To prevent market manipulation and safeguard the interests of our traders, BingX Spot will implement the following trading protection mechanism for newly listed cryptos:
Limit Order, TP/SL Order, and Trigger Order: Within (or at least) 5 minutes before the market for the new Spot pair opens, the buy or sell order price cannot exceed (at least) 5 times of the open price. The time and price restrictions will be adjusted in real time based on the overall conditions of the listed crypto and market volatility.
Market Order: The Opening Protection will be imposed on the filled price of a single order. If the deviation between the estimated filled price and the BBO price is greater than the ratio specified, the market order will only be partially executed. Any portion that will be filled at a price greater than the allowed price range will be canceled.
Example:
Assume that the Opening Protection for a new crypto limits the difference between the filled price of the market order and the BBO price to within 10% for a duration of 5 minutes, and the open price of the market is 1 USDT.
- A user places a market order to buy 100,000 USDT worth of the new crypto. The highest filled price allowed will be 1 * (1+10%) = 1.1, and the range for the filled price will be between 1 and 1.1.
- If the user places a market order to sell 100,000 USDT worth of the new crypto, the highest filled price allowed will be 1 * (1-10%) = 0.9, and the range for the filled price will be between 0.9 and 1.
If only 60,000 USDT worth of the new crypto can be traded at a price that falls into the range aforementioned, the remaining 40,000 USDT worth of the new token will be canceled since it falls outside of the range (exceeding 10%).
Please refer to the "Opening Protection" for the actual situation of the new crypto.