To enhance the trading experience and reduce costs for users, a leading trading platform is implementing adjustments to the minimum order quantity for select perpetual contracts. These changes are scheduled to take place on June 6, 2024, between 2:00 PM and 4:00 PM (UTC+8). The order quantity precision for these instruments will also be updated accordingly.
This guide provides a detailed overview of the adjustments, explains key concepts like order quantity precision and minimum order size, and outlines how these changes may impact your trading activities.
Detailed Adjustments to Contract Specifications
The following table outlines the specific changes being made to the perpetual contracts. All values are denoted in both contracts (sheets) and the underlying base currency.
| Trading Type | Contract Pair | Previous Min Order (Sheets) | Previous Min Order (Coin) | New Min Order (Sheets) | New Min Order (Coin) |
|---|---|---|---|---|---|
| Perpetual Contract | FET/USDT | 1 | 10 | 0.1 | 1 |
| Perpetual Contract | SOL/USDT | 0.1 | 0.1 | 0.01 | 0.01 |
| Perpetual Contract | STX/USDT | 1 | 10 | 0.1 | 1 |
| Perpetual Contract | THETA/USDT | 1 | 10 | 0.1 | 1 |
Important Note: User trading activities, including placing orders, transferring funds, and adjusting leverage, will not be affected during this update period.
Key Concepts: Order Quantity Precision and Minimum Order Size
To trade effectively, it's crucial to understand the foundational concepts governing order placement.
What is Order Quantity Precision?
Order quantity precision refers to the smallest incremental change allowed in the size of an order for a perpetual or futures contract.
Example: For an ETHUSDT perpetual contract with a face value of 0.1 ETH, if the order quantity precision is 0.1 contracts, the smallest change you can make to your order size is 0.1 contracts (which equals 0.01 ETH).
What is Minimum Order Size?
The minimum order size is the smallest number of contracts you can enter an order for. This value is always an integer multiple of the order quantity precision. Your order size must be greater than or equal to this minimum.
Example: Using the same ETHUSDT contract (face value of 0.1 ETH, precision of 0.1 contracts), if the minimum order size is 1 contract (0.1 ETH), your order must be for at least 1 contract. However, you can increase the size in increments of the precision value (0.1 contracts), allowing for orders of 1.1, 1.2, 2.5 contracts, and so on.
How Positions and Open Orders Are Displayed
Following the adjustment to a more precise (smaller) order quantity, the platform will support the display of fractional contract amounts for both open positions and active orders.
This applies to all order states (unfilled, partially filled, fully filled) and existing holdings. The same display logic extends to users of APIs, trading bots, and copy trading services.
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Example: Consider a SHIBUSDT perpetual contract with a face value of 1,000,000 SHIB. If the current order precision is 1 contract, an open order might be for 10 contracts (10,000,000 SHIB) and a position might be 1 contract (1,000,000 SHIB). After the precision is adjusted to 0.1 contracts, the open order could be displayed as 10.5 contracts (10,500,000 SHIB) and the position as 1.5 contracts (1,500,000 SHIB).
Rules for Placing and Modifying Orders
For any new order or modification to an existing order, the quantity you specify must adhere to two rules:
- It must be an integer multiple of the current order quantity precision.
- It must be greater than or equal to the current minimum order size.
These rules are uniformly applied across all user interfaces, including the web platform, mobile app, and API integrations.
Example (Before and After):
A SHIBUSDT contract has a face value of 1,000,000 SHIB. Initially, its order precision and minimum size are both 1 contract.
- Before Adjustment: You must order in multiples of 1 contract (1,000,000 SHIB). The smallest allowed order is 1 contract.
- After Adjustment: The precision and minimum are adjusted to 0.1 contracts. You must now order in multiples of 0.1 contracts (100,000 SHIB). The smallest allowed order is 0.1 contracts.
Updates for API and WebSocket Users
The platform's API interfaces and WebSocket channels will reflect these changes. The returned values for the key parameters lotSz (order quantity precision) and minSz (minimum order size) will be updated to the new values immediately after the adjustment period.
Users who rely on automated trading systems or custom scripts must ensure their strategies are updated to handle these new precision levels and minimums to avoid errors in order placement.
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Frequently Asked Questions
Q1: Will my existing open orders be canceled during this update?
A: No, all existing orders and positions will remain active and unaffected by the change. The update only changes the rules for new orders and modifications placed after the update is complete.
Q2: Why are these changes being made?
A: Reducing the minimum order size and increasing precision allows for greater flexibility and more granular position sizing. This can lower the barrier to entry for traders with smaller capital and enable more precise risk management for all users.
Q3: Do these changes affect the leverage or margin requirements for these contracts?
A: No, this update is specifically about order quantity precision and minimum size. The leverage tiers, margin requirements, and other contract specifications for these instruments remain unchanged.
Q4: I am a copy trader. Do I need to do anything?
A: Your activity will not be interrupted. However, the lead traders you follow may adjust their strategy to use the new order sizes, which will then be reflected in your copied trades. No action is required on your part.
Q5: What happens if I try to place an order that doesn't meet the new precision rules?
A: The order will be rejected by the system. Your trading interface should provide an error message indicating that the order size is invalid because it does not meet the minimum or precision requirements.
Q6: Are these changes permanent?
A: While these adjustments are intended to be permanent, all trading parameters are subject to change based on market conditions and the platform's ongoing product optimization efforts. Always check the latest specifications before trading.
Traders are advised to review their strategies for the affected contracts to ensure compliance with the new rules. The platform apologizes for any inconvenience and remains committed to providing a superior product and service.