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What is the Chase Order Function?
Chase Order is a trading feature that gives users the option to update an open limit order price to the current buy1/ask1 price on the order book instantly.
What is the advantage of the Chase Order Function?
A limit order may have been pending unfilled for a long period of time. In most regular cases, users who would like to update the order price to the buy1/sell1 price quickly may choose to cancel the current order and create a new one. With the Chase Order Function, users can update the order price instantly with just one click. Chase Order Function can help to simplify operations to increase opportunities for the order to be filled, thereby increasing trade efficiency.
What is the buy1/sell1 price?
For Buy order, buy1 price is the highest buy price on the order book.
For Sell order, sell1 price is the lowest sell price on the order book.
Note:
- Chase order function is available for USDⓈ-M contracts.
- Chase order function is applied to regular limit open orders.
- Users who have activated the Portfolio Margin Mode will not be able to use the chase order function.
How to use the Chase Order Function?
1. On the Futures Trading page, scroll down and click on [Open Orders]. If you have an open limit order, there would be a [Chase] button on the right.
2. Upon clicking [Chase], there would be a pop-up window for confirmation. Click [Confirm] and the order price will be updated to buy1/sell1 price immediately.
How to use the Chase Order Function on the Binance App?
1. Go to the [Futures] tab and tap on [Open Orders]. If you have an open limit order, there would be a [Chase] button on the right.
2. Upon tapping on [Chase], there would be a pop-up window for confirmation. Tap on [Confirm] and the order price will be updated to buy1/sell1 price immediately.
