Perpetual Contract Order Types | Introduction and Examples

1. Basic Concepts

Latest Price

Refers to the most recent traded price (K-line) from the exchange, used for order execution and liquidation triggers.

Index Price

Calculated using weighted spot prices from multiple exchanges.

Mark Price

Used as a reference for triggering stop-profit/stop-loss.

Used to calculate unrealized P&L and margin; may differ from the latest traded price.

Calculation method: see announcement “Perpetual Contract Product Introduction.”

Buy Above/ Sell Below Immediate Execution

Buying above the best ask or selling below the best bid will execute immediately at the best available price. Execution may depend on counterparty order quantity.

Buy Below/ Sell Above Wait in Order Book

Orders may wait in the order book for matching according to time and price priority when the market price reaches the order price.

Time Priority, Price Priority

Example: All buy orders are at 5000. A places a buy at 5100 → A executes first. B and C place at 5200 → execute in order of arrival (B first, then C).

Taker

Takes existing orders from the order book. Executes immediately based on existing orders.

Maker

Places an order in the book to wait for other users to match.

2. Order Types

2.1 Limit Order

User specifies price and quantity.

Buy: maximum price; Sell: minimum price.

Occupies margin when opening, occupies position volume when closing.

Price reference: Latest price K-line.

Example (Buy Limit): BTCUSDT last price 13000. Set 12900 limit buy → executes when ≤12900. If set 13100 → executes immediately at 13000 (better price principle).

Example (Sell Limit): BTCUSDT last price 13000. Set 13100 limit sell → executes when ≥13100. If set 12900 → executes immediately at 13000.

2.2 Counterparty Price (Opposite Price)

Order price set at best counterparty level; executes at that price.

Example (Buy 60 contracts): Sell levels: 5050(10), 5100(10), 5150(10)… Order executes 10 at 5050, 10 at 5100, etc.

Example (Sell 60 contracts): Buy levels: 5250(10), 5200(10)… Order executes 10 at 5250, 10 at 5200, etc.

2.3 Market Order

Executes immediately at the best market price.

Price reference: Latest price K-line.

Example (Open Long): BTC last price 13,000, market order for 200 contracts → executes immediately (~13,000).

Example (Close All Market): Hold 200 contracts at 10,000 → market close all → executes all (~10,000).

Note: Maximum order size may vary per contract.

2.4 Conditional / Plan Order

Pre-set trigger price for limit/market orders. Order enters market when latest price reaches trigger.

Price reference: Latest price K-line.

Notes:

No margin frozen before trigger.

Orders may fail due to price limit, insufficient margin, non-trading status, system errors.

On trigger, if limit rules conflict, order may fail.

Examples:

Stop-loss Short: Open short at 9000 BTC → stop-loss at 10000 → trigger 10000, order 10010 → closes short at market or limit.

Stop-loss Long: Open long at 9000 BTC → stop-loss at 8000 → trigger 8000, order 7990 → closes long at market or limit.

Chase Long: Market breaks 12000 → place 12010 limit or market order → execute when price ≥12000.

Chase Short: Market breaks 6000 → place 5990 limit or market order → execute when price ≤6000.