Introducing Chase Limit Order

We’re excited to introduce Chase Limit Order, a new order type designed to help traders execute large limit orders more efficiently in fast-moving markets.

A Chase Limit Order is a limit order placed at the best bid or ask that dynamically adjusts its entry price as market conditions change. The order continues to track the market until it is filled, canceled, or reaches the maximum chase distance.

Why use a Chase Limit Order?

Swift execution

Enter the market quickly with a maker order while reducing the time spent waiting for ideal price levels.

Reduced slippage

By dynamically tracking the best bid or ask, Chase Limit Order helps you stay close to your desired entry price as the market moves.

Arbitrage opportunities

Closely following market movements can help surface potential price differences across markets or trading pairs.

How it works

With Chase Limit Order, you can choose to:

• Chase Ask1 or Bid1 directly, or

• Set a fixed chase distance from Ask1 or Bid1 using a price value or percentage.

The system continuously adjusts your order price to maintain the selected chase condition. You can also define a Maximum Chase Distance in value or percentage. Once this limit is reached, the order stops chasing and remains at the current price.

An optional Trigger Price can be set so the strategy activates only when the last traded price reaches your specified level.

Supported chase modes

Chase Ask1/Bid1

The order continuously follows the best bid or ask without predefined constraints unless a maximum chase distance is set. The order updates its price as the market moves until it is filled, canceled, or capped by the maximum chase distance.

Chase distance from Ask1/Bid1

Set a fixed distance from the best bid or ask. If the market moves unfavorably and widens the gap, the order price adjusts to maintain the predefined distance. If the market moves favorably and converges, the order price remains unchanged.

How to Place a Chase Limit Order

Step 1: Log in to your Bybit account, go to the trading page, and select the symbol you wish to trade.

Step 2: Select Chase Limit Order as the order type.

Step 3: Choose your chase price and enter the order quantity. Set a maximum chase distance or trigger price if needed. The chase interval is currently set to one second.

Note: Make sure your account has sufficient balance before placing the order.

Once submitted, Chase Limit Orders will be labeled on the chart to distinguish them from other limit or market orders.

Important notes

• Each trader can place one Chase Limit Order per symbol per side. The maximum number of symbols with open Chase Limit Orders is 10, and the maximum number of open Chase Limit Orders per UID is 20.

• The minimum chase distance is 0.01%, and the maximum is 10% of the last traded price, with precision up to two decimal places.

• All Chase Limit Orders are post-only by default to ensure maker execution. If an order is rejected five times due to post-only conditions during high volatility, the strategy will be canceled.

Start using Chase Limit Order today to improve limit order execution while staying aligned with market movements.