Effective mechanism

Published on Jul 13, 2023Updated on Apr 4, 20243 min read

Effective Mechanism: "Post Only", "Fill Or Kill", "Immediate Or Cancel"

Where can I select the Effective Mechanism?
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Post Only
If you select "Post Only" when placing a limit order, your order shall only exist as a Maker order and will not be matched with an existing order in the order book. If your order has been executed instantly (as a Taker order) due to the order price (for instance, your buy order is placed at a higher price than the market price), it will be canceled automatically by the system.

Fill Or Kill
If you select "Fill Or Kill" when placing a limit order or market order, it will only be fully executed. Otherwise, it will be canceled entirely.

Immediate Or Cancel
If you select the "Immediate Or Cancel" feature when placing a limit order or market order, any part of the order that is not immediately filled will be canceled immediately.

Scenario: A user wishes to buy BTC, assuming the following queue of order at this point:

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(1) If a user wishes to enjoy the Maker fees, he/she may choose the advanced limit order, and set to "Post only". If the user buys at 18,726 USDT, the order will not be filled with those in the queue; the order will only be placed successfully when the user is a Maker. If the user buys at 18,737.25 USDT, the order will be filled with those in the queue; the order shall be canceled instantly when the user is a Taker.

(2) A user selects "Fill Or Kill" with the buy price at 18,745.75 USDT and the quantity at 300. At this point, the total quantity of sell orders at 18,745.75 and below shall be 266 (1+1+8+100+156). Once all 300 buy orders have been filled with all eligible sell orders, it shall be left with 34 (300-266) unfilled orders. As such, the order itself shall be canceled. If the user buys 266 or less, the order shall be fully executed.

(3) A user selects "Immediate Or Cancel" with the buy price at 18,745.75 USDT and the quantity at 300. At this point, the total quantity of sell orders at 18,745.75 and below shall be 266 (1+1+8+100+156). Once all 300 buy orders have been filled with all eligible sell orders, it shall be left with 34 (300-266) unfilled orders, only the 266 sell orders shall be executed while the remaining 34 unfilled ones shall be canceled.