Binance Futures has announced an important update to its order placement and return logic for USDⓈ-M contracts. This change, which took effect on March 21, 2023, at 17:00 (UTC+8), primarily affects Fill-or-Kill (FOK) and Post Only order types on both the frontend and API interfaces. The goal is to enhance system clarity and provide users with more immediate and explicit feedback when certain order conditions are not met.
Key Changes to Order Handling
The update modifies how the system responds to specific order types that cannot be immediately executed according to their parameters. The changes are designed to streamline the trading experience and prevent unfulfilled orders from cluttering order history.
Frontend Modifications
For users trading on the Binance website or mobile app, the following logic now applies:
- Fill-or-Kill (FOK) Orders: If an FOK order is not filled entirely immediately upon placement, it will be rejected outright instead of remaining in the order book. This rejected order will not appear in your order history.
- Post Only Orders: If a Post Only order cannot be entered into the order book as a maker order (meaning it would instead take liquidity and become a taker order), it will be rejected immediately. Similarly, this rejected order will not be saved in the order history.
API Modifications
For developers and algorithmic traders using the Binance API, the changes are more granular, providing specific error codes for troubleshooting:
timeInForceFOK Orders: If an FOK order is not filled immediately, the API will reject it and return a new error code,5021.timeInForceGTX (Post Only) Orders: If a GTX order cannot be posted as a maker order, the API will reject it and return error code5022.- In both cases, these rejected orders are not stored in the user's order history. Consequently, they will not be returned by subsequent calls to the
GET /fapi/v1/orderorGET /fapi/v1/allOrdersendpoints.
Affected API Endpoints
The update impacts the following API nodes, which are critical for order management:
POST /fapi/v1/order(HMAC SHA256)POST /fapi/v1/batchOrders(HMAC SHA256)GET /fapi/v1/order(HMAC SHA256)GET /fapi/v1/allOrders(HMAC SHA256)
Binance strongly advises all users, particularly those utilizing automated trading systems, to review their integration code to ensure it can handle these new rejection responses and error codes correctly. This proactive check helps avoid potential issues with order management workflows. For a comprehensive understanding of the technical specifications, you can explore more strategies for handling API updates.
Importance of the Update
This refinement in order return logic is a significant step towards creating a more transparent and efficient trading environment. By immediately rejecting orders that cannot meet their specific conditions, Binance provides traders with faster feedback, allowing them to adjust their strategies without delay. The clear distinction provided by the new error codes also aids developers in building more robust and error-resistant trading algorithms.
For the most detailed technical information and practical examples, users are directed to consult the API documentation change log that was updated on March 8, 2023 (UTC+8), alongside the official FAQ for this update. As with all Binance announcements, the English version of the notice is considered authoritative in the event of any discrepancies in translation.
Frequently Asked Questions
What are FOK (Fill-or-Kill) orders?
FOK orders are instructions to execute a trade immediately at a specified price or better. The key feature is that the entire order must be filled at once; if it cannot be filled completely, the entire order is canceled and will not remain on the order book.
What are Post Only orders?
Post Only orders are designed to ensure the trader provides liquidity and receives a maker rebate. The order will only be placed if it can be entered into the order book without immediately matching with an existing order. If it would execute immediately as a taker, it is canceled.
Why are my rejected orders no longer showing in my history?
This is an intentional part of the update. Orders that are rejected under these new rules (FOK not filled, Post Only cannot be maker) are canceled instantly and are not persisted in the system. This keeps your order history clean and only contains orders that were actually accepted into the book.
How should I update my trading bot or API integration?
You should ensure your code can handle the new HTTP responses and specifically check for the new error codes (5021 for FOK and 5022 for Post Only). Your error-handling logic should not assume a failed order will appear in subsequent order history queries. To ensure your automated systems are adapting correctly, get advanced methods for API integration testing.
Will this affect my existing open orders?
No. This update only changes the behavior of new FOK and Post Only orders placed after the effective time. It does not impact orders that were already resting on the order book before the update was implemented.
Where can I find the official technical documentation?
The definitive source for this information is the official Binance API documentation and its change log, last updated on March 8, 2023. Always refer to the English version for the most accurate technical details.