BingX Spot will implement a trading protection mechanism for at least 5 minutes after a token listing to prevent market manipulation and safeguard the interests of our trading users. The time and price restrictions will be adjusted in real time based on the overall conditions of the newly listed crypto and market volatility. Please refer to the "Opening Protection" for the actual situation of the new crypto.
I. Price Restriction
1. Order Price Restriction
The price of a single buy order cannot exceed X times the opening price. The price of a single sell order cannot be lower than 1/Y times the opening price. Affected order types: limit order, TP/SL order, trigger order, and OCO order.
2. Filled Price Restriction
The filled price of a single buy order cannot exceed X times the opening price. The filled price of a single sell order cannot be lower than 1/Y times the opening price. Any unfilled portion of the order that reaches the upper or lower filled price limits will be canceled. Affected order types: market order.
II. Taker Order Slippage Restriction
If the estimated filled price deviates from the best bid or best offer by more than the allowed range, the market order will be partially filled. Any portion exceeding the slippage limit will be canceled.
III. FAQs
1. How are the maximum and minimum order price calculated for limit orders?
- Maximum Order Price for a Single Buy Order = Opening Price * X (Maximum Multiplier for Buy Price)
- Minimum Order Price for a Single Sell Order = Opening Price * 1/Y (Maximum Multiplier for Sell Price)
- Example: If the opening price for a token pair is $1, the buy price maximum multiplier (X) is 5, and the sell price maximum multiplier (Y) is 5. Maximum Order Price for a Single Buy Order = $1 * 5 = $5. Minimum Order Price for a Single Sell Order = $1 * 1/5 = $0.2.
2. How are the maximum and minimum filled price calculated for market orders?
- Maximum Filled Price for a Single Buy Order = Opening Price * X (Maximum Multiplier for Buy Price)
- Minimum Filled Price for a Single Sell Order = Opening Price * 1/Y (Maximum Multiplier for Sell Price)
- Example: If the opening price for a token pair is $1, the buy price maximum multiplier (X) is 5, and the sell price maximum multiplier (Y) is 5. Maximum Filled Price for a Single Buy Order = $1 * 5 = $5. Minimum Filled Price for a Single Sell Order = $1 * 1/5 = $0.2.
3. What is a taker order?
- Market orders are always considered taker orders.
- Limit orders will be executed immediately if the buy price ≥ the best offer, or the sell price ≤ the best bid. In such cases, the trading fees are also calculated as Taker fees.
4. How is the price range for a taker order calculated?
- Maximum Filled Price for a Single Buy Order = Best Offer * (1 + Restriction Ratio)
- Minimum Filled Price for a Single Sell Order = Best Bid * (1 - Restriction Ratio)
- Example: Suppose a trading pair has a market order restriction ratio of 10%, a restriction period of 5 minutes, and an opening price of $1. A user places a market order to buy 100,000 USDT worth of the new crypto. The maximum filled price allowed will be: 1 * (1 + 10%) = 1.1, and the range for the filled price will be between 1 and 1.1. If the total value of sell orders between the best offer and the maximum filled price of $1.1 only amounts to $60,000, the system will execute a market order for $60,000. The remaining $40,000 of the market order will be canceled.
- If the user wishes to continue buying, they can place another market order. The new order will still be subject to the same restrictions as before.