Coincall perpetual contract orders support limit, market, and advanced orders.
A limit order is when the trader sets the number of shares and an acceptable highest buy price or lowest sell price. When the market price matches the user's order, the system will execute the transaction at the best price within the limit.
Suppose the current BTC-Perp contract market price is $20,000 and the trader is willing to buy at a price of $19,000. In that case, they can choose a limit order, set the number of shares, and set the buy price to $19,000. When the price falls to less than or equal to $19,000 the order will be executed.
A market order is when the user immediately executes a buy or sell order at the best market price, to achieve a fast transaction. The maximum denomination for market orders may vary between different contracts (and this limit may be adjusted according to market changes).
Suppose the current BTC-Perp contract market price is $20,000 and the trader wants to buy quickly. In that case, they can choose a market order, set the number of shares, and after placing the order, the order will be immediately executed at an average price of around $20,000. Note that in extreme market conditions, the market order may not be executed immediately or only partially executed.
Currently, Coincall supports Only-Maker (Post only), Limit Order (Stop Limit), and Market Order (Stop Market).
1. Post only
If the trader wishes to enjoy Maker fees, they can choose Only-Maker (Post only). For example, if a trader wants to buy BTC at a price of $18,737.00, and the ask price is $18,737.25, and there is no existing order that matches the price, the user will be a Maker, and the order will be successful. If the trader buys at $18,737.25, it will immediately match the ask and the order will be canceled.
2. Stop Limit
The Stop Limit Order allows traders to set the order price, quantity, and trigger conditions in advance. When the contract's mark price reaches the predetermined trigger price, the system will send the limit order to the market according to the order price and quantity. This type of order is suitable for experienced traders executing trading strategies.
Note: Before the trigger, the plan order has no margin requirements. Traders can successfully set any conditional orders. However, if the account does not have enough margin at the time of the trigger, the plan order will be invalidated.
Suppose the current BTC price is $18,000 and the user wants to buy one BTC at a price of $14,500 when the BTC falls to $15,000. The user can choose a Limit Order and set the trigger price to $15,000 the order price to $14,500 and the order quantity to 1 BTC. The order will be triggered when the price is equal to or less than $15,000. The system will send the order to the market as a limit order: the order price will be $14,500, and the order quantity will be 1 BTC.
3. Stop Market
The Stop Market Order is the same as the Stop Limit Order, but there is no need to set the order price. After the trigger, a market order will be pushed.
Suppose the current price of BTC is $18,000 and a user wants to buy 1 BTC at market price when BTC drops to $15,000. They can choose the market order plan entry type and set the trigger price to $15,000 with a quantity of 1 BTC. The order will be triggered when the price is equal to or less than $15,000. The system will submit the order as a market order with a quantity of 1 BTC.