At present, the platform supports three types of orders: limit order, market order and cross order.
Limit order requires the trader to set order price by itself. When market price reaches the order price, the order will be executed; when market price is far away from the order price, the order will not be executed.
By submitting limit order, the trader can control position-opening cost through controlling the trading price of the position.
After limit order is submitted, it will be displayed in the “current order” list to wait for trading. Only when any market order meeting the order price appears will the limit order be traded. You can “cancel order” at any time in the “current order” list before the limit order is not traded.
the trader needs to fill in “order price” and “position quantity” when submitting limit order.
Market order does not require the trader to set order price by itself. Instead, the order will be traded quickly at the current market price.
After a market order is submitted, the execution price of the order cannot be guaranteed although the execution of the order can be guaranteed. The execution price of the order will fluctuate under the influence of the current market situation.
You need to pay attention to the order list when selecting market order, otherwise a market order of large position will lead to “close-out”.
The trader only needs to fill in “position quantity” when submitting market order.
Cross order is a type of order that is submitted automatically according to the order plan set by trader when market condition is met. Its difference from other orders lies in that order is not submitted directly when buying in / selling out cross order, instead corresponding order is submitted according to set order plan when market condition meets trigger condition. i.e. only when cross order is triggered will it be submitted and traded in contract depth.
The biggest advantage of cross order is that as long as you set up cross order, you can immediately complete corresponding order operation when market condition meets trigger condition without any need to submit order manually. Therefore, cross order is often used for stop-profit/loss operation.
How to Use Cross Order?
Select cross order type when submitting order:
Cross order for opening position
Select【Open Position】->【Cross Order】, then you can set cross order for opening position.
Select【Close Position】->【Cross Order】, then you can set stop-profit/loss order for your position.
Input trigger price, execution price and execution quantity, etc.
At present, three options are available for trigger price: latest trading price, reasonable price, index-based price. If it’s set to index-based price, the order will be submitted when index-based price reaches the set price. Trigger price can be modified in【Settings】. Trigger price is not used as order execution price.
Execution price refers to the price of the order when the order is triggered, that is, the price of placed order. You can select the market price or limited price at triggering time to place order.
Execution quantity refers to the quantity of the order when the order is triggered, i.e. the quantity of placed order. If balance is insufficient or covering orders are insufficient at the time of placing order, insufficient part will turn to cancellation status.
Setting: valid time refers to the valid time of cross order. Cross order exists within its valid period until trading is triggered or the trader cancels it on its own initiative. If any cross order exceeds its valid period and its’s not traded, the system will cancel the cross order automatically. The valid period of cross order can be “24 hours” or “7 days”.
After setting and submitting cross order, you can view the current cross order in “cross order” column and historical cross order in “order history” column. (Note: make sure that your assets at execution time are enough, otherwise cross order may fail to be executed when it’s triggered.)
Cross order can be divided into “cross order to be executed at limited price” and “cross order to be executed at market price” according to different execution strategies.
Cross order to be executed at limited price
When the latest market price reaches preset trigger price, limit order is submitted based on the execution price and execution quantity in the order plan.
Limited execution price is the order price when position order is submitted.
“Trigger price”, “limited execution price” and “execution quantity” need to be set when cross order to be executed at limited price is submitted.
Cross order to be executed at market price
When the latest market price reaches preset trigger price, corresponding market order is submitted based on the execution quantity in the order plan.
“Trigger price” and “execution quantity” need to set when cross order to be executed at market price is submitted.
Example of cross order:
Taking BTCUSDT normal perpetual contract as an example, cross order to be executed at limited price will be submitted:
Trigger price = 4000USDT
Type of trigger price = reasonable price
Execution strategy = execution at limited price
Execution at limited price = 3800SUDT
Executed quantity = 10 pcs
Valid time = valid for 24 hours
When the reasonable price of BTCUSDT contract reaches 4000USDT within the 24-hour valid period of the cross order, a limit order of 10 pieces will be submitted at the price of 3800USDT. When reasonable price does not reach trigger price within the 24-hour valid period of the cross order, the cross order will be cancelled automatically.