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Floating order

Last update 16/05/2023
Floating Order - Limit order with automatic price adjustment to the order book's extreme price. Suitable for instruments with large spreads and can improve entry price for illiquid currencies.
This order type was developed by Finandy.
Let's explain how it works on BTCUSDT. To open a position, select F in the order creation panel and enter the order´s Volume or Amount.
Extreme selling price ASK = 23 555.93 Extreme buying price BID = 23 555.32 Price tick size = 0.01
The system creates a LIMIT order at chosen price BID + 1 price step In our example, order price = 23 555.32 + 0.01 = 23 555.33
If our order is not fully executed and a limit order is placed above it by another market participant, the system will move our order above the current bid with a short waiting time specified in the settings. This process will continue until our order is either fully executed or cancelled according to the specified settings.
If the order is moved below the minimum limit during repositioning, the next repositioning will depend on the settings chosen. It may be equal to the minimum order size, or the order may be cancelled or left waiting at current price for execution.
System behavior when selling is similar, except that the initial order price is set = ASK - 1 price step
A floating order allows you to quickly execute an order at the best price available.

Floating order settings

Additionally

Commission for Floating orders

The commission for Floating orders can be Taker (0.04%) or Maker (0.02%). Getting the lower Maker commission rate is not always guaranteed as it is a compromise to enter at a more favorable price.
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