Binance order matching algo - limit skipped (unfilled)?

T

tomas262

Hi,

so far I have traded only CME, ICE futures so its been clear to me that market should not skip my buy limit and trade below without filling and taking my limit size out first

But the same is not true for Binance obviously. My margin buy limit was clearly skipped without filling anything.

The support's answer was there were no matching SELL orders for my buy limit. How can it be since there were obviously sell orders for buyers having lower buy limit orders. Those sellers should have match my order first

Under such conditions it is really unpredictable and difficult to trade consistently :-)

Can anybody give a hint?
LUNC-USDT-3x-1.png
 
Looks like a glitch, because it cannot be possible from an order matching system. Otherwise you cannot trust and trade on Binance at all. Did you already contact support from Binance exchange ? What did they say ?
 
Sure I did

Binance support:
"As per I have checked, your Limit Price has beed captured for a brief moment during the dump from 0.00011601 to 0.00011148 at 2023/04/20 02:21 UTC+0. However, during this brief moment, your order couldn’t find any matching SELL order in the order book. Therefore it remained unfilled. Since the trades are happening in between the users; to be able to fill the order, there should be a opposite side of order with the same/better price. If there’s none, orders remain"

Me:
"I see but there were sellers bellow my limit order. I thought the price cannot go bellow my limit until the size gets filled and is removed from the orderbook. Like a wall that needs to be removed before it can go further. Do you have some link to more information about order matching?"

Binance support:
"I totally understand. But. you know the "first come first served" logic, correct?
If there were Buy orders, filled before your order are there are no Sell orders left to be matched, your limit order waits https://academy.binance.com/en/articles/what-is-a-limit-order"

They sent me the link below to the help with highlighted part (red)

Quoting Binance help from https://academy.binance.com/en/articles/what-is-a-limit-order
"How Does a Limit Order Work?
When a limit order is submitted, it will be placed on the order book immediately. But It won’t be filled unless the coin price reaches the specified limit price (or better). For example, you want to sell 10 BNB at $600, and the current price is $500. You can place a BNB sell limit order of $600. When the BNB price reaches the target price or above, your order will be executed depending on market liquidity. If there are other BNB sell orders placed ahead of yours, the system will execute those orders first. Your limit order will be filled afterward with the remaining liquidity.

Another thing to consider when placing a limit order is the order’s expiration date. In general, limit orders can last up to 90 days. Unless you watch the market closely, you might end up buying or selling at a less desirable price due to market volatility. For example, the current market price of BNB is $500, and you placed a sell limit order of 10 BNB at $600. After a week, the price of BNB surged to $700. As the market price has crossed the limit price you set, your order was executed at $600. In this case, your profits were limited by the target price you placed a week ago. Therefore, it is recommended to review your open limit orders from time to time to keep up with the ever-changing market conditions."

I am pretty confused now since I believe the highlighted part refers the queue order only (at the same price) :D
 
That is garbage explanation for an error in their matching algo system. It simply cannot be if you placed your order before the dump happened you must be filled period. Anything else is nonsense. I just cannot believe it how Binance is operating here.
 
tomas262 said:
Sure I did

Binance support:
"As per I have checked, your Limit Price has beed captured for a brief moment during the dump from 0.00011601 to 0.00011148 at 2023/04/20 02:21 UTC+0. However, during this brief moment, your order couldn’t find any matching SELL order in the order book. Therefore it remained unfilled. Since the trades are happening in between the users; to be able to fill the order, there should be a opposite side of order with the same/better price. If there’s none, orders remain"

Me:
"I see but there were sellers bellow my limit order. I thought the price cannot go bellow my limit until the size gets filled and is removed from the orderbook. Like a wall that needs to be removed before it can go further. Do you have some link to more information about order matching?"

Binance support:
"I totally understand. But. you know the "first come first served" logic, correct?
If there were Buy orders, filled before your order are there are no Sell orders left to be matched, your limit order waits https://academy.binance.com/en/articles/what-is-a-limit-order"

They sent me the link below to the help with highlighted part (red)

Quoting Binance help from https://academy.binance.com/en/articles/what-is-a-limit-order
"How Does a Limit Order Work?
When a limit order is submitted, it will be placed on the order book immediately. But It won’t be filled unless the coin price reaches the specified limit price (or better). For example, you want to sell 10 BNB at $600, and the current price is $500. You can place a BNB sell limit order of $600. When the BNB price reaches the target price or above, your order will be executed depending on market liquidity. If there are other BNB sell orders placed ahead of yours, the system will execute those orders first. Your limit order will be filled afterward with the remaining liquidity.

Another thing to consider when placing a limit order is the order’s expiration date. In general, limit orders can last up to 90 days. Unless you watch the market closely, you might end up buying or selling at a less desirable price due to market volatility. For example, the current market price of BNB is $500, and you placed a sell limit order of 10 BNB at $600. After a week, the price of BNB surged to $700. As the market price has crossed the limit price you set, your order was executed at $600. In this case, your profits were limited by the target price you placed a week ago. Therefore, it is recommended to review your open limit orders from time to time to keep up with the ever-changing market conditions."

I am pretty confused now since I believe the highlighted part refers the queue order only (at the same price) :D
More...
Can you get the time and sales at the time you think you were supposed to be filled?
If you see trades below your order price, then there's a problem.
 
rb7 said:
Can you get the time and sales at the time you think you were supposed to be filled?
If you see trades below your order price, then there's a problem.
More...

You made me triple check timestamp again while I realized that the source of the problem is between my chair and screen :-) I was checking the chart on my PC with UTC-2 timezone set where the dip happened at about 20th Apr 01:20 while I had the order timestamp showing 19th Apr 19:00 on my remote server where I use UTC-7. So the order could not be filled since it was placed 40 mins after the dip

What an arse!
Apologies go to Binance :-)
 
tomas262 said:
You made me triple check timestamp again while I realized that the source of the problem is between my chair and screen :) I was checking the chart on my PC with UTC-2 timezone set where the dip happened at about 20th Apr 01:20 while I had the order timestamp showing 19th Apr 19:00 on my remote server where I use UTC-7. So the order could not be filled since it was placed 40 mins after the dip

What an arse!
Apologies go to Binance :)
More...


Lesson of the day:

Never double check, always triple.
“never two without three”
 
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