At 9/4 11:08, I went through all the perpetual contracts in Binance Futures exchangeInfo that were still trading, looking into something not many people talk about: for the same contract, how many lots can you place at most with a limit order versus a market order, and whether it is the same number.
It is not the same number. The interface splits it into two filters itself: LOT_SIZE governs the upper limit for all order types on this contract, while MARKET_LOT_SIZE applies only to market orders — this is Binance's own developer documentation definition, not my guess. There were 569 perpetual contracts that still had both filters and were still trading, and after checking them one by one, the market order upper limit was never greater than or equal to the limit order upper limit; all of them were smaller.
BTCUSDT: a single limit order can be for at most 1000 lots, while a single market order can be for at most 120 lots, an 8.33x difference. The latest price I pulled at 11:12 was 80847.10 USDT, so the 120-lot market order cap translates to nearly ten million dollars — that is just the price at that moment, and it changes afterward, but the numbers 1000 and 120 do not change with price. ETHUSDT is 10000 versus 2000, a 5x difference. The most extreme one I found was ETHBTC, 10000 versus 60, a 166.67x difference.
This means the amount you can place with a limit order is not necessarily executable with a market order: if you want to close a BTC position larger than 120 lots all at once with a market order, the interface will reject it outright, and you can only split it yourself — and splitting orders is exactly what can push the execution price farther away in a fast-moving market. The two limits differ by so many times that I did not find any public explanation from Binance for why, and I can only confirm that this gap really exists.
$BTC #BinanceFutures
It is not the same number. The interface splits it into two filters itself: LOT_SIZE governs the upper limit for all order types on this contract, while MARKET_LOT_SIZE applies only to market orders — this is Binance's own developer documentation definition, not my guess. There were 569 perpetual contracts that still had both filters and were still trading, and after checking them one by one, the market order upper limit was never greater than or equal to the limit order upper limit; all of them were smaller.
BTCUSDT: a single limit order can be for at most 1000 lots, while a single market order can be for at most 120 lots, an 8.33x difference. The latest price I pulled at 11:12 was 80847.10 USDT, so the 120-lot market order cap translates to nearly ten million dollars — that is just the price at that moment, and it changes afterward, but the numbers 1000 and 120 do not change with price. ETHUSDT is 10000 versus 2000, a 5x difference. The most extreme one I found was ETHBTC, 10000 versus 60, a 166.67x difference.
This means the amount you can place with a limit order is not necessarily executable with a market order: if you want to close a BTC position larger than 120 lots all at once with a market order, the interface will reject it outright, and you can only split it yourself — and splitting orders is exactly what can push the execution price farther away in a fast-moving market. The two limits differ by so many times that I did not find any public explanation from Binance for why, and I can only confirm that this gap really exists.
$BTC #BinanceFutures