The market price is given by the vertical dashed line. The histogram below indicates the number of ETH/BUSD orders as a function of price. Pivot_longer(cols = -symbol, names_to = "side") %>%Īll those orders are easier to digest as a figure. Only the top 100 orders (where “top” means closest to the market price) are listed. Here’s a summary of the orders for a number of symbols. To make things more interesting though, we’ll flip over to the Binance mainnet. Let’s take a closer look at the order book. The executed quantity is now 1 ETH and the status is FILLED. The original quantity ( orig_qty) is 1 ETH, of which 0.25 ETH has been filled (the executed quantity, executed_qty).Ī little later still and the order book is empty. The status is PARTIALLY_FILLED because we have not yet sold the full amount we have on offer. Symbol order_id price orig_qty executed_qty status time_in_force type side update_timeġ ETHBUSD 399 4400 1 0.25 PARTIALLY_FILLED GTC LIMIT SELL 05:45:58 Let’s check in on our order using spot_order_query(). This is what the order book looks like: # A tibble: 1 × 3 Some time later the order at 4390 BUSD has been filled and our order has been partially filled. If we are patient then the market price will hopefully move in our direction. Symbol order_id price orig_qty executed_qty status time_in_force type side timeģ ETHBUSD 399 4400 1 0 NEW GTC LIMIT SELL 05:05:13 Use the spot_open_orders() function to list our open orders. Our order will not be filled until the market price of ETH shifts up to 4400 BUSD. So there are 2 ETH on offer at a price of 4390 BUSD and our 1 ETH on offer at a price of 4400 BUSD. Let’s check the order book (this list of unfilled orders). The status of this order is NEW and it has not been filled (not even partially). Symbol order_id transact_time price orig_qty exec_qty status time_in_force type side fillsġ ETHBUSD 399 05:05:13 4400 1 0 NEW GTC LIMIT SELL spot_new_limit_order(symbol = "ETHBUSD", side = "SELL", quantity = 1, price = 4400) Suppose we have some ETH and we want to sell at a price of 4400 BUSD per ETH (above the market price). So, for example, you might make a limit order to buy 1 BTC for 60000 USDT (below the market price) or sell 1 BTC at 65000 USDT (above the market price). With a limit order you specify both the quantity of the asset that you want to buy or sell as well as the desired price. That depends on liquidity (which we’ll cover in the next post), but in an active market you can be fairly certain that a market order will be filled.īut what if you want to sell at a price higher than the market price? Or buy at a price lower than the market price? Well, then you should make a limit order. ? Note: It is not guaranteed to be filled immediately. If you order 1 BTC at the market price then this order should immediately by filled at the market price. A market order will normally be executed immediately. Conversely, if demand is low (or supply is high) then the market price will usually go down.Ī market order is a request to buy or sell an asset at the current market price. If demand is high (or supply is low) then the market price generally goes up. The market price is driven by supply and demand. This means that at present 1 BTC costs 62110.01 USDT. In the BTC/USDT chart below the current (or “market”) price is 62110.01. What’s the difference between a market order and a limit order? I’m so glad you asked.
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