Introduction to Coin-Margined Perpetual Contracts
Limit orders are essential tools for traders who want precise control over their trade execution. This guide explains how to use limit orders effectively on the web platform, including advanced order types and execution mechanisms.
Understanding Limit Orders
A limit order allows you to specify both the price and quantity for your trade. This order type:
- Sets the maximum price you're willing to pay when buying
- Sets the minimum price you're willing to accept when selling
- Can be used for both opening and closing positions
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Execution Mechanisms
Limit orders offer three specialized execution options:
Post Only (Maker)
- Ensures your order always adds liquidity (you act as maker)
- Order cancels if it would immediately match existing orders
- Ideal for traders seeking maker fee rebates
Immediate or Cancel (IOC)
- Fills whatever portion can execute immediately
- Cancels any unfilled remainder
Fill or Kill (FOK)
- Either executes completely or cancels entirely
- No partial fills allowed
When no mechanism is selected, orders default to "Good Till Canceled."
Practical Examples
Scenario: Trading BTC perpetual contracts with the following order book:
- Best bid: 7327.83 USD
- Best ask: 7327.85 USD
Default Limit Order
- Buy order at 7327.85 USD would fill immediately at 7327.83 USD
- Sell order at 7327.81 USD would partially fill 33 contracts, then post remainder
Post Only Order
- Buy at 7327.70 USD would post successfully
- Buy at 7327.90 USD would cancel (would take liquidity)
IOC Order
- Buy 7000 contracts at 7350.00 USD against 6609 available
- Result: 6609 filled, 391 canceled immediately
FOK Order
- Same 7000 contract order would cancel entirely
- 6000 contract order would fill completely
Important Notes
Price restrictions:
- Buy limit ≤ current highest bid
- Sell limit ≥ current lowest ask
Margin implications:
- Opening orders reserve margin
- Closing orders lock position quantity
Advanced Order Types
Optimal N Levels
This feature allows instant execution within specified price tiers without manual price entry:
- Available tiers: 5, 10, or 20 levels
- Unfilled portions convert to limit orders
- Works with opening/closing positions and planned orders
Limitation: Disabled if execution would cause negative equity.
Lightning Close
Executes within 30 price levels for fast position liquidation:
Methods:
- Via closing interface
- Directly from position panel
Behavior:
- Fills what it can within range
- Converts remainder to limit order
- Predictable pricing during volatility
Limitation: Disabled if estimated equity would turn negative.
FAQs
Q: Why would my Post Only order get canceled?
A: It cancels if it would immediately match existing orders (take liquidity). Try adjusting your price further from the market.
Q: What's the advantage of using Optimal N Levels?
A: It provides faster execution than manual limit orders while maintaining price control, ideal for volatile markets.
Q: When should I use Lightning Close?
A: Best for urgent liquidations when you need guaranteed execution across multiple price levels.
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Q: Can I combine order types?
A: Some combinations are possible - for example, you can set a limit order with IOC execution rules.
Q: How does margin work with pending limit orders?
A: Opening orders reserve margin until filled/canceled. Closing orders lock the position quantity available.
Q: Why might Optimal N Levels become unavailable?
A: The system disables it if execution could cause negative account equity, protecting your positions.