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Hotcoin Futures currently supports five types of order placement:
1. Market Order
A market order means the order will be immediately matched with the best available price. The execution price of a market order corresponds to the limit prices available on the order book.
As a result, price slippage may occur — meaning the executed price could differ from your expected price.
2. Limit Order
A limit order allows you to place an order at a specified price or a more favorable one. A limit buy order will be executed if the market price is equal to or lower than your limit price;
a limit sell order will be executed if the market price is equal to or higher than your limit price.
Please note that the execution of a limit order is not guaranteed.
3. Advanced Limit Order
An advanced limit order is a specialized type of limit order that includes three execution options:
4. Conditional Order
A conditional order allows traders to set a target trigger price in advance. The corresponding limit or market order will only be activated once the trigger price is reached.
5. Trailing Order
A trailing order is a strategic order that automatically submits a market order to the exchange when the market price retraces by a specified percentage from its highest or lowest point. When the latest market price (mark price) reaches (1 ± callback rate) of the trader’s set highest (or lowest) price, the trailing order will be triggered and a market order will be executed.
The activation price is one of the trigger conditions for a trailing order. If not specified, it defaults to the latest market price. Once the market’s highest/lowest price reaches or exceeds the activation price, this condition is met.
The callback rate is another trigger condition for a trailing order. After the activation price condition has been met, if the market’s highest/lowest price retraces by a percentage greater than or equal to the preset callback rate, the trailing order will be executed.