To help users better understand and use various order types in ASTX contract trading, we provide the following detailed explanation.
1. Basic Concepts
1. Latest Trade Price
• The most recent transaction price in the market.
2. Index Price
• A weighted average price calculated from multiple exchanges’ spot prices, used as a market reference to reduce the impact of a single exchange’s price fluctuations.
3. High Buy / Low Sell Immediate Execution
• When the buy price is higher than the best ask or the sell price is lower than the best bid, the system will execute immediately at the best market price. Actual execution may vary depending on the order book depth.
4. High Sell / Low Buy Pending Execution
• When the order price is above the best bid or below the best ask, the order will wait in the order book to be executed, following the price-time priority principle.
5. Price-Time Priority
• If prices are the same, the earlier submitted order has priority.
6. Taker
• An order that immediately matches with existing orders in the market, consuming liquidity.
7. Maker
• An order placed in the order book that does not immediately execute, providing market liquidity.
2. Order Types
1. Limit Order
• Users set a buy or sell price. The order executes when the market reaches this price.
Example:
• Limit Buy: Latest trade 13,000, set buy at 12,900 → executes automatically when price ≤ 12,900
• Limit Sell: Latest trade 13,000, set sell at 13,100 → executes automatically when price ≥ 13,100
Note:
• Orders follow the principle of buy low, sell high. Buying higher than current price or selling lower will execute at market price immediately.
• Limit orders may be partially filled or unfilled depending on market liquidity.
2. Opponent Price Order
• Executes at the best market bid or ask price.
Example:
• Buy: Best ask 5,050 → executed at 5,050, remaining quantity continues with next asks
• Sell: Best bid 5,250 → executed at 5,250, remaining quantity continues with next bids
3. Market Order
• Executes immediately at the best available market price, suitable for fast trading.
Example:
• Market open: BTC latest trade 13,000, buy 200 contracts → average execution ≈ 13,000
• Market close: 200 BTC contracts held, latest trade 10,000 → average execution ≈ 10,000
4. Conditional / Plan Orders
• Only executed when preset conditions are met.
Types:
1. Plan Limit Order
• Limit order is placed when the trigger price is reached.
• Example: Long position, current price 5,000, trigger 4,950, order price 4,900 → when market hits 4,950, 4,900 buy order is placed
2. Plan Market Order
• Executes immediately at the best price when the trigger is reached.
• Example: Market price 4,800, trigger 4,800, select market order → executes instantly
Features:
• Does not occupy margin before trigger, freezes margin after trigger and executes order
• Suitable for automated trading, such as pre-positioning or TP/SL strategies
3. Summary of Trading Rules
• Limit Order: Precise price trading, may partially fill or be delayed
• Opponent Price Order: Fast execution at the best market price
• Market Order: Quick position open/close, may have slippage
• Plan Order: Automated strategy triggered by conditions
Users can choose the appropriate order type based on market conditions and personal trading strategies to achieve optimal trading results.