Min Order Size Limits: Simplifying with just a check on notional
As crypto asset prices fluctuate, the base and quote order size limits on our Exchange can diverge in notional terms. We try to keep up with the market by updating these limits on a regular basis, but we realize the frequency of the changes can lead to customer confusion.
Instead of maintaining both base min order size (API field name: base_min_size) and quote min order size (API field name: min_market_funds), we are changing our size limits to consider simply the notional value of the order submitted to our exchange. Notional is defined as order size (or quantity, in the base currency) multiplied by order price (or funds, in the quote currency).
For example, consider the DOGE-USD market, where the quote min order size is 1. Suppose a trader submits the limit order: “Buy 10 DOGE at a price no greater than $0.15”
Check on notional: 10 * 0.15 = 1.5
Since 1.5 > 1, the order will be accepted.Pursuant to this change, we will deprecate the base min order size variable from our market parameters. We will maintain the quote min order size limit as the check on notional. The check will apply to all orders where funds in the quote currency are specified (e.g. limit orders and market buys).
For API traders, please note that we will deprecate the use of base_min_size in our /products endpoint on June 2, 2022. On June 30, 2022, we will remove this variable from our endpoint. We will continue to maintain min_market_funds, with the new logic checking notional size of the order.