A chase limit order is a type of limit order placed at the best bid or ask price. It dynamically adjusts the order price based on market fluctuations until the order is filled, canceled, or reaches the max chase distance.
Chase limit order is available for all perpetual futures trading (including USDT-M and BTC-M). After submitting a chase limit order, the system will instantly update the order price based on the current best price on the order book for the same side of the trade. This helps the order to be filled faster while also saving on trading fees. Let’s explain with an example.
Web Version
1. Place Order
Step 1: Select the contract to be traded on the trading page and click to expand more order types in the order placement area, then select “Chase Limit Order”.
Step 2: Create your chase limit order according to the following parameters.
- Position Mode: Ensure the position mode preference of the selected contract is consistent.
- Chase Price: The order price of a chase limit order in execution. By default, it is set to the current best price on the order book.
- Total: Enter the total amount of the order, or use the percentage indicator bar to quickly set the order amount and the proportion of the available margin in the account.
- Chase Interval: The frequency at which the order price is adjusted.
Step 3: Double check all the order information you have entered.
2. View / Cancel Orders
After a successful order placement, you can view active orders in the “Open Orders” - “Chase Limit Order” at the bottom of the trading page. Orders that have been fully filled or canceled can be viewed in the “Order History.” You can also check the filled parts on the chase limit order details page.
To cancel an order, you can click the “Cancel” button next to the order in the “Open Orders”.
3. Query Historical Order Records
Completed or canceled chase limit orders will be displayed in the “Order History”, and you can click on “Chase Limit Order” in the “Order History” to view chase limit orders’ historical records. The image below shows the historical order details for a chase limit order:
4. Chase Limit Order Details
Chase limit orders that are active or terminated all support viewing detailed information. You can click the corresponding “Detail” button to chase limit orders under “Open Orders” or “Order History” to display a popup with detailed information. This popup allows you to view the order status, parameter info, and transaction details of the chase limit order.
App Version
1. Place Order
Step 1: Select the contract to be traded on the trading page and tap to expand more order types in the order placement area, then select “Chase Limit Order”.
Step 2: Create your chase limit order according to the following parameters.
- Position Mode: Ensure the position mode preference of the selected contract is consistent.
- Chase Price: The order price of a chase limit order in execution. By default, it is set to the current best price on the order book.
- Total: Enter the total amount of the order, or use the percentage indicator bar to quickly set the order amount and the proportion of the available margin in the account.
- Chase Interval: The frequency at which the order price is adjusted.
The price rules for chase limit order are as follows:
| Side | Order Price |
|---|---|
| Long | Buy 1 Price (Best Bid Price) |
| Short | Sell 1 Price (Best Ask Price) |
Step 3: Double check all the order information you have entered.
2. View / Cancel Orders
After a successful order placement, you can view active orders in the “Open Orders” - “Chase Limit” at the bottom of the trading page. Orders that have been fully filled or canceled can be viewed in the “Order History.” You can also check the filled parts on the chase limit order details page.
To cancel an order, you can tap the “Cancel” button next to the order in the “Open Orders”.
3. Query Historical Order Records
Filled or canceled chase limit orders will be displayed in the “Order History”. You can tap the bill icon on the right of “Positions” at the bottom of the trading page to view historical orders. Below is an illustration of the chase limit order history info:
4. Chase Limit Order Details
Chase limit orders that are active or terminated all support viewing detailed information. You can tap to select “Chase Limit” in “Open Orders” or “Order History” to access the details page to view order status, parameter information and transaction details.
About Advanced Options
Max Chase Distance
The maximum chase distance can be set as a value or a percentage. Once the last price reaches the preset threshold, the chase limit order will be automatically canceled.
Max Chase Price
The order boundary price calculated based on your preset maximum chase distance and the current best price on the order book.
For buy orders, if the last market price is no less than the highest chase buy price, the chase limit order will terminate.
For sell orders, if the last market price is no more than the highest chase sell price, the chase limit order will terminate.
Examples
1. Set the Basic Parameters Only
User A wants to buy 1 BTC, and he places a chase limit order. After the order is successfully submitted, the system will place a limit order for 1 BTC based on the current best bid price. As the best bid price changes, the parts of the order that can be filled will be executed. The remaining unfilled amount will be placed at the latest best bid price, repeating this process until the total amount reaches 1 BTC or User A manually cancels the chase limit order.
2. Set the Advanced Options
User A places a second buy order using a chase limit order. At this moment, the best bid price is 120,603.2 USDT and the best ask price is 121,329.5 USDT. The following conditions are set:
- Total amount: 1 BTC
- The max chase distance is selected using price variance (Var.), and the Var. is set to 100.
- Based on the order book prices, the highest chase buy price and highest chase sell price are calculated to be 120,703.2 USDT and 121,229.5 USDT, respectively.
- The chase limit order is placed with a buy side.
The order price is 120,603.2 USDT, and the order amount is 1 BTC, as follows:
The first limit order of 1 BTC is placed. If the current best bid price is 120,603.2 USDT, the order price will be 120,603.2 USDT, meaning the system places a limit buy order for 1 BTC at the price of 120,603.2 USDT. When the order book price changes, the unfilled portion of the order will continue to be placed at the latest best bid price.
If the market price keeps rising, and the last price on the order book becomes 120,704.1 USDT, since 120,704.1 USDT is higher than 120,703.2 USTD (which exceeds the preset max chase distance), the chase limit order will be automatically terminated. The unfilled portion of the order will be canceled and will no longer be executed.
Gate reserves the final right to interpret the product.
For further assistance, please visit the Gate official support page or contact our customer support team.
