How to Place Stop Loss Order and Take Profit Order
What is Stop Order?
The Stop Order on Binance Futures is a combination of stop-loss and take-profit orders. The system will decide if 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.
How to place a Stop Order?
User A places a Trigger Price order based on the Last Price by clicking on [Buy/Long].
As the Trigger Price ($8,700 USDT) is lower than the Last Price, the order will be placed as a “Take Profit Order”. You can check the order placed under [Open Order].
User A places a Trigger Price order based on the Mark Price by clicking on [Sell/Short].
As the Trigger Price ($8,828 USDT) is lower than the Mark Price, the order will be placed as a “Stop Market Order”. You can check the order placed under [Open Order].
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 can 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.