Dear Users,

To enhance your trading experience, BingX now supports Chase Limit Orders for perpetual futures.

A Chase Limit Order is a type of limit order that is placed at the best bid or best ask price, which adjusts the entry price to match the changing market conditions until the order is filled, canceled, or reaches the maximum chase distance. This feature helps you capture trading opportunities more efficiently while minimizing waiting time and potential slippage.

Official Website: Access.

App: Please update your app to version 4.56.0 or higher. (App availability may vary by store, please be patient).

Ⅰ. Advantages of Chase Limit Order

1. Faster Execution and Higher Fill Rate

Chase Limit Orders automatically adjust entry price to match market changes, ensuring your orders are executed quickly and efficiently.

2. Less Slippage and More Precise Entry

Compared with market orders, Chase Limit Orders help minimize slippage, so you can enter the market closer to your desired price.

3. Lower Trading Fees

Since Chase Limit Orders are Maker orders, you can benefit from lower trading fees.

Ⅱ. How Do Chase Limit Orders Work?

Chase Limit Orders are flexible and adjust with market conditions. Currently, we support two modes: "Chase Bid1/Ask1" and "Chase Distance from Bid1/Ask1". You can set the order to track the best bid/ask price or define a chase distance from the best bid/ask. The system will automatically adjust your order price based on market movements, ensuring your order is filled under favorable market conditions. Here's how Chase Limit Orders work in different scenarios:

Scenario 1: Chase Bid1/Ask1

In this scenario, your order will continuously track the best bid/ask price on the order book and adjust according to market fluctuations until the order is filled or canceled.

For example, suppose you place a long Chase Limit Order for PNUT at the current Bid1 price of 0.2145 USDT. As the market price moves and the Bid1 price rises to 0.2147 USDT, the limit price of your order will automatically update to match the new Bid1 price of 0.2147 USDT.

If you set a maximum chase distance of 0.004 USDT, and the initial Bid1 price is 0.2145 USDT, the maximum chase price will be 0.2185 USDT. As the market moves, here’s how it works:

• As the Bid1 price rises to 0.2155 USDT (< 0.2185 USDT, the maximum chase price), your Chase Limit Order price will update to 0.2155 USDT.

• If the Bid1 price rises to 0.2195 USDT (> 0.2185 USDT, the maximum chase price), your order will either be canceled or will stop chasing, depending on your settings. If you choose "Fixed", the order price will remain at the current level and stop adjusting unless the market price falls below the maximum chase price. If you select "Cancel", all remaining unfilled orders will be canceled.

Scenario 2: Chase Distance from Bid1/Ask1

In this scenario, you can set a fixed chase distance from the best bid/ask price for your Chase Limit Order. As the market price moves, the limit price of your order will adjust to maintain the fixed distance from the best bid/ask price.

For example, if you place a long Chase Limit Order for PNUT with a chase distance of 0.002 USDT, and the current market price is 0.2145 USDT, the limit price of the order will be 0.2145 - 0.002 = 0.2125 USDT.

As the market fluctuates, here’s how the order works:

• If the Bid1 price falls to 0.2135 USDT, the order price remains unchanged until it is filled.

• If the Bid1 price rises to 0.2175 USDT, the order price will adjust to maintain the set distance. Here, the new order price will be 0.2175 - 0.002 = 0.2155 USDT.

Ⅲ. How to Use Chase Limit Order

1. Navigate to the trading page for perpetual futures, and choose Chase Limit Order.

2. Select the chase mode, enter the amount, and check the Max. Chase Distance if needed. Set the maximum chase distance by entering a value or using the slider. Then, choose how you'd like your order to stop chasing if the price exceeds the maximum distance (Fixed/Cancel).

3. After placing the order, you can check it in "Open Orders" - "Chase Limit".

4. Click "View" to check order and trade details.

5. Go to "Order History" - "Chase Limit" to view your filled order.