Bid/Ask Credit System

Bid/Ask credits are used to make assessments of the orders placed by CoinEx users. There will be periodic snapshots of trading pairs taken to decide whether or not the bid/ask price set by the users falls within the valid interval so that the credits can be calculated based on the bid/ask prices.

Rules

The Bid/Ask credits are calculated and accumulated based on the valid orders in buying and selling for every trading pair included in the random snapshot taken once every minute.

Definition of a Valid Interval

The trading pairs available on CoinEx are categorized into 4 tiers according to the market depth and liquidity, each with a specified valid interval. 

Calculation

The formula is as follows.

Bid/Ask Credit = (2 - Mid Price Spread Rate ÷ Valid Interval%) *  Order Value ÷ 10000

Where Mid Price Spread Rate = (Bid/Ask Price - Mid Price) ÷ Mid Price

1. Mid Price = ( The Bid Price reaching accumulative order value of 100 USD from Bid1 + The Ask Price reaching accumulative order value of 100 USD from Ask1) /2

2. The valid interval equals the largest spread rate between Bid/Ask Price and Mid Price. There are currently 0.3%-3% four valid interval rates set for the coins/tokens on CoinEx.

3. Mid Price Spread Rate equals the spread rate between Bid/Ask Price and Live Price. If Mid Price Spread Rate is greater than Valid Interval Rate, then the order is excluded from credit calculating.

4. The oder value is calculated by first multiplying the oder price and order amount and then converting the result into USD based on the exchange rate which you can obtain using CoinEx API.

5. There are no limits set for the value of each order.

6. The credits are rounded up with up to 4 decimal places reserved.

Example

The daily credits of User A is 100 and the total credits on CoinEx is 500 when the daily total bonus is 10000 CET.
Then, the daily bonus of User A will be: 100 / 500 * 10000 = 2000 CET