Order Price Limit

To ensure fair trading, Orderly imposes price limits on futures orders. These price limits are crucial in preventing market manipulation and protecting traders from extreme market movements and abnormal trading activity (e.g. widening of bid/ask spread, deviation of the bid/ask price from the Mark Price).

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Price Range

• The price of buy limit orders should be less than or equal to Mark Price * (1 + Price Range)

• The price of sell limit orders should be greater than or equal to Mark Price * (1 - Price Range)

• Price Range = 3% for all markets

In case of extreme volatility, the price of a contract might move significantly in a short period of time. If a trader places a Market order, this order may be partially filled up to the price levels specified above.

Open limit orders will be cancelled if, at any point in time, the limit price of the order crosses the Mark Price by more than the price range (e.g. for Buy orders, if the limit price is higher than the Mark Price by more than the Price Range)

In the event of extreme price movements, Orderly reserves the right to change the value of the Price Range for one or several perpetual markets.

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Price Scope

• The price of a buy limit order cannot be lower than Mark Price * (1 - Price Scope)

• The price of a sell limit order cannot be higher than Mark Price * (1 + Price Scope)

• Price Scope = 40% for all markets