This is a routine announcement and the products and services discussed in this announcement may not be available in your area.
Note: Binance reserves the right to change or cancel this feature at any time, at its sole discretion, for any reason, and without prior notice.
Dear User:
Binance will launch the "Smart Order Routing (SOR)" experimental trading feature at 15:00 (ET) on September 14, 2023. API users can experience this feature in BNB/FDUSD and BNB/TUSD spot trading pairs.
Smart Order Routing (SOR) allows users to find the best potential quotes and liquidity in multiple order books consisting of the same base asset and interchangeable quote assets, thereby obtaining better transaction prices and better liquidity. Interchangeable quote assets are quote assets with a fixed 1:1 exchange rate, such as the US dollar stablecoin.
Notice:
Since this feature is an experimental product, Binance may suspend this feature at any time based on market conditions without further notice. When the trading pair is suspended or the SOR function is not enabled, the system will return { "code": -1013, "msg": "The SOR for this symbol is not ready."};
This function only supports IOC limit orders (Limit IOC), Market Order - Amount (Market Order - Amount) and GTC limit orders (Limit GTC);
If an order using SOR cannot be fully executed due to liquidity, the IOC limit order (Limit IOC) or market order (Market Order) will expire immediately, while the unexecuted portion of the GTC limit order (Limit GTC) will continue to appear in the order book (Order Book) originally submitted by the user;
In the event of any discrepancy between the translated version and the original English version, the English version shall prevail.
for example:
The following is an example of the Ask Order Books for the BNB/FDUSD and BNB/TUSD spot trading pairs at 08:00 (ET) on September 1, 2023 to illustrate the SOR function:
The order book information is as follows:
According to the table above:
1. If you use a normal Limit IOC to place a buy order on the BNB/TUSD spot trading pair, set the price to 217.0 and the quantity to 1, the best sell price found by the system in the BNB/TUSD order book is 216.9, and you will spend 216.9 TUSD to buy 1 BNB.
2. If you use the SOR function to place a GTC limit buy order (Limit GTC) on the BNB/TUSD spot trading pair, set the price to 217.0 and the quantity to 1, the system will find the best selling price for your order in all the order books of the trading pairs covered by SOR and execute it. As in the above example, by using the SOR function, the best price matched by the system for your BNB/TUSD order is 216.8 in the BNB/FDUSD order book. You will spend 216.8 TUSD (not FDUSD) to buy 1 BNB. Please note: SOR orders will be executed with the quoted asset of the order.
For more frequently asked questions, please refer to:
SOR FAQ
Spot API Documentation
Thank you for your support!
Binance Team
September 13, 2023
