Supplementary information for the upgrade on closing and TP/SL orders for futures and perpetual contracts

Published on Jun 21, 2023Updated on Apr 4, 20242 min read

Dear OKX users,
Reduce-only and TP/SL optimization for futures and perpetual contracts were effective on 19 June 2023.
Announcement Link:OKX to upgrade the position-closing feature for futures and perpetual contracts

Optimization #1: No more amount limits for closing limit/market orders in Hedge mode
1.Place closing orders more efficiently: When you have a position and want to close it, there will be no restrictions on the amount of your closing order. You can place a limit/market order with an amount equal to your position size without needing to cancel the pending orders.
2.Place closing orders more intelligently: If the total amount of all your closing orders exceeds your position size, the trading system will rank the closing orders based on price, and automatically cancel or modify the less favorable orders (those filled later). This ensures the remaining order amount equals to your position size and is closer to the market price.

Optimization #2: No more amount limits for closing TP/SL orders in Hedge mode
1.Set TP/SL orders more flexibly: You can set multiple TP/SL orders, and each order can be equal to your position size without being limited by other orders.
2.Set TP/SL orders more intelligently: When the market reaches your trigger price, the trading system will place a closing order based on your TP/SL amount and automatically cancel limit/market orders that exceed your position size. Orders with a less favorable price (those filled later) will be canceled first, ensuring successful triggers of your TP/SLs.

Optimization #3: Modify your TP/SL orders anytime, anywhere
Modify your TP/SL more efficiently: Instead of canceling the current TP/SLs and placing new orders, you can easily modify the current TP/SL price, amount, and other important configurations. This allows you to adapt your strategy with ease and efficiency during market swings.

June 21, 2023 UTC