Open Market Order

A market order is an order to buy or sell assets at the market's current best available price. Market orders are optimal when the primary goal is to execute the trade immediately.

Step 1: Navigate to tab Derivatives and Select tab BUSD-M or COIN-M

  • COIN-M Perpetual contract is settled in Cryptocurrency

  • BUSD-M Perpetual contract is settled in BUSD

Step 2: Connect your wallet

  • Click connect wallet

  • Choose one of the Network and Wallet options as displayed below.

    Check our guidelines on how to choose and connect your wallet here.

Step 3: Select the "Market" order type

  • A market order instructs an investor to buy or sell assets at the best available price. Market orders are executed immediately.

  • If you select Market as the order type, market orders are immediately matched at the best market price.

Step 4: Choose leverage

  • Click to adjust leverage

  • Manually enter your desired leverage or drag the slide bar to quickly enter the leverage and click Confirm.

    • Leverage amplifies your buying or selling power, allowing you to trade in larger amounts

    • Leverage reduction is not supported in the Isolated mode.

Step 5: Choose the reference currency (optional)

  • You can choose the reference currency to see your position

    Changing the reference currency allows you to easily place orders based on your configuration.

Step 6: Enter the quantity of your position

  • Manually enter your desired quantity

  • You can also drag the slide bar to quickly enter the quantity.

    This allows a quick selection of quantity based on the maximum percentage you can open. Because the market order depends on the liquidity of the order book Long or Short, when using the slide bar, you can only select % quantity based on Max Quantity

  • After entering the quantity, the system will automatically calculate the Cost needed to execute the order. The quantity entered must be less than Max.

    • Cost: The cost includes the margin required and the commission fee to execute this order. Reducing a position does not cost margin.

    • Max: Max quantity is calculated based on your balance, leverage, price, and max notional. In case your order is ”Reduce only” order, it will allow you to reduce or close a current position you are holding.

    • Slippage: Slippage happens when traders have to settle for a different price than the current market price due to a movement in price between the time the order enters the market and the execution of a trade.

Step 7: Click Open Long or Short

  • Long/ Short - Predict the rise and fall of price in the future. Open Long means you expect the price to go up. Conversely, Open Short predicts a fall. Opening a long or short position benefits users if the price goes as expected.

  • If you already have a position that is on the opposite side of the order you are placing, that order will become a "Reduce only" order. "Reduce only" will only allow you to reduce or close an existing position rather than open a new one.

In the Ethereum Virtual Machine, there is a limitation when it comes to holding pending orders. Specifically, only one side of pending orders can be held at any given time. This means that if you have any active “long” limit orders, you are not able to open “short” market orders (or limit orders as well) until these long orders have been filled or canceled. We recognize the inconvenience this restriction may create and are actively working to remove it as soon as possible.

For Example:

If you have 3 active limit "Long" (Buy) BTC orders. You cannot open Short (Sell) Market and Limit orders until these 3 active limit orders are fulfilled or canceled. If you try to submit it, you may faced error 22.

Step 8: Confirm Pop-up

  • Confirm the transaction in your wallet

  • After you confirm the transaction in your wallet, the system will transfer the Cost to our Smart Contract to open the position.

Checking your positions

The order will be processed and become a position. You can view and manage your positions in the “Positions” tab below.

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