Futures Order Types
CoinEx supports 4 order types for Futures trading: Limit, Market, Stop-Limit, and Stop-Market. For more details, please refer to Order Types of Futures Trading.
Futures Execution Types
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 Different Order Execution Types.
Futures Trading Mechanism
CoinEx Futures uses a Maker/Taker trading mechanism. For more information, please refer to What are Maker & Taker.
Futures Order Trigger Mechanism
1. By Latest Price
When the Latest Price meets the trigger price, stop orders will be triggered.
2. By Mark Price
The stop order will be triggered when the Mark Price hits the trigger price.
Mark Price may deviate from the Latest Price. It is used to calculate unrealized PNL and determine when forced liquidation occurs.
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.
Function: To prevent unnecessary forced liquidation in Futures trading, and to reduce losses caused by price manipulation and low liquidity.
3. By Index Price
When the Index Price hits the trigger price, the stop order will be triggered.
The Index Price is the weighted average of spot prices from major exchanges such as Binance, Huobi, Gemini, Coinbase, Bitstamp.
Function: Index Price is considered as fair spot price. CoinEx has employed an anticipatory mechanism to adjust the components of Index Price during severe market fluctuations, ensuring it swings within a normal range.
How to Set Different Types of Futures Orders
1. Limit order
(1) Maker
Example: Buy long in the LTCUSDT market (Latest Price: 80.61 USDT, Sell 1 Price: 80.64 USDT)
a. Select [Limit];
b. Set the Price at 80.60 USDT and the Amount at 0.3;
c. Check and confirm the required margin;
d. Click [Buy/Long] to submit the order.
Once submitted, the order will be sent to the market as a Maker order and become Buy 1. When the market price reaches 80.60 USDT, the order will be filled. The same applies to selling short with limit orders.
(2) Taker
Example: Buy long in the LTCUSDT market (Latest Price: 80.59 USDT, Sell 1 Price: 80.60 USDT)
a. Select [Limit];
b. Set the Price at 80.60 USDT and the Amount at 0.3 LTC;
c. Check and confirm the required margin;
d. Click [Buy/Long] to submit the order.
Once submitted, the order will be sent to the market as a Taker order. Since the buying amount is less than the Sell 1 amount, the order will be fully executed immediately at 80.60 USDT. The same applies to selling short with limit orders.
2. Market order
(1) Buy/Long
a. Check the sell depth;
b. Select [Market];
c. Set the Amount at 0.3 LTC;
d. Click [Buy/Long] to submit the order.
Once submitted, 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 sell depth to avoid significant price slippage caused by insufficient market depth.
(2) Sell/Short
a. Check the buy depth;
b. Select [Market];
c. Set the Amount at 0.3 LTC;
d. Click [Sell/Short] to submit the order.
Once submitted, 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 buy depth to avoid significant price slippage caused by insufficient market depth.
3. Stop-Limit order
(1) Buy Long and Take Profit
Suppose the LTC price will rise in the future, you can buy LTC contracts to make a profit. If you think that LTC price will stop rising when it reaches 82 USDT, you can submit a stop-limit order to sell LTC and take profits (see below example).
a. Select [Stop-Limit];
b. Select [Latest Price] as the stop price type;
c. Set the Stop price at 82 USDT;
d. Set the Limit price at 81 USDT;
e. Set the Amount at 0.3 LTC;
f. Click [Sell/Short] to submit the order.
The order will not be sent to the market immediately after submission. When the latest price reaches 82 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 82 USDT, which is better than the preset limit price of 81 USDT, the order will be filled immediately at 82 USDT.
(2) Buy Long and Stop Loss
Suppose the LTC price will rise in the future, you can buy LTC contracts to make a profit. If you think that LTC price will probably drop (Liq. Price: 53.23 USDT) when it reaches 78 USDT you can submit a stop-limit order to sell LTC 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 78 USDT;
d. Set the Limit price at 77 USDT;
e. Set the Amount at 0.3 LTC;
f. Click [Sell/Short] to submit the order.
The order will not be sent to the market immediately after submission. When the latest price reaches 78 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 78 USDT, which is better than the preset limit price of 77 USDT, the order will be filled immediately at 78 USDT.
4. Stop-Market order
(1) Buy Long and Take Profit
Suppose the LTC price will rise in the future, you can buy LTC contracts to make a profit. If you think that LTC price will stop rising when it reaches 83 USDT, you can submit a stop-market order to sell LTC and take profits (see below example).
a. Select [Stop-Market];
b. Select [Mark Price] as the stop price type;
c. Set the Stop price at 83 USDT;
d. Set the Amount at 0.3 LTC;
e. Click [Sell/Short] to submit the order.
The order will not be sent to the market immediately after submission. Only when the mark price hits 83 USDT, it will be triggered. Then the system will post 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 LTC price will rise in the future, you can buy LTC contracts to make a profit. If you think that LTC price will probably drop (Liq. Price: 53.23 USDT), you can submit a stop-market order to sell LTC and stop loss (see below example).
a. Select [Stop-Market];
b. Select [Mark Price] as the stop price type;
c. Set the Stop price at 78 USDT;
d. Set the Amount at 0.3 LTC;
e. Click [Sell/Short] to submit the order.
The order will not be sent to the market immediately after submission. Only when the mark price hits 78 USDT, it will be triggered. Then the system will post a market order at the preset amount and sell it at the best available price until the order is fully executed.