Copiers | Guide to Copy by "Per Order" in Perpetual Futures Copy Trading

📖 Overview
1. What is Copy by "Per Order"?
2. Comparison of Different Types of Futures Copy Trading
3. Basic Features in Copy by "Per Order" Mode
4. Advanced Features in Copy by "Per Order" Mode
5. Risk Reminder in Copy by "Per Order" Mode
6. Other FAQs

3. Basic Features in Copy by "Per Order" Mode

3.1 How to copy trades:

Step 1: Visit 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.

3.2 Supports Viewing Copied Positions
Once copiers successfully copy a trade, they can go to the Perpetual Futures trading page -> Copied Orders tab to view their copied position.

3.3 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.

3.4 Copiers Can Close Positions Manually
Copiers can go to the Perpetual Futures trading page -> Copied Orders 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 Copied Orders tab of the Perpetual Futures, but they will be effective for the copied orders contained 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 chooses 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 "Copied Orders" 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.

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
When a copier makes profits from copying the trades of a trader, a portion of the copier's profit will be deducted and paid to the trader. The profits will be withheld first; and if the copier does not make a profit at the time of profit share settlement, the system will automatically return the withholding amount to the copier's account.

4. Why Are the Data on Perpetual Futures Position Page and Copied Orders Page Different?
When copiers start copy trading, they will see relevant data of their copy orders under both the Position tab and the Copied Orders tab in Perpetual Futures. Typically, the data displayed under these two tabs are not exactly the same. The Position tab is calculated in terms of positions, while the Copied Orders is calculated in terms of orders.

5. Why Are the Unrealized PnL Under the Position Tab and Copied Orders Tab in Perpetual Futures Different?
In Perpetual Futures, the average position price is the average price of multiple orders in the same trading pair and in the same direction. It is not affected by the close price. When a copy order is closed, the position size changes, but the average position price remains unchanged.
Example scenario: Copier A copies Trader B's BTC/USDT long position in Perpetual Futures.

These differences are for display purposes and do not affect the actual PnL of copy orders.

6. Why Do Profitable Orders Under the "Copied Orders" 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 "Copied Orders" 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 Copied Orders tab, the order may show positive PnL under the Copied Orders 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.