Order Type

Perpetual futures trading supports six order types: Limit Order, Market Order, Trigger Order, Post-Only, Trailing Order, and TWAP (Time-Weighted Average Price) Order.

1. Limit Order

A limit order allows you to place a buy or sell order at a specified price or better. Execution is not guaranteed and only occurs if the market price reaches the preset price.

· Buy Limit Order: Executes at the preset price or lower.

· Sell Limit Order: Executes at the preset price or higher.

2. Market Order

A market order is executed immediately at the best available market price.

· Only the futures contract type and amount are required; execution price depends on order book liquidity.

· Execution is guaranteed, but the order price cannot be specified.

3. Trigger Order

A trigger order allows you to preset a trigger price, order price, and amount. Once the last traded price reaches the trigger price, the system automatically places the order with preset parameters.

· Supports both limit and market order types, following existing trading rules.

· Your assets will not be frozen until your trigger order is triggered.

· Trigger failure may come from price limits, insufficient balance, or system issues.

· Execution may fail even after your order is triggered due to market fluctuations.

o A limit order is placed at the preset price with execution subject to market conditions.

o A market order is executed at the current market price with execution subject to liquidity.

4. Post-Only

A Post-Only order will not be executed immediately after being placed.

· Post-Only orders will be automatically canceled, if they match immediately with existing ones in the market.

· These orders ensure you always act as a maker (liquidity provider).

5. Trailing stop

A trailing stop order allows you to set a stop price that follows the market as it moves in your favor. If the price reverses by a set percentage, it triggers a market order.

· Requires setting a trigger price and a callback rate. A limit order will be placed at the preset price after the conditions are reached.

· Use Cases: Buy on a rebound after a price drop; Sell on a pullback after a price rally.

6. Time-Weighted Average Price (TWAP)

A TWAP order splits a large order into smaller portions over a set period, helping reduce market impact and improve execution price stability.

· Ideal for large orders, smooth entry/exit, or reducing timing risk.

· Parameters:

o Total Amount: Total contracts to buy or sell.

o Order Type: Limit order (preset price) or market order (best available market price).

o Order Splitting Rules:

§ By number of slices (e.g., 20)

§ By fixed single order size (e.g., 2 contracts per order)

o Interval: Time difference between two slices (e.g., 30 seconds, 1 minute).

o Validity Period: Total strategy duration or until all orders are filled.