Overview

Retail Price Improvement (RPI) orders are a special order type where market makers provide better quotes exclusively for individual users.

This order type can provide fair, directed liquidity for individual users while helping maintain market integrity.

 

Matching Rules

  1. RPI orders only trade against orders submitted by eligible individual users.
  2. All RPI orders are passive orders, meaning they are maker orders that add liquidity to the order book.

  3. RPI orders always have the highest execution priority, regardless of when they were placed. All RPI orders at the same price level are fully executed before any regular maker orders are executed.

     

How Are RPI Orders Generated?

  1. Only specific market maker partners can place RPI orders.

     

Trading Rules

  1. RPI orders are supported for Perpetual Futures. Orders support isolated margin, cross margin, and multi-assets mode.
  2. RPI orders work the same way as limit orders, and have the same margin requirements as standard limit orders. Minimum and maximum order sizes, as well as price limits, are based on the corresponding contract's underlying asset.
  3. RPI orders support batch order placement, partial fills, order modification (including price and size), and cancellation.

  4. RPI orders cannot be combined with conditional orders, including stop loss (SL), take profit (TP), and stop-limit orders.

     

Order Display

API order book: RPI orders appear in the API order book.

Trading page order book: RPI orders appear in the order book on the trading interface, without any special tag added.

Note that to keep the order book clean, crossed RPI orders will be hidden from the trading page. However, these orders remain active in the matching engine and can still be filled.

Crossed Orders and Order Book Management:

When the buy price is higher than the sell price, the relevant RPI orders are hidden only if the crossing occurs between two RPI orders.

In this case:

  • Both RPI orders are hidden from the trading page.
  • The RPI orders do not match against each other.

  • The orders remain active in the matching engine and can match against eligible non-algorithmic orders.

     

Access Details

Currently, the platform will not grant or will revoke RPI access for users with abnormal trading behavior, such as wash trading or price manipulation. RPI orders are designed to provide better prices and a better trading experience for genuine trading needs. Use this feature responsibly.

Trading Interface

Eligible regular individual users can access RPI liquidity through the trading interface.

API

The platform conducts a comprehensive assessment based on the user's trading behavior, account status, and other factors. Only API users who meet the requirements will have RPI access enabled. API users who meet the relevant requirements can participate after applying through customer support.

 

FAQs

1. Who Can Place RPI Orders?
  • Only specific market maker partners can place RPI orders through the API.
  • Eligible individual users can have their orders filled against RPI orders.
2. Do RPI Orders Appear in the Order Book?
  • API order book: Yes, they appear.
  • Trading page order book: Yes, they appear, without any special tag added.
  • Crossed RPI orders: Hidden from the trading page.
3. Are RPI Orders Executed Immediately?

Yes. RPI orders always have the highest execution priority, regardless of when they were placed. All RPI orders at the same price level are fully executed before any regular maker orders are executed.

4. Supported Contracts

All perpetual futures contracts.