To help users better understand and utilize various order functions in SaviCoin contract trading, the following provides detailed explanations of basic trading concepts and different order types.
Please ensure you fully understand the execution logic and risk mechanisms of different order types before trading.
1. Basic Concept Explanation
1.1 Latest Transaction Price
The latest transaction price refers to:
The actual transaction price of the most recent order in the current market.
This price changes in real-time and serves as an important reference price for market trading.
1.2 Index Price
The index price refers to:
A reference price calculated by weighting spot prices from multiple mainstream exchanges.
The index price is mainly used for:
• Reducing the impact of abnormal price fluctuations on a single exchange
• Providing a more stable and fair market reference price
• Reference for risk control and forced liquidation mechanisms
1.3 Immediate Execution of High Buy Orders and Low Sell Orders
When a user places an order with a price:
• Buy price higher than the current best sell price
• Sell price lower than the current best buy price
The system will execute immediately at the current best market price.
However, the actual average transaction price may be affected by:
1. Market depth
2. Quantity of opposing orders
3. Liquidity and other factors.
Example:
Current BTC market order book:
| Buy Orders | Price |
| Best Buy | 60,000 USDT |
| Sell Orders | Price |
| Best Sell | 60,010 USDT |
If a user:
Sets a buy order for BTC at 60,100 USDT
Because the buy price is higher than the current best sell price:
The system will execute immediately at the best available sell price in the market.
1.4 High Sell Orders and Low Buy Orders Require Waiting for Execution
When a user places an order with a price:
• Buy price lower than the current best sell price
• Sell price higher than the current best buy price
The order will not execute immediately.
The system will place the order in the order book to wait for the market price to reach the order price for execution.
Example: Current BTC market price: 60,000 USDT
User sets: Buy BTC at 59,500 USDT
Because the current market price is higher than the user's buy price:
The order will enter the order book waiting for execution.
The order can only execute when the market price is ≤ 59,500 USDT.
1.5 Time Priority and Price Priority
The SaviCoin matching system follows:
Price priority principle
Time priority principle
Price priority:
Orders with better prices are executed first.
For example:
• Buy orders with higher prices are executed first
• Sell orders with lower prices are executed first
Time priority:
When prices are the same:
Orders submitted earlier are executed first.
Example:
User A: Buy BTC at 60,000 USDT
User B: Buy BTC at 60,000 USDT
If A submits the order first, then A is executed first.
2. Detailed Explanation of Order Types
2.1 Market Order
Definition
A market order refers to:
An order where the user executes immediately at the best current market price.
The system automatically matches existing market orders to complete the transaction as quickly as possible.
Market Order Execution Logic
The user does not specify the final transaction price.
The system will automatically match the best opposing price based on the current market order book.
Example:
Current BTC market order book:
| Sell Price | Quantity |
| 60,010 USDT | 1 BTC |
| 60,020 USDT | 2 BTC |
User:
Market buys 2 BTC
The system will:
• First execute 1 BTC @ 60,010
• Then execute 1 BTC @ 60,020
The final average transaction price:
Is higher than 60,010 USDT
Characteristics
Advantages:
• Fast execution speed
• Suitable for quick opening and closing of positions
• High execution efficiency during market volatility
Risks:
• Cannot control the final transaction price
• Slippage may occur in extreme market conditions
2.2 Limit Order
Definition
A limit order refers to:
A user-defined buy or sell price.
The system only executes when the market price reaches the user-specified price.
Limit Order Execution Logic
Limit buy:
• Waits for execution if below market price
• Executes immediately if above market price
Limit sell:
• Waits for execution if above market price
• Executes immediately if below market price
Example 1 (Low buy waiting for execution)
Current BTC price: 60,000 USDT
User sets: Buy at 59,500 USDT
The order enters the order book waiting for execution.
Example 2 (High buy immediate execution)
Current BTC price: 60,000 USDT
User sets: Buy at 60,100 USDT
Because the price is higher than the market best sell price:
The system executes immediately at the best market price.
Characteristics
Advantages:
• Can control the transaction price
• More suitable for precise trading
• Can reduce trading costs
Risks:
• May not execute if the market does not reach the specified price
• May miss opportunities during rapid market movements
2.3 Trigger Market Order
Definition
A trigger market order refers to:
When the market price reaches the user preset trigger price:
The system automatically submits a market order.
Execution Logic
Step 1:
Market reaches trigger price
Step 2:
System automatically submits a market order
Step 3:
Executes immediately at the best market price
Example
Current BTC price: 60,000 USDT
User wants to stop loss and sell when BTC falls below 58,000 USDT.
User sets:
• Trigger price: 58,000 USDT
• Order type: Market sell
When BTC price: ≤ 58,000 USDT
The system automatically submits a market sell order and executes immediately.
Characteristics
Advantages:
• Fast execution speed
• High efficiency for take profit and stop loss
• Easier to execute
Risks:
• Slippage may occur in extreme market conditions
• Actual transaction price may deviate from the trigger price
2.4 Trigger Limit Order
Definition
A trigger limit order refers to:
User pre-sets:
• Trigger price
• Order price
When the market reaches the trigger condition:
The system automatically places a limit order
Execution Logic
Step 1:
Market reaches trigger price
Step 2:
System automatically places a limit order
Step 3:
Order executes when market reaches the order price
Example
Current BTC price: 60,000 USDT
User expects BTC to continue rising after breaking through 61,000 USDT.
But will only accept buying at a maximum of 61,050 USDT.
User sets:
• Trigger price: 61,000 USDT
• Order price: 61,050 USDT
When BTC: ≥ 61,000 USDT
The system automatically places a limit buy order at 61,050 USDT.
If the market price: ≤ 61,050 USDT, the order executes.
If the market quickly rises above 61,050 USDT, the order may not execute.
Characteristics
Advantages:
• Can control transaction price
• Helps reduce slippage
• More suitable for precise trading
Risks:
• No guarantee of execution after trigger
• May not execute during high market volatility
2.5 Copy Order
Definition
A copy order refers to:
Users choosing to follow professional traders.
The system automatically synchronizes the trader’s:
• Position openings
• Position closings
• Take profit
• Stop loss
and other trading actions.
Copy Order Execution Logic
When the trader executes a trade:
The system automatically executes corresponding orders based on user settings:
• Copy ratio
• Position size
• Risk parameters
Example
Trader: Opens a long position of 10 BTC
User sets: Copy ratio 10%
The system automatically opens a long position of 1 BTC.
Risk Warning
Copy trading does not guarantee profits.
Past performance of traders does not represent future results.
Market volatility may cause:
• Slippage
• Losses
• Price deviation in copy trades
Please control your position size and leverage reasonably according to your own risk tolerance.
3. Risk Warning
Digital asset contract trading carries high risk and high volatility.
Leverage trading can amplify both gains and losses.
Please fully understand before trading:
• Contract rules
• Order mechanisms
• Leverage mechanisms
• Forced liquidation rules
• Market risks
Trade rationally and pay attention to risks.
4. About SaviCoin
SaviCoin is committed to providing global users with:
• A more transparent trading environment
• A more stable matching system
• More efficient capital flow services
• A lower-cost digital asset trading experience
SaviCoin will continue to optimize its products and trading systems to build a more professional, secure, and efficient digital asset trading platform for users.
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