Futures

Bitget futures: Glossary

2023-06-16 11:160872

API: An acronym for Application Programming Interface, which is a software intermediary that allows two applications (e.g. Bitget to trading bots and vice versa) to talk to each other.

BTCUSD: Bitcoin's Coin-m futures

Coin- M futures: The Coin-M futures product uses BTC/ETH/EOS/XRP as the base currency. Traders need to confirm traded quantity in terms of USD (quoted currency), and then use their base currency (such as BTC, ETH) to calculate margin, profit, and loss.

BTC USDT:USDT perpetual futures.

Insurance fund: The Insurance Fund is a pool of funds used to absorb futures trading losses and decrease the possibility of auto-deleveraging (ADL) occurring on the platform. Margin = Value of positions ÷ Leverage.

Margin ratio: The margin ratio measures the risk of a user's current position. When it reaches 100%, liquidation or partial liquidation will occur. The margin ratio = Current position's maintenance margin amount ÷ (Account balance - Frozen amount for orders under the isolated margin mode - Unrealized PnL of isolated margin position - Isolated margin for the position).

Quote currency: It is one part of a perpetual futures contract's price mechanism (Quote and Base) and mainly quoted in USD to determine the number of contracts for orders and positions.

Mark price: Mark price is the global spot price index plus a decaying funding basis rate.

Mark price to liquidation price (spread):This highlights the price gap between the order's estimated liquidation price and current mark price. It allows traders to check the price gap, and assess the risk of immediate liquidation before confirming the order placement.

Position average price: The average price of a position which may come from multiple transactions.

Position margin: Position's initial margin + Transaction fee to close

Position TP/SL order: This is applied to the entire position (existing positions plus subsequent additions or deductions). When the latest market transaction price or reasonable mark price reaches the trigger price, the order will be placed at the best transaction price and the amount you have set for the position. This TP/SL order will expire automatically when the position is fully closed.

Trigger price: The trigger price refers to the pre-determined price criteria that can be set to trigger conditional orders or TP/SL orders on the platform.

Closed on trigger: An additional option to conditional orders, this function seeks to execute as a closing order that guarantees its execution regardless of margin requirements.

Cos t price: Initial margin for opening a position.

Average transaction price: The average price of a position.

Transaction volume: Total amount of filled orders.

Transaction details: The transaction details of all your fulfilled orders, including the average price, volume, and transaction time.

Open positions: All open orders that have been placed.

Daily realized PnL: Daily realized PnL accounts for all profit and losses, and transaction and funding fees paid/collected for the time period between 0:00 AM (UTC+0) and 0:00 AM (UTC+0) of the following day.

Decaying funding basis rate: It is defined as the funding rate multiplied by time until funding divide by funding interval.
Funding rate × Time to funding ÷ Funding interval The decaying funding basis rate serves to slowly close the gap between mark price and index price.

Time in force: Time in force is a set of order execution strategies to indicate how long an order remains active, allowing advanced traders to vary the order's effective execution method to suit their trading needs.

ETHUSD: ETH Coin-M Futures

EOSUSD: EOS Coin-M Futures

24h trading volume: Amount of futures transactions performed in the last 24 hours.

24h high: Highest recorded last traded price in the last 24 hours.

24h low: Lowest recorded last traded price in the last 24 hours.

Backhand order: Opening a position of the same amount in the opposite direction after closing a position.

Backhand order description: Your position will be closed at market price and a position of the same amount will be opened in the opposite direction. If you have insufficient funds for the same amount, the maximum amount available will apply. The order transaction might not be in full due to the margin, market, and other factors.

Risk limit: Risk limit is a risk management measure to limit the risk exposure of traders.

Fill or kill (FOK): FOK orders must be executed immediately in full or it will be completely canceled. Partial filling of an order is not accepted.

Futures contract value: The value of the position with respect to its order's execution price.

Quantity: The unit of measurement for the order size and position size on Bitget.

Trigger Order: A trigger order will be placed at the pre-set quantity and price when the reference price reaches the trigger price. Your funds will not be frozen before the order is triggered. The order might not be fulfilled as it is subject to the pre-set price or leverage tier.

Transaction fee: The transaction fees received/payable by the traders to execute orders on the platform.

Net PnL: The final profit or loss after all fees have been deducted.

Entry price: Shown inside a trader's closed PnL, this is the average entry price for your open position.

Open position fee: Transaction fees set aside by the system to afford the estimated transaction fee to open the position.

Long/short TP/SL: Pre-set TP/SL targets are not actual TP/SL orders that are submitted separately, and will only take effect after the main order is filled. After the main order is placed and filled, the system will place TP/SL orders at the pre-set targets based on the actual transaction volume. If you cancel the main order, the pre-set TP/SL orders will also be invalidated.

Available funds: The funds available for opening positions, including unrealized PnL of positions in cross margin mode, excluding unrealized PnL in isolated margin mode. Available funds = Account balance - Invested funds - Unrealized PnL in isolated margin mode.

Immediate or cancel (IOC): It is a sort of order execution strategy that allow traders to vary their order execution according to their trading strategies. IOC orders attempt to fill immediately at the order limit price, or better. If the order cannot be filled immediately, the unfilled part will be automatically canceled.

Bid price: The prices that traders are willing to accept to buy a given quantity of futures for a particular coin on the platform.

Buy long: To buy long is to open a position with the expectation to make a profit from rising prices (a rise in price movement of the underlying asset).

Ask price: The price that traders are willing to accept to sell a given quantity of futures for a particular coin on the platform.

Sell short: To sell short is to open a position with the expectation to make a profit from falling prices (a fall in price movement of the underlying asset).

Notional value: The floating futures contract value of the position based on mark price on the platform.

Target price: The target price is the estimated exit price to close your position based on a pre-determined ROI displayed in the calculator.

Exit price: Displayed in a trader's closed PnL, this is the average exit price for your closed position.

Close position fee: Transaction fees set aside by the system to afford the estimated transaction fee to close the position.

Closed PnL: Net profit and loss of a position after fees.

Average entry price: The consolidated entry price derived from the averaging of multiple entry prices based on multiple entry orders.

Initial margin: The initial margin is the amount of margin collateral required to open a position for margin trading.

Liquidation: Liquidation refers to the event when the position's margin is unable to remain above the maintenance margin requirements, causing the complete loss of the entire collateralized margin. Liquidation is triggered when mark price reaches the liquidation price of the position.

Cross margin: It is a type of margin mode that utilizes a trader's account's available balance as the margin for the open positions.

Market Depth: Market depth refers to the ability of the order book to sustain relatively large market orders without impacting its execution price.

Close by market: A type of market order that will close on trigger to close your position.

Market order: A market order is an order type that is executed immediately at the current best available market prices in the order book.

Market price-based order placing: The system selects the price most likely to be filled to place an order. If the order is not filled or not fully filled, the system continues to place the next order at the latest price that is most likely to be filled.

Flash close: The system selects the price most likely to be filled to place an order. If the order is not filled or not fully filled, the system continues to place the next order at the latest price that is most likely to be filled.

If the order price reaches the position's estimated liquidation price, the flash close will be terminated and the position will be liquidated.

Trading bonus: Users can use trading bonuses on trading within a volume range or investing them in certain products, but cannot withdraw or transfer them to other accounts. (Trading bonuses are virtual assets.)

Conditional order: Advanced orders that can be submitted and automatically executed when the selected reference price (Last, Mark, Index) reaches the trigger price.

User ID: The user's account and unique ID number.

Fill or kill (FOK): It is a kind of order execution strategy to allow traders to vary their order execution according to their trading strategies. FOK orders must be executed immediately at the order price or better, or it will be completely canceled. Partial filling of an order will not be accepted.

Maintenance margin: It is the minimum margin required to continue holding a position. The maintenance margin will be increased or decreased based on the risk limit of the trader.

Maintenance margin rate: The margin amount corresponds to the position quantity tier. When the margin rate of a position is less than the maintenance margin rate, it will trigger a forced partial liquidation or full liquidation.

Order margin: The order margin consists of the sum of all margins for active orders that are pending execution.

Order cost: The order cost consists of the initial margin of the position + Transaction fee to open + Transaction fee to close.

Order price: The order price is the price that traders can manually input when setting up limit orders.

Order history: The order history is a record of all the orders that have been successfully placed by the trader on the platform.

Unrealized PnL: Estimated profit and loss of your position based on the current market price. Does not include transaction or funding fees.

Open interest: Open interest is the total number of perpetual futures contract positions currently being held on the platform.

XRPUSD: XRP Coin-M Futures.

Close by limit: A type of limit order that will close on trigger to close your position.

Limit order: The limit order is an order type that is placed in the order book with a specific price limit. The user is the one who sets the price limit. The order is only filled when the market price reaches, or is better than, the current bid/ask price. Limit orders help users buy low or sell at a price higher than the latest market price. Unlike a market order which executes immediately at the current market price, a limit order is placed in the order book and is not executed immediately.

Premium Index: The premium index is a floating variable used to raise or lower the next funding rate to match the level and be consistent with where the contract is trading.

Good till canceled (GTC): It is a kind of order execution strategy to allow traders to vary their order execution according to their trading strategies. GTC orders will remain valid until it is fully executed or manually canceled by the trader.

Estimated liquidation price: The estimated price at which the position is expected to be closed in the liquidation/partial liquidation process. It is calculated based on the position's margin ratio for reference only, and does not reflect the actual liquidation price.

Realized PnL: Realized PnL refers to the profit or loss of a closed position, which includes the transaction fees.

Trailing TP/SL: A trailing TP/SL order allows users to place a pre-set order on the condition that a larger callback occurs. When the market price/mark price reaches the highest/lowest price × (1 ± callback rate), the order will be placed at the best market price.

Reduce-only: An additional option to limit orders, this function serves to ensure that the order will be executed as a position closing order to reduce a position size.

Index price: Index price is derived from the sum of the prices from various spot exchanges multiplied by their respective weightage.

Stop-loss: A stop-loss order is an order placed to limit a trader's losses on an existing open position. SL orders can be easily placed via the TP/SL function.

Take-profit: A take-profit order is an order placed to close a trader's position at a profit. TP orders can be easily placed via the TP/SL function.

Isolated margin mode: It is a type of margin mode that isolates the margin placed into an open position from the trader's account balance.

Trailing stop: The trailing stop is an order function that will allow a stop order to dynamically follow the last traded price based on a pre-set distance to lock in an open position's profit or stop loss.

Funding rate: Funding rate is used to calculate the funding fee that is exchanged directly between buyers and sellers every 8 hours at 0:00 AM, 8:00 AM, and 4:00 PM (UTC+8).

Funding fees: Funding is the primary mechanism to ensure Bitget's last traded price is always anchored to the global spot price.

Auto-deleveraging: Auto-deleveraging (ADL) is a mechanism used to cover for contract losses sustained on the platform when the insurance fund is unable to fully cover for such losses.

Automatic margin replenishment: A mechanism that enables the system to automatically fill margins from their available balance into an existing open position when the mark price is close to its liquidation price.

Last traded price (market price): This is the platform's current market price.

Trailing stop order: The trailing stop order is a type of stop-loss order. A trailing stop order allows users to place a preset order on the condition that a larger callback occurs. When the last traded price (mark price) reaches the highest (lowest) price × (1 ± callback rate), the order will be placed at the market price.

Isolated margin: A certain amount of margin is allocated to each position. If the margin of a position falls below the required level, there will be a forced margin liquidation. You can add or subtract the margin for a position in this mode.

Maximum number of orders: The maximum number of orders that can be placed (usually not specified).

Minimum number of orders: The minimum number of orders that can be placed.

Maker only: In this mode, orders are not immediately filled in the market, ensuring that the trader is always a maker. If the order will be filled immediately with an existing order, the former will be canceled.

Account balance: All assets owned by the user in their futures account. Account balance = Amount deposited + Total realized PnL + Total unrealized PnL. (Trading bonuses are included in the account balance.)

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