How do I use a chase order?
A chase order is a type of limit order that automatically adjusts its price based on the current best bid or best ask in the market. The order continues to update its price until it’s filled, canceled, or reaches the preset maximum chase distance.
Advantages of chase order
Price update frequency: every second.
Advantages: Lower transaction fees and faster fill speed.
Reduce-only:
One-way mode: allows you to place reduce-only orders, and this option can be turned on or off manually.
In Hedge mode, opening a position is not reduce-only by default, and the reduce-only option can’t be enabled manually.
In Hedge mode, closing a position is reduce-only by default, and the reduce-only option can’t be turned off manually.
4. Always keep "post-only" orders.
5. Modify or cancel orders: After placing an order, you cannot manually change the price settings, order quantity, or maximum chase difference.
How to use a chase order?
Step 1: Go to the Trading page, select the order type, and click on "Chase order".
Step 2: Set the chase price, quantity, and max chase difference.
Chase price: Chase price determines how the system adjusts the order price after it’s placed. When placing an order, you can choose to chase the best bid or best ask, or Gap from best bid/ask.
Max chase difference: If the distance between the initial order price and the current best bid or ask price reaches the max chase difference, the system will automatically cancel your order.
Step 3: Tap to place the order and confirm again. Please note that after placing a chase order, modifications are not supported. Make sure to confirm your parameters before placing the order.
Step 4: You can view your chase order on the Open Orders page, marked with a "Chase" label.