When trading perpetual futures, you may find that your order sometimes fails to be placed or doesn't get filled. Below are some potential reasons for this.
Order cannot be placed:
- Insufficient margin: You may need to add extra margin to open an order if you have other open orders using your available margin or if the order quantity is too high. The lower the leverage multiplier, the more margin you'll need. You can try raising the leverage multiplier to fix this issue.
- Position limits: For stop-limit orders, the reverse position quantity may be too high, which causes insufficient margin in relation to net exposure. The maximum position size varies based on leverage.
- Insufficient contract quantity: Different types of contracts have different minimum order quantities. You can learn more by reading the USDⓈ-M Perpetual Futures Contract Specifications.
- Reduce-only orders: You cannot place a reduce-only order if there is no reverse position.
Order was not filled:
- No matching price: The market price has not reached the price that was set for your order. Stop-limit orders are added to the order book when the market price reaches the trigger price, but the market price has to reach the order price before it will be filled. For stop-market orders, you can choose whether you want the mark price or the last price to act as the trigger price.
- Large deviation from the market price: There are no orders in the order book that match the price that was set for your order. Very large orders may be only partially filled.
- Margin audit failed (for stop orders): You must set a trigger price and an order price for stop-limit orders (for stop-market orders, you can choose whether you want the mark price or the last price to act as the trigger price). The system will perform a margin audit two times: once when you place the order and once before the order is filled. The system performs the second margin audit as soon as the order is triggered. If any losses occur or funds are transferred out of the account during the time between the second audit and when the order is filled, this will result in an insufficient margin balance and the order will show as expired.