BitMart Futures is a futures trading market, specifically a market for perpetual swaps, offered per the Terms and Conditions for BitMart Futures Market.
Below is the [order types guide] for BitMart Futures:
At present, BitMart supports three types of orders: limit order, market order, and plan order.
Limit order requires the trader to set order price by itself. When market price reaches the order price, the order will be executed; when market price is far away from the order price, the order will not be executed. By submitting limit order, the trader can control position-opening costs by controlling the trading price of the position. After limit order is submitted, it will be displayed in the “current order” list to wait for trading. Only when any market order meeting the order price appears will the limit order be traded. You can “cancel order” at any time in the “current order” list before the limit order is not traded. The trader needs to fill in “order price” and “position quantity” when submitting limit order.
Market order does not require the trader to set order price by itself. Instead, the order will be traded quickly at the current market price. After a market order is submitted, the execution price of the order cannot be guaranteed although the execution of the order can be guaranteed. The execution price of the order will fluctuate under the influence of the current market situation. You need to pay attention to the order list when selecting market order, otherwise, a market order of large position will lead to “close-out”.The trader only needs to fill in “position quantity” when submitting market order.
Plan order is a type of order that is submitted automatically according to the order plan set by a trader when the market condition is met. Its difference from other orders lies in that order is not submitted directly when buying in / selling out plan order, instead of corresponding order is submitted according to set order plan when market condition meets trigger condition. i.e. only when order is triggered will it be submitted and traded in future depth.
How to Use the Plan Order?
1. Select plan order type when submitting order:
Plan order for an opening position
Select【Open Position】->【Plan Order】, then you can set plan order for the opening position.
Select【Close Position】->【Plan Order】, then you can set stop-profit/loss order for your position.
2. Input trigger price, execution price, and execution quantity, etc.
At present, three options are available for trigger price: latest trading price, reasonable price, index-based price. If it’s set to index-based price, the order will be submitted when the index-based price reaches the set price. Trigger price can be modified in【Settings】. Trigger price is not used as an order execution price.
Execution price refers to the price of the order when the order is triggered, that is, the price of placed order. You can select the market price or limited price at triggering time to place the order.
Execution quantity refers to the quantity of the order when the order is triggered, i.e. the quantity of placed order. If the balance is insufficient or covering orders are insufficient at the time of placing the order, the insufficient part will turn to cancellation status.
Setting: valid time refers to the valid time of the plan order. Plan order exists within its valid period until trading is triggered or the trader cancels it on its own initiative. If any plan order exceeds its valid period and it’s not traded, the system will cancel the plan order automatically. The valid period of plan order can be “24 hours” or “7 days”.
3. After setting and submitting a plan order, you can view the current plan order in the “plan order” column and historical plan order in the “order history” column. (Note: make sure that your assets at execution time are enough, otherwise plan order may fail to be executed when it’s triggered.)
Plan order can be divided into “plan order to be executed at a limited price” and “plan order to be executed at market price” according to different execution strategies.
Plan order to be executed at a limited price
When the latest market price reaches the preset trigger price, the limit order is submitted based on the execution price and execution quantity in the order plan.
Limited execution price is the order price when the position order is submitted.
“Trigger price”, “limited execution price” and “execution quantity” need to be set when plan order to be executed at a limited price is submitted.
Plan order to be executed at market price
When the latest market price reaches the preset trigger price, the corresponding market order is submitted based on the execution quantity in the order plan.
“Trigger price” and “execution quantity” need to set when the plan order to be executed at market price is submitted.
Example of plan order:
Taking BTCUSDT normal perpetual swap as an example, plan order to be executed at a limited price will be submitted:
Trigger price = 4,000 USDT
Type of trigger price = reasonable price
Execution strategy = execution at a limited price
Execution at a limited price = 3,800 USDT
Executed quantity = 10 pcs
Valid time = valid for 24 hours
When the reasonable price of the BTCUSDTperpetual swap reaches 4,000 USDT within the 24-hour valid period of the plan order, a limit order of 10 pieces will be submitted at the price of 3,800 USDT. When a reasonable price does not reach the trigger price within the 24-hour valid period of the plan order, the plan order will be canceled automatically.