How does Immediate Or Cancel (IOC) strategy Work

IOC Feature：Price Protection Mechanism for Spot Trading

A new Immediate or Cancel(IOC) feature is now available in KuCoin TR spot trading. It is designed to prevent execution issues which may lead to unnecessary loss when placing orders. The specific rules are as follows:

• If there are contra orders against the market/limit orders placed by users in the order book, the system will detect whether the difference between the corresponding market price and the ask/bid price would exceed the threshold (you can request via the API symbol interface).

• If the difference exceed the threshold, your order will not be cancelled, but the system will prompt a notice to inform you that your order might not be completely filled.

• In this case, the order would be partially executed against the existing orders in the market within the threshold and the remaining unfilled part of the order will be canceled immediately.

For example: If the threshold is 10%, when a user places a market order to buy 10,000 USDT in the BTC/USDT market (at this time, the current ask price is 58,000 USDT), the system would determine that the final execution price would be 65,000 USDT. As for (65,000-58,000)/58,000=12.06%>10%, the threshold price would be 63,800 USDT. Therefore, this market order will execute with the existing orders offering prices up to 63,800 USDT and the remaining part of the order will be canceled immediately.

Notice: There might be some deviations of the detection. If your order is not fully filled, it may probably be led by the unfilled part of the order exceeding the threshold.