I. Order or Position Limits
Rule | Type | BTC/USD Options | ETH/USD Options | SOL/USD Options | BTC/USD Options (Non-pm) | ETH/USD Options (Non-pm) | SOL/USD Options (Non-pm) |
#1 | Max. No. of contracts for each order | 25,000 | 50,000 | 20,000 | 10,000 | 25,000 | 10,000 |
#2 | Max. No. of current open orders for one instrument | 12 | 12 | 12 | 6 | 6 | 6 |
#3 | Max. No. of current open orders for one underlying | 60 | 60 | 60 | 30 | 30 | 30 |
#4 | Max. No. of contracts of all open orders for one underlying | 25,000 | 20,000 | 20,000 | 10,000 | 10,000 | 10,000 |
#5 | Max. No. of contracts held for one instrument | 50,000 | 40,000 | 40,000 | 20,000 | 20,000 | 20,000 |
#6 | Max. No. of long or short contracts held for one underlying | 300,000 | 300,000 | 300,000 | 150,000 | 150,000 | 150,000 |
#7 | Max. No. of contracts held for one underlying | 500,000 | 500,000 | 500,000 | 250,000 | 250,000 | 250,000 |
II. Details of Order or Position Limits
The following are position limit rules for options trading. Number in examples shown below are for reference only. Please refer to the above table for the maximum limits.
[Rule #1] Max. No. of BTC/USD Options contracts for each order is 400. One can place an order of up to 400 BTC/USD options contracts.
Example: User wants to buy or sell 401 BTC/USD options contracts. As the number of order contracts exceeds the limit, this order cannot be placed. However, he is allowed to buy or sell 399 BTC/USD options contracts.
[Rule #2] The maximal number of total pending orders is 6 for one instrument, including both buy and sell orders.
Example: A user wants to place a buy order for BTCUSD-191227-7500-C and the following is his current order status:
No. |
Contract Name |
Order |
No. of Contracts |
1 |
BTCUSD-191227-7500-C |
Buy |
30 |
2 |
BTCUSD-191227-7500-P |
Sell |
2 |
3 |
BTCUSD-191227-7500-C |
Sell |
1 |
4 |
BTCUSD-191227-8000-C |
Buy |
3 |
He has already placed 2 orders (Order 1 and 3) for BTCUSD-191227-7500-C. As the total number of orders has not exceeded the limit, he can place a new buy order.
[Rule #3] The maximal number of total open orders for a single underlying is 30, including both buy and sell orders.
If a user wants to place another order after placing the followings:
No. |
Contract Name |
Order |
No. of Contracts |
1 |
BTCUSD-191227-7500-C |
buy |
30 |
2 |
BTCUSD-191227-7500-P |
Sell |
2 |
3 |
BTCUSD-191227-7500-C |
Sell |
1 |
4 |
BTCUSD-191227-8000-C |
Buy |
3 |
He has already placed 4 orders of BTC/USD underlying. As the total number of orders has not exceeded the limit, he can still place another new order.
[Rule #4] The maximal number of contracts of open orders for one underlying is 1,000.
Calculation: Total number of contracts of buy and sell orders
Example: A user wants to place a buy order of 100 contracts for BTCUSD-191227-7500-C.
This shows his order status:
No. |
Contract Name |
Order |
No. of Contracts |
1 |
BTCUSD-191227-7500-C |
Buy |
100 |
2 |
BTCUSD-191227-7500-C |
Sell |
150 |
3 |
BTCUSD-191227-8000-P |
Buy |
600 |
4 |
BTCUSD-190621-8000-P |
Buy |
120 |
The user has already placed 100+600+150+120=970 contracts, so he cannot place another 100 contracts as it would exceed the limit (1,000).
[Rule #5] The maximal number of contracts held for one instrument is 2,000.
Calculation: Absolute value of (number of contracts in the order to be placed + number of contracts in open orders of the same direction + number of contracts currently held) must not be more than 1,000.
Example: A user has placed orders as follows:
No. |
Contract Name |
No. of Long(+)/Short(-) Positions |
Open Order Contracts |
No. of Pending Order Contracts |
1 |
BTCUSD-191227-7500-C |
-50 |
Buy 500 Sell 75 |
Buy 600 |
2 |
BTCUSD-191227-8000-C |
+100 |
Sell 120 |
N/A |
The number of contracts in the order to be placed + number of contracts in open orders of the same direction + number of contracts currently held = 600+500-50 = 1050. It has not exceed the limit of 2,000 contracts yet and therefore he can place the order to buy 600 BTCUSD-191227-7500-C contracts.
[Rule #6] The maximal number of long or short contracts held for one underlying is 15,000（EOS 10,000）.
Calculation: Absolute value (number of contracts in the order to be placed + number of positions of that contract + number of positions of other contracts of the same direction + number of contracts in all other open orders of the same direction)
Example:
No. |
Contract Name |
No. of Long(+)/Short(-) Positions |
Existing Order Contracts |
No. of Current Pending Positions |
1 |
BTCUSD-191227-7500-C |
+950 [3] |
Buy 100 [4] Buy 1,000 [4] Sell 1 |
N/A |
2 |
BTCUSD-191227-8000-C |
-2 [2] |
Buy 100 [4] |
BUY 950 [1] |
3 |
BTCUSD-191227-7500-P |
-200 |
Sell 10 |
N/A |
The user wants to place a buy order on BTCUSD-191227-8000-C.
The total number of contracts = absolute value (number of contracts in the order to be placed [1] + number of positions of that contract [2] + number of positions of other contracts of the same direction [3] + number of contracts in all other open orders of the same direction [4] ) = abs (950-2+950+(100+1,000+100)) = 3098. The number stays within the limit, therefore he can buy 1,900 BTCUSD-191227-8000-C contracts.
[Rule #7] The maximum number of contracts held for one underlying is 25,000.
Calculation:
(1) Outright positions for each instrument = max(abs(number of long positions as if only all the long open orders are filled), abs(number of short positions as if only all the short open orders are filled))
(2) Sum the quantitiy in (1) over all instruments, and the sum must not exceed 25,000.
Example:
No. |
Contract Name |
No. of Long(+)/Short(-) Positions |
No. of Existing Order Contracts |
No. of Pending Long/Short Order Contracts |
No. of Outright Buy Positions |
No. of Outright Sell Positions |
1 |
BTCUSD-191227-7500-C |
+60 |
Sell 30 Sell 3 |
Buy 50 |
=60+50=+110 |
=60-3-30=+27 |
2 |
BTCUSD-191227-8000-C |
-200 |
Sell 10 |
N/A |
=-200 |
=-200-10=-210 |
3 |
BTCUSD-191227-7500-P |
+3 |
Buy 2 Buy 3 Sell 1 |
N/A |
=3+2+3=+8 |
=3-1=+2 |
(1) For BTCUSD-191227-7500-C, outright positions = max (110,27) = 110
For BTCUSD-191227-8000-C, outright positions = max (200,210) = 210
For BTCUSD-191227-7500-P, outright positions = max (8,2) = 8
(2) Sum = 110+210+8 = 328, which has not exceeded the limit. Therefore he can place orders.