Types of Futures Orders
CoinEx supports 4 order types for Futures Trading: Limit, Market, Stop-Limit, and Stop-Market.
For more details, please refer to Introduction to Futures Order Types.
Types of Futures Orders Execution
CoinEx offers 4 order execution types: Always Valid (AL), Immediate or Cancel (IOC), Fill or Kill (FOK), and Maker Only (MK).
For more details, please refer to Introduction to Futures Order Types.
Futures Trading Mechanism
CoinEx Futures uses a Maker/Taker trading mechanism.
For more details, please refer to What are Maker & Taker.
Futures Order Trigger Mechanism
1. Limit order: Trigger price
Users can set a trigger price for a limit order at which they wish to execute trades. When the market price reaches the trigger price or a better price, the order will be executed.
2. Market order: Best Market Price
A market order will be sent to the market and executed immediately at the best price of the market when the user places the order.
3. Stop order
(1) By Latest Price
The stop order will be triggered when the Latest Price hits the trigger price.
(2) By Mark Price
The stop order will be triggered when the Mark Price hits the trigger price.
Mark Price is used to calculate unrealized PNL and determine when forced liquidation occurs. It may deviate from the Latest Price.
Calculation: Mark Price = Index Price * (1 + Moving Average Premium Index), Moving Average Premium Index = MA{[Max (0, Depth Weighted Bid Price - Price Index) - Max (0, Price Index - Depth Weighted Ask Price)] / Price Index}.
* MA = the moving average of the premium index per minute from N hours ago to the current time point, N = the current funding fee collection interval.
Purpose: The Mark Price helps prevent unnecessary forced liquidation in Futures Trading, reducing losses caused by price manipulation and low liquidity.
For more details, please refer to What is Mark Price
(3) By Index Price
The stop order will be triggered when the Index Price hits the trigger price.
Index Price is the weighted average of spot prices of a cryptocurrency from major exchanges such as Binance, OKX, KuCoin, and Bybit.
Purpose: The Index Price is considered as fair spot price. CoinEx has employed an exception handling mechanism to adjust the components of the Index Price during severe market fluctuations, ensuring it swings within a normal range.
For more details, please refer to What is Index Price
How to Place Different Types of Futures Orders
1. Limit order
(1) Maker
Example: Buy long in the BTCUSDT market (Latest Price: 93580.25 USDT, Best Ask Price: 93578 USDT per 1 BTC)
a. Select [Limit];
b. Set the Price at 93577 USDT and the Amount at 0.01;
c. Check and confirm the required margin;
d. Click [Buy/Long] to place the order.
Once placed, the order will be sent to the market as a Maker order at the Best Bid Price. When the market price reaches 93577 USDT, the order will be filled. The same applies to selling short with limit orders.
(2) Taker
Example: Buy long in the BTCUSDT market (Latest Price: 93599.55 USDT, Best Ask Price: 93600 USDT)
a. Select [Limit];
b. Set the Price at 93600 USDT and the Amount at 0.01 BTC;
c. Check and confirm the required margin;
d. Click [Buy/Long] to placed the order.
Once placed, the order will be sent to the market as a Taker order at the Best Bid Price. When the market price reaches 93600 USDT, the order will be filled. The same applies to selling short with limit orders.
2. Market order
(1) Buy/Long
a. Check the market depth for ask orders;
b. Select [Market];
c. Set the Amount at 0.01 BTC;
d. Click [Buy/Long] to place the order.
Once placed, the order will be sent to the market and executed at the best available price until it is fully executed.
Note: When buying a large amount, please pay attention to the ask orders to avoid significant price slippage caused by insufficient market depth.
(2) Sell/Short
a. Check the market depth for bid orders;
b. Select [Market];
c. Set the Amount at 0.01 BTC;
d. Click [Sell/Short] to place the order.
Once placed, the order will be sent to the market and executed at the best available price until it is fully executed.
Note: When selling a large amount, please pay attention to the bid orders to avoid significant price slippage caused by insufficient market depth.
3. Stop-Limit order
(1) Buy Long and Take Profit
Suppose the BTC price will rise in the future, you can buy BTC contracts to make a profit. If you think that the BTC price will stop rising when it reaches 95000 USDT, you can place a stop-limit order to sell BTC and take profits (see example below).
a. Select [Stop-Limit];
b. Select [Latest Price] as the stop price type;
c. Set the Stop price at 95000 USDT;
d. Set the Limit price at 94900 USDT;
e. Set the Amount at 0.01 BTC;
f. Click [Sell/Short] to place the order.
The order will not be sent to the market immediately after submission. When the latest price reaches 95000 USDT, it will be triggered, and the system will place a limit order at the preset price and amount. Since the current market price is 95000 USDT, which is better than the preset limit price of 94900 USDT, the order will be filled immediately at 95000 USDT.
(2) Buy Long and Stop Loss
Suppose the BTC price will rise in the future, you can buy BTC contracts to make a profit. If you think that BTC price will probably drop (stop price of the order should be higher than Liq. Price) when it reaches 93600 USDT, you can place a stop-limit order to sell BTC and stop loss (see below example).
a. Select [Stop-Limit];
b. Select [Latest Price] as the stop price type;
c. Set the Stop price at 93600 USDT;
d. Set the Limit price at 93500 USDT;
e. Set the Amount at 0.01 BTC;
f. Click [Sell/Short] to place the order.
The order will not be sent to the market immediately after submission. When the latest price reaches 93600 USDT, it will be triggered, and the system will post a limit order at the preset price and amount. Since the current market price is 93600 USDT, which is better than the preset limit price of 93500 USDT, the order will be filled immediately at 93600 USDT.
4. Stop-Market order
(1) Buy Long and Take Profit
Suppose the BTC price will rise in the future, you can buy BTC contracts to make a profit. If you think that BTC price will stop rising when it reaches 95000 USDT, you can place a stop-market order to sell BTC and take profits (see example below).
a. Select [Stop-Market];
b. Select [Latest Price] as the stop price type;
c. Set the Stop price at 95000 USDT ;
d. Set the Amount at 0.01 BTC ;
e. Click [Sell/Short] to place the order.
The order will not be sent to the market immediately after submission. Only when the mark price hits 95000 USDT will it be triggered. Then the system will place a market order at the preset amount and sell it at the best available price until the order is fully executed.
(2) Buy Long and Stop Loss
Suppose the BTC price will rise in the future, you can buy BTC contracts to make a profit. If you think that BTC price will probably drop (stop price of the order should be higher than the Liq. Price), you can place a stop-market order to sell BTC and stop loss (see example below).
a. Select [Stop-Market];
b. Select [Latest Price] as the stop price type;
c. Set the Stop price at 93600 USDT;
d. Set the Amount at 0.01 BTC;
e. Click [Sell/Short] to place the order.
The order will not be sent to the market immediately after submission. Only when the mark price hits 93600 USDT will it be triggered. Then the system will place a market order at the preset amount and sell it at the best available price until the order is fully executed.