The trading volume over the past 24 hours is very large, but market orders can still slip significantly, because these two numbers are not referring to the same time.
Example scenario: Suppose a coin’s total trading volume over the past 24 hours is about 100 million USDT. But at the moment you place your order, the first sell price has only 1,000 USDT available, the second level has 2,000 USDT, and the later quotes rise step by step. If you want to buy 5,000 USDT, your order will consume multiple levels of sell orders, so the final execution average price will be higher than the first level. If there has been a lot of cumulative trading over the last day, it cannot necessarily leave enough sell depth in the order book at this exact moment.
Before placing an order, check the cumulative amount available at each sell level, or open the order preview to verify the estimated execution average price. If it still isn’t enough compared to your acceptable price, reduce the order size, split the order, or switch to a limit order. If the current seller cumulative quantity covers your order, the slippage risk will be smaller; but when the order book changes quickly, this assessment can also become invalid.
Example scenario: Suppose a coin’s total trading volume over the past 24 hours is about 100 million USDT. But at the moment you place your order, the first sell price has only 1,000 USDT available, the second level has 2,000 USDT, and the later quotes rise step by step. If you want to buy 5,000 USDT, your order will consume multiple levels of sell orders, so the final execution average price will be higher than the first level. If there has been a lot of cumulative trading over the last day, it cannot necessarily leave enough sell depth in the order book at this exact moment.
Before placing an order, check the cumulative amount available at each sell level, or open the order preview to verify the estimated execution average price. If it still isn’t enough compared to your acceptable price, reduce the order size, split the order, or switch to a limit order. If the current seller cumulative quantity covers your order, the slippage risk will be smaller; but when the order book changes quickly, this assessment can also become invalid.