Slippage refers to the difference between the expected price, and the actual price at which a trade is executed.
Customers of Exchange Plus are able to manually set their own acceptable price slippage. To do so, they just need to use the Max slippage feature available in the New order section of the Trade Page.
The Max slippage setting can better protect trading orders from unwanted deviation of execution price, in cases of unstable or sharp market fluctuations.
The Max slippage feature is available for Market type buy/sell orders.
Users can choose the maximum percentage of slippage acceptable to them. For example, there are next Max slippages on the ETH-USD trading pair:
0.1%
0.5%
1%
2%
5%
The 1% variant is chosen by default. Open the drop-down menu to see more of them.
After filling all the order parameters, you will be able to see the Max Allowed Price for the market buy orders and Min Allowed Price for the market sell orders which indicates the price, taking into account the maximum slippage that you specified.
Let's take ETH/USD market buy order as an example.
Once you click on Place Buy Order, the confirmation window appears. It contains the following information:
Max slippage (selected previously in the new order details);
Current best price (the best market price at the moment of opening the confirmation window);
Max allowed price (Current best price + Max slippage).
Also, there is a countdown in the bottom of the pop-up window showing the time during which you need to confirm the order.
After the time expires, the Confirm button will be replaced by a Refresh button, so you should update to the current best price.
Note: if the current market price deviates from the Best price (the market price that you might have seen during order creation) by more than the set Maximum slippage, the order can either be canceled or partially filled. In this case, please place the market order again, it will be based on the new best price. You can also increase the Maximum slippage value for the new order.
Important update: Starting from July 18, in order to enhance the trading experience by providing clearer and more transparent information, Market orders that were executed but not completely filled will be labeled as “Partially Filled” (previously, such orders were labeled as “Canceled,” even though they were partially fulfilled).
At the same time, in the case of using the API for trading, such orders will still be labeled with the status “Canceled”.