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Condition Order FAQs
The following specific order types in Kine are defined as "Condition Order" in this article.
- Condition Order: When placing an condition order, user needs to set a trigger price that is not equal to the current market price. Then when the market price moves cross the trigger price, the order will be triggered and filled at market price immediatly.
- Condition TP Order: After user sets the take profit price when placing a condition order, after the condition order is triggered and executed, or after a position has been opened, and a take profit quantity and take profit price are set on the position. When market price moves cross the take profit price, the condition TP order will be triggered and then filled at market price immediatly.
- Condition SL Order: After user sets the stop loss price when placing a condition order, after the condition order is triggered and executed, or after a position has been opened, and a stop loss quantity and stop loss price are set on the position. When market price moves cross the stop loss price, the condition SL order will be triggered and then filled at market price immediatly.
- Position TP Order: After user has opened a position, and a take profit price is set on the position. When market price moves cross the take profit price, the position TP order will be triggered and the position will be fully closed at market price immediatly.
- Position SL Order: After user has opened a position, and a stop loss price is set on the position. When market price moves cross the stop loss price, the position SL order will be triggered and the position will be fully closed at market price immediatly.
Limit orders are commonly supported in order book exchanges. Since Kine adopts a peer-to-pool trading model that is different from order book exchanges, there is no maker or taker concept here, so we have designed a more advanced mechanism, which we call "Condition Order". The following is a comparison of limit orders and Kine's condition orders.
Item | Capital Efficiency | Execution Efficiency |
|---|---|---|
Limit Order | Low, margin will be frozed after order placed. | Low, takes more time to fully fill on average. |
Condition Order | High, margin will not be frozed. | High, guarenteed full execution after triggered. |
- Trigger price and execution price of a condition order are not strictly equivalent.
For example, John placed a long BTC order with a trigger price of 40,000. After that, market fluctuated violently, price jumped directly from 39,999 to 40,010. Then, since the market price has crossed the trigger price set by John, the order will be triggered and filled, and the execution price will be 40,010 instead of 40,000 (his preset trigger price).
- Condition orders are valid for 10 days after placed.
Including all 5 sub-types, the validity period for condition orders is 10 days after the order is placed, and it will be automatically cancelled by the system if it exceeds 10 days.
- A maximum of 10 condition orders can exist under each symbol at the same time.
Including all 5 sub-types, a maximum of 10 condition orders can exist under each symbol at the same time, user will not be able to place any new condition order with 10 outstanding.
- Condition orders may not be successfully triggered due to position restrictions, insufficient margin, out of tradable hours, system problems, etc.