To enhance your trading experience and reduce associated costs, a major trading platform has announced upcoming adjustments to the minimum order quantity for select perpetual contracts. The order size precision for these instruments will also be updated accordingly.
This optimization is scheduled to take place during a maintenance window on October 22, 2024, from 2:00 PM to 4:00 PM (UTC+8).
The primary change involves the TURBO/USDT perpetual contract, as detailed below:
| Trading Type | Contract | Previous Min Order (Contracts) | Previous Min Order (Coin) | New Min Order (Contracts) | New Min Order (Coin) |
|---|---|---|---|---|---|
| Perpetual | TURBO/USDT | 1 | 10,000 | 0.1 | 1,000 |
Crucially, all user activities—including placing orders, transferring funds, and adjusting leverage—will remain unaffected during this update.
Key Concepts: Order Size Precision and Minimum Order Quantity
To navigate these changes effectively, it's important to understand two fundamental concepts:
Order Size Precision: This refers to the smallest incremental change you can make to the size of an order for a perpetual or futures contract.
- Example: If an ETHUSDT contract has a face value of 0.1 ETH and an order size precision of 0.1 contracts, the smallest change you can make to an order is 0.1 contracts, which equals 0.01 ETH.
Minimum Order Quantity: This is the smallest number of contracts you are permitted to buy or sell in a single order. This value is always an integer multiple of the order size precision.
- Example: Using the same ETHUSDT contract, if the minimum order quantity is 1 contract (0.1 ETH), your order must be for at least that amount. However, you can increase the size in increments of 0.1 contracts (0.01 ETH), allowing for orders of 1.1, 1.2 contracts, and so on.
How Holdings and Open Orders Will Be Displayed
Following the adjustment to a more precise order size (smaller than 1), the platform's interface will now support the display of fractional contract amounts for both positions and open orders.
This applies to all order statuses—unfilled, partially filled, fully filled, and inactive orders—as well as your existing holdings.
- Illustration: Imagine a SHIBUSDT contract with a face value of 1,000,000 SHIB. Previously, with an order precision of 1 contract, an open order might be for 10 contracts (10,000,000 SHIB) and a holding might be 1 contract (1,000,000 SHIB). After the precision is adjusted to 0.1 contracts, you could see an open order for 10.5 contracts (10,500,000 SHIB) and a holding of 1.5 contracts (1,500,000 SHIB).
This updated display logic applies uniformly to all users, including those utilizing APIs, automated trading strategies, and copy trading services.
New Rules for Order Placement and Modification
When the new rules are in effect, any new order you place or any modification you make to an existing order must adhere to two key rules:
- The order size must be an integer multiple of the new order size precision.
- The order size must be greater than or equal to the new minimum order quantity.
- Illustration: Continuing with the SHIBUSDT example, if the minimum quantity and precision were both 1 contract, you could only order in multiples of 1 contract (1,000,000 SHIB). After the adjustment, your order size must be a multiple of the new precision of 0.1 contracts (100,000 SHIB) and must be at least the new minimum of 0.1 contracts.
Again, these rules are consistent for all users, including those trading via API, algorithms, or copy trading.
Adjustments for API Users
For developers and algorithmic traders, the API interfaces and WebSocket channels will be updated to reflect the new values. The lotSz (order size precision) and minSz (minimum order size) parameters returned by the API will correspond to the adjusted values post-update.
It is imperative for users trading the affected contracts to review and adjust their trading strategies and automated systems to align with these new parameters. The platform apologizes for any temporary inconvenience and remains committed to delivering a superior product and service. For a deeper dive into managing these changes, you can explore more strategies and API documentation here.
Frequently Asked Questions (FAQ)
Q1: Will my existing open orders be canceled during this update?
A: No, the adjustment process is designed to be non-disruptive. All existing orders, positions, and ongoing activities will remain active and unchanged throughout the maintenance period.
Q2: How does a smaller minimum order quantity benefit me as a trader?
A: A reduced minimum order size allows for finer position sizing and better risk management. It enables traders with smaller capital to enter positions more precisely and helps all traders optimize their order amounts to minimize slippage and transaction costs.
Q3: What happens if I try to place an order that doesn't meet the new precision rules?
A: The order will likely be rejected by the system. Your trading interface or API request should return an error message indicating that the order size is invalid because it does not comply with the required precision or minimum size.
Q4: Are only perpetual contracts affected, or will futures contracts see similar changes?
A: This specific announcement pertains to perpetual contracts. However, the concepts of order size precision and minimum quantity apply similarly to futures contracts. Always check the latest official specifications for each instrument you trade.
Q5: Do I need to update my trading bots or algorithms?
A: Yes, if your automated systems rely on hardcoded values for the minimum order size or precision for the affected contracts, you must update them to use the new values post-adjustment to ensure they continue to function correctly.
Q6: Where can I find the official and most current values for minSz and lotSz?
A: The most reliable source is always the official API documentation provided by the platform. The lotSz and minSz fields for each trading pair are typically found within the instrument specifications data.