The stop order on Binance Futures platform is a combination of stop loss order and take profit order. The system will decide an order is a stop loss order or a take profit order based on the price level of trigger price against the last price or mark price when the order is placed.
User A places a Trigger Price based on Last Price.
The Trigger Price ($8,700 USDT) is lower than Last Price, thus the order will become a “Take Profit Order”. You could check the order you have placed under the “Open Order” tab.
User A places a Trigger Price based on Mark Price.
The Trigger Price ($8,828 USDT) is lower than Mark Price, thus the order will become a “Stop Order”. You could check the order you have placed under the “Open Order” tab.
Binance uses Mark Price as a trigger for liquidation and to measure unrealized profit and loss.
The Mark Price is generally a few cents from the Last Price. However, the Last Price might deviate dramatically and significantly from the Mark Price during extreme price movements. Hence, please monitor the price difference between Last Price and Mark Price. You could always cancel the order you have placed and replace the order if you would like to change the Trigger from Mark Price to Last Price or vice versa.