Close a Position: If you hold 200 BTC perpetual futures and the current market price is 10000, selecting a market order to close will quickly liquidate the entire position, with an average execution price around 10000.

Note: Different perpetual futures may have single-order quantity limits for market orders.