Opening an Order

User journey for opening an order on ebi.xyz

To place an order, you first need to select the order type, then input the price (if it is not a market order), quantity, or amount (unit being the token you are trading or the USDT amount). Alternatively, you can also click the price and quantity on the order book to fill out the boxes. Then simply click buy or sell, and you will be able to place an order accordingly.

In the open order tab at the bottom of the trading interface, you can find the orders you have placed and have not filled yet, with details such as market, price, total amount of the order, as well as amount filled. You can also cancel the order by clicking the ‘Cancel’ button.

👩‍🎓 How to open an Order

1. Select an Asset Pair 🛒: Choose the cryptocurrency pair you wish to trade from the market selection menu.

2. Set Order Type 📌: Decide between 'Limit', 'Market', or 'Stop Limit' orders. For non-market orders, set your desired price.

3. Determine Order Size ⚖️: Input the price (for limit or stop-limit orders) and the quantity of the asset. You can also use the quick-fill options by clicking on the desired price and quantity directly in the order book.

4. Adjust Leverage 🔧: Select your leverage using the leverage slider or input field, up to a maximum of 125x depending on the token. Be mindful of the risks associated with higher leverage.

5. Finalise Your Order ✅: Review your order details for accuracy. Then, click 'Buy' or 'Sell' to execute your order.

6. Monitor Open Orders 👀: Navigate to the 'Open Orders' tab, where you can see unfilled orders along with details such as the market, price, total, and amount filled.

7. Order Management 🔄: If you need to adjust or cancel your order, you can do so in the 'Open Orders' tab by selecting the 'Cancel' option.

Placing a Successful Open Order ✔️

An open order will execute when:

• The cost (including initial margin and any open loss) is less than or equal to your available balance.

• The resulting notional value does not exceed the maximum allowed for the chosen leverage.

Understanding Order Treatment

Some orders will be treated as existing open positions in the following situations:

For a Buy Order: If you have a short position and the quantity of the new buy order is greater than your current short position minus any open buy orders, it will be treated as increasing your position.

For instance, with a current short of 1 BTC and an existing buy order for 0.8 BTC, placing a new buy order for 0.5 BTC would exceed the uncovered portion of your short position.

Therefore, your new buy limit order will be treated as an open position order.

For a Sell Order: Conversely, if you have a long position, a new sell order will add to the position only if the quantity is greater than your long position minus any open sell orders.

Taking an example, if you have a long position of 1.4 BTC and an existing sell order for 0.8 BTC, a new sell order for 0.5 BTC would not be treated as increasing your position because it is less than the remaining quantity of your long position after accounting for existing sell orders.

Therefore, your new sell limit order will not be treated as an open position order.