Reduce-only
Reduce-only
1. What is a reduce-only order? A reduce-only order only reduces your current position, as opposed to increasing it. It means you can only use it to close a position. In contrast, non-reduce-only orders can reduce or increase your position.
Details are as follows:
If a user places a reduce-only order, but without any position, the order shall not be placed successfully.
If a user places a reduce-only order with positions without direction for makers (for example, having long positions without sell order), the order is placed successfully. If the amount of orders > the amount of positions, it will be placed in accordance with the latter.
If a user places a reduce-only order with positions for makers (for example, having both long position and sell orders), the system shall ensure that orders on lower priority shall be withdrawn and those on higher priority can be placed successfully based on the amount of current positions held by the user, as well as the confirmation of priority.
Order Prioritization Rules: Orders with the highest bid price shall be given priority, as well as those with the lowest ask price; in the event of orders with similar prices, priority shall be given to the earliest placement.
Using BTC-USDT Perpetual as an example:
2. How to place a reduce-only order? Reduce-only orders can only be placed in Buy/Sell position mode. Users can choose the reduce-only option or not when placing each order. If you do not select the reduce-only option, your order will be a non-reduce-only order. There can be both reduce-only orders and non-reduce-only orders in your account at the same time.
Placing an order on the order page
On the order page (limit order, market order, advanced limit order, or TP/SL order), you can choose "Reduce-only" to place an order.
Submit a TP/SL order along with an open order
When submitting a TP/SL order along with an open order, the TP/SL order is a reduce-only order by default.
Placing an order on the position page
On the position page, TP/SL, Close, and Close All, are all reduce-only orders by default.