Trading mode
ZB futures perpetual contract is USDT standard. Support isolated margin mode currently, holding position available for both one-way mode and hedge mode. more margin style will be released in orderly as planned. Isolated margin mode means to allocate funding to one specify position with limited quantity, If margin rate >100% tagged forced liquidation, the specify position guarantee fund is losses totally. users allocate fund number will impact the tagged price of forced liquidation. In hedge mode, you can buy long, buy short, sell short and sell long on the same contract at the same time.
Trading type
ZB perpetual contract (USDT standard) trading type is divided into two types -- open position, close position, each type of buy and sell direction;
Open positions:
Buying open (bullish) refers to the user to judge the market direction is rising, through the opening of the purchase contract, the success of matching the increase of long positions;
Selling open short (bearish) refers to the user to judge the market direction is down, through the opening of the commission to sell contracts, after the success of matching increased short positions;
Positions:
Buying short (short single position) refers to the buying contract that the user judges that the market direction will no longer fall and covers it. It will exit the market after being equal to the number of short positions sold by the current position, and reduce short positions after matching.
Sell out (many single out) refers to the user judge the market direction will not rise and fill the sell contract, with the current long buy position equal to the number of offset will be launched in the market, after the success of matching reduce long position;
Order method
• Limit order: users order specify price and quantity, the order will be matched by system according to price priority and time priority when market price reached users target price.
Both open and close position can be make limit order.
• Limit order have three mechanisms, default limit, only maker, immediate or cancel (IOC orders)
• Default limit order is to entrust the order directly in accordance with the user's provisions of price limit and quantity
• Maker orders only, taker order cannot be closed, if the current commission will be closed with the existing commission, it will be cancelled immediately, to ensure that the user order will always be Maker, and charge by marker rate.
• Immediate or cancel (IOC orders)：the order will attempt to execute all or part of it immediately at the price and quantity available, then cancel any remaining, unfilled part of the order.
• Trigger order:The user can set the trigger price and its order price and quantity in advance. When the market's latest transaction price reaches the trigger price, the system will place an order based on the order price and quantity set in advance.
• Take-profit and Stop-Loss refers to a position-closing order with preset trigger conditions (trigger price of take-profit or stop-loss order) and price. When the latest price reaches the preset trigger price, the system will place a position-closing order based on the pre-set price and amount, so as to take profit or stop loss.
■ Tips:After the order for take-profit and stop-loss are triggered,it is not guaranteed that all transactions can be completed according to the trigger price.Please check the triggering status and transaction details in the order record to avoid losses.
• Limit price protection rules:to prevent malicious disrupt the market, the ZB contract for placing the order price protection rules, that is to pay the price not > Max (price tag * (1 + 10%), latest price * (1 + 10%)), refers to press the check mark price and the latest price of maximum value calculation, the buying list cannot be higher than 1.1 times the maximum price; Sell order price shall not be less than Min(mark price * (1-10%), latest price * (1-10%)), which means that the minimum value between the mark price and the latest price at the time of placing the sell order shall not be less than 0.9 times the minimum price.
• Flash close function: users can close position quickly by flash close operation. User do not need to set price and quantity In high volatility markets. Please be attention that this function is support top optimal 5 BBOprice to close position. there might be occurred unfilled closing position order, so it is necessary to pay attention to the open orders to avoid losses.
Futures leverage
USDT-M perpetual futures support 1-125 times leverage, default leverage is 20X; Leverage multiple can be modified for before or after open position;
Note:
1. Leverage multiple can be modified for all trading pairs of open contracts;
2. When uncompleted orders occurred in the market, the quantity and price of orders remain unchanged, and the corresponding maximum notional value of open positions shall not be less than the notional value of positions in the order as the leverage multiple changes, otherwise the leverage multiple is not allowed to be adjusted;
3. The value of the modified multiple ranges from 1X to 125X. The maximum and minimum leverage multiple are subject to the actual situation of the user account.
Positions.
User place open orders after matched with the position, the same direction position for one trading pair only be one.the same direction with multiple order will be combine to one position and lead to change of the average of open price and liquidation price. for example, such as BTCUSDT contracts, users can have a long positions, also have a short position in the same time , in which the number of open multiple positions in the open position will accumulate, and the average price of open positions will be calculated based on the nominal value and quantity of all positions;
Trading hours
USDT perpetual contract trading is implemented 7*24 hours, users can trade at any time.