Placing Orders Based on Order Cost

1. What is Order Cost?

Order cost refers to the total amount of funds required to place an order. You can enter the total cost you intend to spend, and the system will automatically calculate the corresponding contract quantity in the opposite direction. The calculated order quantity/value must meet the minimum order size/ minimum order value requirements.

2. Order Cost for Different Futures

USDT perpetual futures: For futures settled in USDT, the order cost will be paid in USDT.

3. Order Cost Calculation Formula – USDT Futures

Order Cost = Initial Margin

Initial Margin = (Contract Quantity × Entry Price) / Leverage

Opening Fee = Contract Quantity × Entry Price × Taker Fee Rate

Note:

The above formula is used to calculate the order cost that will be occupied when placing an order. However, the actual opening fee may vary depending on the order type, actual order execution, and the user’s VIP level.

4. Example of Placing Orders Based on Order Cost – USDT Futures

User A uses 10x leverage with a cost of 2,000 USDT, and opens a BTCUSDT position at a price of 90,000 USDT. The Taker fee rate is 0.06%.

BTCUSDT futures contract value is 1 contract = 0.001 BTC (with a minimum order size of 0.001 BTC).

User A's order situation is as follows:

Order cost = 2000 USDT

The number of BTCUSDT perpetual futures that can be opened = Order cost * Leverage / (Transaction price * Contract value) = 2000 * 10 / (90,000 * 0.001) = 222.2 contracts

Since it is less than one contract, no position can be opened, so the maximum number of futures contracts that can be opened is 222.

Initial margin = (Transaction quantity × Transaction price) / Leverage = (222 * 0.001 * 90,000) / 10 = 1,980 USDT

Opening fee = Transaction quantity × Transaction price × Taker fee rate = 222 * 0.001 * 90,000 * 0.06% = 11.88 USDT

(The fees incurred when opening a position will be deducted from the initial margin.)

Remaining amount = Order cost - Initial margin = 2,000 - 1,980 = 20 USDT

(The remaining funds will be kept in the user's futures account.)

In summary, User A used a cost of 2,000 USDT to place an order for BTCUSDT futures, and can actually open 222 BTCUSDT U-based futures, with an initial margin of 1,980 USDT and a remaining amount of 20 USDT.

5. How to use order cost?

Go to the "Futures Trading" page --> Click on the order quantity --> Enter the "Order Settings" page --> Select "Order by cost (USDT)" --> Click "Confirm." After adjustment, you only need to enter the order cost to complete the position opening, which is not affected by leverage.

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6. Order Methods

VOOX supports the following two main order methods:

1. Order by Quantity

This is the default order method, where you can enter the number of contracts you want to buy or sell. U-based perpetual futures support ordering in three units: "Contracts," "Coins," and "USDT."

1. Order by Cost

You can enter the total cost you intend to spend, and the system will reverse calculate the number of contracts to be ordered.