EQUOS has several controls to prevent unintended volatility in matched prices as well as to ensure that exchange participant risk due to sending incorrect data (“fat fingers”) is reduced.

PLEASE NOTE: Price controls do NOT apply to EQO

Spot Markets

1. Order Price Limits:

a. For Spot Buy orders: Users cannot spend more than the lower of their Available USDC Balance and their Available Margin, adjusted for fees, on the order. Based on the size of the order entered, EQUOS calculates the maximum Spot Buy Price, which is the price at which the minimum of their Available USDC Balance or Available Margin would be used up.

b. For Spot Sell Orders: There are currently no Order Price Limit restrictions.


2. Price Bands: EQUOS allows users to send orders between 5% and 25% away from the Mark Price, depending on the side of the trade and whether the price is above or below the Mark Price. In particular:

a. For Spot Buy orders:

i. Upper Limit: 5% above the Mark Price
ii. Lower Limit: 25% below the Mark Price

b. For sell orders:

i. Upper Limit: 25% above the Mark Price

ii. Lower Limit: 5% below the Mark Price

Market Orders will be converted into an Immediate-or-Cancel (IOC) Limit Order with their limit at the most restrictive price based on the Order Price Limit restriction and the Price Band restriction. For a buy order, the restriction is the minimum(Order Price Limit, Price Band). For a sell order, the restriction is only dependent on the Price Band.

Due to the price restrictions, it is possible to get partially or not filled at all on a Market Order. For example, when your USDC balance is very low or when the order book is thin. If a Market Order cannot get filled or can only partially get filled, any outstanding balance of the order will be canceled.

Limit Orders that have a limit outside the Price Bands or Order Price Limit restriction will be rejected. If a Limit Order is already resting on the order book but consequently falls out of the Price Band range, it will remain resting on the order book.

Derivative Markets

1. Order Price Limits: for derivative orders, the following restrictions on order prices apply:
a. When opening a new position or increasing the size of an existing position, the execution price relative to the mark price could cause an immediate unrealized P&L. The execution price is capped so that it may not bring the account’s Total Account Margin below the Initial Margin that would be required for the new position size.

b. When closing (part of) a position or when inverting the exposure (e.g. going from short to long or vice versa) the trade price may not result in a loss that is more than the user's Total Account Margin.


2. Price Bands: EQUOS allows users to send orders between 5% and 25% away from the Mark Price, depending on the side of the trade and whether the price is above or below the Mark Price. In particular:

a. For buy orders:

i. Upper Limit: 5% above the Mark Price

ii. Lower Limit: 25% below the Mark Price

b. For sell orders:

i. Upper Limit: 25% above the Mark Price

ii. Lower Limit: 5% below the Mark Price

All Market Orders will be converted into an IOC Limit Order with their limit at the most restrictive price given the Order Price Limit restriction and the Price Band restriction. For a buy order, the restriction is the minimum(Order Price Limit, Price Band). For a sell order, the restriction is the maximum(Order Price Limit, Price Band). This means that it is possible to get partially filled on a market order. In that case, any outstanding balance of the order will be canceled.

Due to the price restrictions, it is possible to get partially or not filled at all on a Market Order. For example, when your USDC balance is very low or when the order book is thin. If a Market Order cannot get filled or can only partially get filled, any outstanding balance of the order will be canceled.

Limit Orders that have a limit outside the Price Bands or Order Price Limit restriction will be rejected. If a Limit Order is already resting on the order book but consequently falls out of the Price Band range, it will remain resting on the order book.

Stop Orders

Note that for any Stop Order, the above price controls are also in place for the Market or Limit Order that is sent when the stop order is triggered. Therefore, it is possible to get partially or not filled at all on a Stop Order.

For further assistance or more information, please contact our Customer Support team via help@equos.io or click on the chat widget at the bottom right-hand side of the EQUOS page.

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