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Order price protection helps prevent buys at excessively high prices and sells at excessively low prices.

Reference prices

Spot orders are checked against an external reference price for the underlying asset. Trades execute at prices available in the Spot order book; the reference price is used to check whether an order is acceptable. Perpetual orders are checked against the market’s mark price. Additional price limits can apply during weekend and extended hours trading.

How protection affects your order

The permitted price range can vary by market. A limit buy priced too high or a limit sell priced too low can be rejected. Market orders are checked against available liquidity and can be rejected if the requested quantity cannot be filled within the permitted range. An immediate-or-cancel (IOC) limit order lets you set your own execution-price limit. It may fill partially and cancel the remainder, subject to the market’s price-protection rules. Passing these checks does not guarantee a fill. Review your order status and completed fills before placing a replacement. See Order types for order behavior. For API fields and validation rules, see the Spot API guide.