1. What is Copy by "Per Order"?
What is Copy by "Per Order"
The Copy by "Per Order" mode in Perpetual Futures Copy Trading is a powerful trading tool that enables copiers to copy the trading signals of a trader on a per-order basis in both Cross Margin and Isolated Margin modes.
This mode enables higher capital utilization and allows copiers to perform more operations on copied orders, such as Partial Position Close, Reverse, TP/SL, etc., which are more flexible for copiers.
E.g., if the copier set 10 USDT as the margin for a single copied trade and the trader opens long BTC/USDT, the system will open long BTC/USDT for the copier with a 10 USDT margin regardless of the margin/position ratio of the trader. And the trade will be displayed in the Position and Copy Trading tabs on the Perpetual Futures trading page (USDT account). Using 10 USDT as the margin, copy orders will be placed based on the margin mode and corresponding leverage for the trading pair set by the copier in their autonomous trading within Perpetual Futures.
Note: Due to trading fees and slippage protection, the fixed margin amount set by the copier in Copy by "Per Order" mode in Perpetual Futures Copy Trading may not be executed at the exact amount. Therefore, the actual margin for copying an order may be different from his/her preset fixed margin amount.
Open Long amount: Margin * (1-taker fee*leverage) * leverage / MAX {[trader's filled price*(1+slippage protection ratio)], trader's filled price}
Open Short amount: Margin * (1-taker fee*leverage) * leverage / MAX {[trader's filled price*(1-slippage protection ratio)], trader's filled price}
2. Comparison of Different Types of Futures Copy Trading
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Futures Copy Trading
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Standard Futures | Copy by Fixed Margin
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Perpetual Futures | Copy by "Per Order"
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Perpetual Futures & Binance Futures | Copy by Position Ratio
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Copy Trading mode
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Isolated Margin Mode
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Isolated Margin Mode / Cross Margin Mode
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Cross Margin Mode
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Margin Account
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Standard Futures Account
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Perpetual Futures Account
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Fund Account/Standard Futures Account/Perpetual Futures Account
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Margin investment
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Per order
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Per Order - Fixed margin
Per Order - Proportional
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One-off
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Copy Trading Margin
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All copied trades will utilize funds from copiers' Standard Futures Account
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All copied trades will utilize funds from copiers' Perpetual Futures Account
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The margin used will vary for copying each trader as it will be the margin preset on the Copy Settings page if the copier copies multiple traders
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Forced Liquidation Rules
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Each position is liquidated separately, and the maximum loss is all the asset in the Standard Futures Account
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Isolated Margin:
Each position is liquidated separately, and the maximum loss is all the asset in the Perpetual Futures Account.
Cross Margin:
If one position triggers forced liquidation, all positions will be liquidated. The maximum loss is all the assets in the Perpetual Futures Account.
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If one position triggers forced liquidation, all positions will be liquidated. The maximum loss possibly incurred is all the margin invested.
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Margin Limit
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2~100,000 USDT
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5-10,000 USDT
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10~200,000 USDT
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Can Copiers Perform Autonomous Trading
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Yes
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Yes
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No
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Fund Capitalization
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High
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High
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Medium
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VST Copy Trading
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Supported
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Unavailable yet
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Unavailable yet
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Copy Trading Subsidy Voucher
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Yes
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Unavailable yet
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Yes
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Recommend to Earn
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Yes
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Unavailable yet
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Yes
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Advantages
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Copiers' each order is independent, making it easy to manage risks with high capital utilization. Suitable for novice copy trading copiers
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Provides advanced operations such as Partial Position Close, with high capital utilization. Suitable for advanced copy trading copiers
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Copiers can copy the trader's order signals and position ratio, making their position ratio similar to the trader. It's easy to manage risks and profits. Suitable for copiers with larger funds.
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Note: The Copy by "Per Order" mode in Perpetual Futures Copy Trading currently supports Fixed and Proportional types. For more information about the Per Order - Proportional mode, please refer to Per Order - Proportional Mode for Perpetual Futures Copy Trading.
3. Basic Features in Copy by "Per Order" Mode
Copy by "Per Order" Mode in Perpetual Futures
How to copy trades:
Step 1: Please go to My Assets to deposit or transfer funds to your Perpetual Futures Account .
Currently, BingX only supports copy trading with USDT, so please deposit or transfer USDT.
Note: As the capital utilization rate in Copy by "Per Order" mode in Perpetual Futures Copy Trading can reach up to 100%, it is recommended that copiers transfer funds to the Perpetual Futures Account based on their risk preference.
Step 2: Go to the Perpetual Futures trading page, and select either cross margin mode or isolated margin mode for copy trading. By default, the system is set to cross margin mode and will align with the trader's chosen leverage. However, if a copier has set his/her own leverage for a particular trading pair, the system will execute copy trading according to the copier's set leverage and will not copy the trader's leverage.
In Isolated Margin mode, each position is independent of each other. Forced liquidation would occur to an individual position if the margin falls to the liquidation point due to a loss.In Cross Margin Mode, the margin of all positions and the remaining funds in the account will be shared to bear the risk. This means that each position can lose more than the margin of that specific position. When continuous losses cause the account to reach the liquidation point, all orders will be liquidated, resulting in a complete loss of funds in the Perpetual Futures Account.
Note: Under the Copy by "Per Order" Mode in Perpetual Futures Copy Trading, the margin mode and leverage used for placing copy trading orders are determined by the copier's chosen margin mode and set leverage in his/her autonomous trading. Copiers will not copy the trader's margin mode and leverage. Therefore, copiers are advised to adjust their copy trading mode and leverage settings before copying orders.
Step 3: Select a trader who shares Perpetual Futures trades, go to the trader's profile page and click "Copy Now" to enter the Copy Settings page.
Step 4: Select "copy by fixed margin" and enter the amount of margin per order
If you set a margin that is too small, the margin may be less than the minimum order size required for that specific perpetual contract. In that case, you will not be able to successfully copy that order.
Step 5: Click "Copy Now" to copy the trader.
When copiers copy a trader's Perpetual Futures orders, they cannot simultaneously select Per Order and Position Ratio. If copiers want to switch from Position Ratio to Per Order, they need to stop copying the trader in the first place before copying the trader again on a per-order basis.
Note: Copiers will only copy the orders that are fully executed on the trader's side.
Supports Viewing Copy Trading Positions
Once copiers successfully copy a trade, they can go to the Perpetual Futures trading page -> Copy Trading to view their copied position.
Support Editing Copy Trading Settings
After copying an order, copiers can go to Copy Trading -> My Trades and choose the order that they want to edit to increase or reduce the margin.
The data on Perpetual Futures trades copied on a per-order basis is currently not counted in Today's Earnings and Cumulative Earnings on the My Trades page. The next upgrade will include the data.
Copiers Can Close Positions Manually
Copiers can go to the Perpetual Futures trading page -> Copy Trading tab and click "Close" to close the position or -> Position tab and click "Close All" to close all positions.
4. Advanced Features in Copy by "Per Order" Mode
TP/SL Setting
Copiers can set up TP/SL under the Position tab on the Perpetual Futures trading page.
*The TP/SL set by copiers will not be displayed under the Copy Trading tab of the Perpetual Futures. However, they will be effective for the current orders included in the Position.
Partial Position Close
Copiers can click on the market price on the Perpetual Futures position page, and enter the amount that they want to partially close.
Example: A copier opens his/her own position, which is a 1 BTC long position with a 20x leverage, and then copies Trader A to open another 1 BTC long position with a 20x leverage. After that, the copier copies another trader, Trader B, to open one more 1 BTC long position with a 20x leverage. At this point, the copier's total position is 3 BTC with 20x leverage.
The copier choose to partially close 2.5 BTC. The system will close the autonomous position (non-copied positions) first, and then proceed to close the copied positions based on their opening times. The position that is opened earlier will be closed first.That is, the 1 BTC position opened by the copier will be closed first, followed by the closure of the 1 BTC position from copying Trader A. Lastly, the 0.5 BTC from copying Trader B's position will be closed. After successfully closing the desired amount, the "Copy Trading" tab will only display the remaining 0.5 BTC from copying Trader B's position.
Note: Copiers will only copy the trader to open and close positions. If the trader performs a Partial Position Close and the position is not fully closed, copiers will not copy the trader to partially close the position. Instead, the position will only be closed when the copied position is fully closed.
Reverse Position
Copiers can click on "Reverse" on the Perpetual Futures's Position page to open a reverse position.
The current position will be closed at market price and a same-size position in the opposite direction will be opened. If the margin is insufficient, the opposite position will be opened using the maximum margin available instead.
Note: The new position opened via Reverse will not copy the trader to close the position as it belongs to autonomous trading. The profits incurred will not be shared by the trader as well.
More features will be available under Copy by "Per Order" mode in Perpetual Futures Copy Trading:
- Copiers customize leverage and trading pairs
- Recommend to Earn where copiers can get a portion of recommended traders' profits as a reward
- Copy Trading Subsidy Voucher
5. Risk Reminder for Copy by "Per Order" in Cross Margin Mode
Risk of Inconsistent Positions
The copier's position ratio in the cross-margin mode may not be the same as the trader's, and the copier's autonomously traded orders also share the margin of the same Perpetual Futures Account. Therefore, copiers need to manage their positions independently.
Copiers need to pay more attention to potential risks in the following situations:
a. When copying multiple traders and some traders incur floating losses, the copier's position may be liquidated before the trader.
b. When copying a trader and conducting autonomous trading in Perpetual Futures at the same time, if both the copier's autonomous order and the trader's order incur floating losses, the copier's position may be liquidated before the trader.
c. If the copier is only copying one trader and don't conduct autonomous trading, yet the trader trades trading pairs unavailable for copying or leverages beyond the maximum leverage limit and holds positions with floating losses, the copier may experience forced liquidation before the trader.
d. If the copier is only copying one trader and has no autonomous trading, and the trader's opening margin is smaller compared to the assets in the Perpetual Futures Account, while the copier sets a larger margin amount with fewer assets in the Perpetual Futures Account, then if the trader opens multiple orders, the copier's position ratio will be significantly higher than the trader's. When the copied position incurs floating losses, the copier may face liquidation before the trader.
e. If the copier is only copying one trader and has no self-initiated trading, and the copier reduces the funds in the perpetual futures account, when the copied position incurs floating losses, the copier may face liquidation before the trader.
Risk of Different Filled Price From the Trader
Since the Copy Trading order is placed after receiving the trading signal from the trader, the time of placing the Copy Trading order will be later than that of the trader. After the trader executes a trade and when the copiers' orders are placed, if the market happens to fluctuate violently, there will be a difference between the filled price of the trader's order and the copiers' orders. Copiers' filled price may or may not be more favorable than the trader's price depending on the market's direction.
6. Other FAQs
1. Trading Fees in Copy by "Per Order" Mode
The trading fees in Copy by "Per Order" mode in Perpetual Futures Copy Trading are the same as autonomous trading in Perpetual Futures. The Taker rate is 0.05%. For more details, please visit BingX Adjusts Perpetual Futures Trading Fees for VIP Users >>
2. Common Reasons for Copy Failures in Copy by "Per Order" Mode
a. The trader trades pairs that are unavailable for copy trading
If the trader trade such pairs, copiers will not be able to copy the positions of these pairs.
List of Available Trading Pairs for Copying by "Per Order"
b. The copier has reached the individual leverage and margin limits for the corresponding tier in Perpetual Futures
When a copier reaches the individual leverage and margin limits for a particular tier in Perpetual Futures, the trader he/she copies can still place orders as normal, but the copier will no longer copy the trader's subsequent orders.
Perpetual Futures Individual Leverage & Margin Limits for Each Tier
c. The margin set for a single copy order is too low
If the margin set for a single copy order is too low, the copier will not be able to copy the order when it is lower than the minimum order amount requirement for that pair in Perpetual Futures Copy Trading.
d. The trader placed a FOK (Fill or Kill) order
A FOK order is an order that is either filled immediately or canceled, which may result in copiers' copy trading failure while protecting the opening price.
3. Profit Share Rules
4. Why Are the Data on Perpetual Futures Position Page and Current Orders Page Different?
5. Why Are the Unrealized PnL on Perpetual Futures Position Page and Current Orders Page Different?
Example scenario: Copier A copies Trader B's BTC/USDT long position in Perpetual Futures.
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Step
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Transaction
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Perpetual Futures Position Page
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Current Orders Page
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1
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Trader opens 1 BTC long position at 20,000 USDT
BTC price: 20,000
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Number of displayed orders: 1
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
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Number of displayed orders: 1
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
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2
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Trader opens 1 BTC long position at 25,000 USDT
BTC price: 25,000
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Number of displayed orders: 1
Average open price of the position: (20,000+25,000)/2 = 22,500
Position size: 2 BTC
Unrealized PnL: (25,000-22,500)*2 = 5,000
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Number of displayed orders: 2
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: (25,000-20,000)*1 = 5,000
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
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3
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Trader opens 1 BTC long position at 30,000 USDT
BTC price: 30,000
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Number of displayed orders: 1
Average open price of the position: (20,000+25,000+30,000)/3 = 25,000
Position size: 3 BTC
Unrealized PnL: (30,000-25,000)*3 = 15,000
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Number of displayed orders: 3
Order 1:
Open price: 20,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-20,000)*1 = 10,000
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-25,000)*1 = 5,000
Order 3:
Open price: 30,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
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4
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Trader closes Order 1
BTC price: 30,000
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Trader closes Order 1, which is 1 BTC.
Number of displayed orders after the position is closed: 1
Average open price of the position: 25,000 USDT
Position size: 2 BTC
Unrealized PnL: (30,000-25,000)*2 = 10,000
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Trader closes Order 1
Number of displayed orders: 2
Order 2:
Open price: 25,000 USDT
Position size: 1 BTC
Unrealized PnL: (30,000-25,000)*1 = 5,000
Order 3:
Open price: 30,000 USDT
Position size: 1 BTC
Unrealized PnL: 0
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These differences are for display purposes and do not affect the actual PnL of copy orders.
6. Why Do Profitable Orders Under the "Copy Trading" Tab in Perpetual Futures Showed a Loss in the "Trade History" in Perpetual Futures?
This is because the PnL in these 2 sections are calculated differently.
The PnL under the "Copy Trading" tab is calculated based on the Open Price and Close Price, while the PnL under Position and Trade History is calculated based on Avg. Position Price and Close Price. If the order is closed when the Avg. Position Price under the Position tab is inferior to the Open Price under the Copy Trading tab, the order may show positive PnL under the Copy Trading while negative PnL under Position. However, this does not affect the actual profitability of the order. (After an order was closed, if it shows a loss under Trade History yet the unrealized PnL for the same contract with the same direction under Position shows a smaller loss or bigger profit, it suggests that the closed order has made a profit.)
This is a matter of different data calculation mechanism and does not affect the actual PnL of your Copy Trading orders. For an accurate PnL, please click on Copy Trading on the home page -> My Trades -> Trade History to view it.
Contact us
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BingX Operation Team
2023-05-26
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