Phemex has added new spot trading rules to prevent asset loss from egregious market volatility during the launch of new trading pairs. This update will take effect on March 31th, 2022.
The specific rules are as follows:
For all spot trading pairs:
- Market orders and conditional orders are not supported within the first 5 minutes of market opening.
- For limit orders placed within 5 minutes of market opening, the purchase or sell price cannot exceed 3000% of the market opening price.
- For limit orders placed after 5 minutes of market opening, the purchase price cannot exceed 110% of the latest transaction price, and the sell price cannot be lower than 90% of the latest transaction price (this rule will also apply to existing trading pairs).