1. Introduction to WhaleFin Trade
WhaleFin Trade is a brand new trading platform that differs from traditional exchanges. We use our exclusive algorithm to connect with major exchanges and aggregate information to provide users with great market depth. Thus, WhaleFin has been a favorite of high net worth (HNW) users.
A. The user is concerned about the ask price when buying digital assets, and the bid price when selling digital assets.
B. The ask price is always higher than the bid price. The difference between the two is called the spread. The lower the spread, the greater the market depth.
“Markets” indicates changes to different assets. Users are usually concerned about the latest price, trends, and ranges. This is what we call “up & down”, which equals (latest quote - base quote) / base quote
WhaleFin base quotes are calculated as the following:
K-line changes = (K-line closing price - K-line opening price) / K-line opening price * 100%
Market changes = (latest quote - closing quote 24h before) / closing quote 24h before * 100%
WhaleFin is not a traditional exchange, since we do not use orderbook-based systems; instead, we aggregate ask and bid price to establish our quote. WhaleFin’s quote = (ask + bid) / 2
The record of buying or selling actions, which contains the time of action, trade directions, order status, and price * amount of the trading asset.
A. Current order: order yet to be filled or still running.
B. History order: filled or canceled orders
(1) Limit Order
Limit order allows the user to place an order at a specified or better price. A better buying price means it is lower than the limit buying price, a better selling price means it is higher than the limit selling price.
e.g. If the user initiates a buying limit order at the price of 10,000 USD, the strike price will be below or equal to 10,000 USD; if the user issues a selling limit order at 10,000 USD, the strike price will be above or equal to 10,000 USD
(2) Market Order
Market order is an order to be instantly filled at the market price. However, exceedingly high trading volume may lead to large spread losses.
(3) Conditional Order
Conditional orders are filled only when the preset “stop price” is reached.
A. Conditional limit order: the limit order will be filled once the stop price is reached.
B. Conditional market order: the market order will be filled once the stop price is reached.
Conditional order will not be filled before the stop price is reached, pending conditional orders will not lock in the user’s available balance until activated. However, if the user has insufficient balance, the conditional order will be canceled.
e.g. If BTC/USD is currently at 20,000 USD, the user initiates a conditional limit order with a stop price at 19,000 USD, which will trigger the buy-in of 1 BTC at the limit price of 18,500 USD.
(1) If the BTC market price has not fallen to 19,000 USD, the order will not be activated, and the user’s available balance will not be locked.
(2) If the BTC market price falls below 19,000 USD and the user has sufficient balance, the order will be activated. The user will buy 1 BTC at the limit price of 18,500 USD, the order can be viewed in [Current order].
(3) If the BTC market price falls below 18,500 USD, the order is filled.
5. Order Strategies
(1) GTC (Good till Canceled)
The order will remain active until it is filled or canceled. Eligible for any order.
(2) IOC (Immediate or Cancel)
All or parts of the order will execute immediately and any unfilled portions of the order will be canceled. Exclusive to limit and conditional limit orders.
(3) FOK (Fill or Kill)
The order must be filled immediately in its entirety or it will not execute. Exclusive to limit and conditional limit orders.
6. Order Status
Pending: order is standing by and not running. Triggered limit orders will become “running” orders.
Running: order is filling but not finished, which includes the unfilled and partially filled portion
Canceling: order is in the process of canceling
Filled: orders that have finished
Canceled: order cancelation process completed, which includes the cancelation of unfilled and partially filled portion