Here are some possible reasons for order failure when trading on Phemex Futures.
1. Insufficient Margin balance.
This could be due to other open orders sharing the same margin or the order amount exceeding the position amount. To initiate the position, you'll need to increase your margin balance. Lower leverage settings require a higher margin balance. Consider adjusting your leverage settings before placing the order again.
2. The order exceeds the position size limit.
It's crucial to adhere to the maximum position limits set for each symbol and leverage. These limits are determined by trading rules and specify the maximum position value and available leverage for each symbol. Orders exceeding these limits will be declined. Remember, position limits vary based on the symbol and chosen leverage. Stay within these limits to ensure successful order execution.
3. The order did not meet the minimum quantity requirement.
Each trading pair has a different minimum quantity requirement, you can check on the order section.
4. [Reduce-only] order.
When you select the "reduce only" option, your order may be rejected due to two reasons:
- The order is in the same direction as the open position; or
- The order is in the opposite direction and the position size exceeds the open position.
5. FOK (Fill or Kill) order could not be filled immediately.
FOK order placement can fail if they cannot be filled immediately. You may check here to see if FOK was chosen when your order was canceled.
6. Post-Only order could not be filled as a maker order.
Post-Only order placement can fail if it cannot be executed as a maker order. You may check here to see if Post-Only was ticked when your order was canceled.
7. Too many open orders.
Once the maximum number of open orders(limit orders), reaches 600 for a symbol(double for hedge), you will be unable to place any additional orders for that specific symbol. You will receive an error message “Number of total active orders exceeds the max limit”
8. Too many open conditional orders.
You can only open a maximum of 20 conditional orders per trading pair(double for hedge) at any given time, including Stop, Stop Market, Take Profit, Take Profit Market, and Trailing Stop orders. Order status "Untriggered" is considered a conditional order. You will receive an error message “Number of total conditional orders exceeds the max limit”
9. The order price is too low.
The order price has to be greater than 10 % of the last traded price. You will receive an error message “Order price is too low”
Why wasn’t my order filled?
- Waiting to be filled (triggered)- for conditional limit orders, you need to set up both trigger price and limit price, once the mark/last traded price reaches your trigger price, the order will be triggered and added to the order book waiting to be filled.
- The order quantity is too large, so only partially filled when the left is still waiting to be filled.
- Due to insufficient available balance, please note that when placing conditional orders, you don't need to have an available balance. The system checks the available balance only when a conditional order gets triggered. If the available balance is not enough when the order is triggered, the order will be rejected.
