Basic delegation type

Published on 13 July 2023Updated on 7 June 20242 min read

Basic Order Types

1. Limit Order A limit order is one in which the user sets the order quantity and the highest acceptable bid or ask price, and when the market price meets the user's expectations, the system will execute at the best price within the limit range. Scenario: Assuming the current BTC market price is 42,000 USDT and a user wishes to buy at 40,000 USDT. He/she can select Limit and set the buy price as 40,000 USDT. After the order is placed, the order will be filled automatically when the price drops to 40,000 USDT or below.

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2. Market Order A market order allows users to instantly buy or sell at the best available market price. It should be noted that different market orders may have different limits and the limits may be changed as the market fluctuates. Scenario 1: Imagine the Last Traded Price of BTC is at 40,500 USDT. If a user wishes to buy BTC at the market price quickly, he/she may place a market order and set its total amount as 20,000 USDT. The order will be executed immediately (unless under extreme volatility) and it shall be filled around $40,500 after the order has been placed. Scenario 2 (Market Close All): Users may use the Market Close All feature to close all their position as soon as possible. Assuming a user holds 100 BTC contracts and BTC's current market price is $10,000, all his/her positions will be closed at $10,000 if he/she has selected Market Close All. If a position is pending close, he'she shall be reminded to cancel the pending order and then continue with Market Close All.

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