What’s Call Auction

What is Call Auction?

Call Auction is a trading strategy in which buy and sell orders are aggregated during a designated interval based on price and time priority, and then executed simultaneously at a specific time to arrive at a market clearing price that meets the following 3 conditions:

1. The EST. Execution Price can maximize trading volume.

2. Buy orders at higher prices than the market clearing price and sell orders at lower prices must be fully executed.

3. At least one side of the placed orders put at the market clearing price must be fully executed.


What is Call Auction used for? 

Call Auction is introduced to reduce market volatility caused by low liquidity.


Rules of Call Auction

1. During Call Auction, orders can be placed at any time but will not be executed. The EST. Execution Price that maximizes trading volume will be displayed in real time for reference.

2. To avoid price manipulation, Call Auction is scheduled in 2 phases: In Phase 1, orders can be placed and canceled. While in Phase 2, orders can be placed but cancellations are disallowed.

During Call Auction, you can add liquidity to specific trading pairs with CoinEx AMM function. In Phase 1, liquidity can only be removed after it has been added for 1 minute. In Phase 2, liquidity can only be added but cannot be removed.

3. An opening price will be decided when Call Auction ends. After that, continuous trading takes place.

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