Introduction to Order Book

1. Overview

To enhance your trading experience and improve platform stability, cryptocurrency spot trading on Futubull now supports routing to two upstream exchanges: PantherTrade (PT) and HashKey (HSK). On the quotes page, candlestick data and the order book are aggregated from these exchanges, providing a more comprehensive view of the market. Please note that this aggregation may result in certain trading patterns. To help you better understand and use this feature, we have prepared an overview and a detailed FAQ.

2. Frequently Asked Questions (FAQ)

2.1 What does having multiple upstream exchanges mean?

Having multiple upstream exchanges means that orders placed on Futubull may be routed to different exchanges for matching and execution. At present, our cryptocurrency spot trading supports two exchanges: PantherTrade (PT) and HashKey (HSK). The multi-upstream trading arrangement applies only to specified trading pairs and order types.
We consistently display order data from all upstream exchanges to provide you with the most comprehensive market information.

2.2 What makes up the trading volume?

Our trading volume data aggregates transactions from both upstream exchanges, PantherTrade (PT) and HashKey (HSK), to provide you with a more comprehensive view of market activity.

2.3 How can I distinguish orders from different exchanges?

On the quotes page, orders from different exchanges are clearly labeled for your convenience. For example, orders from PantherTrade (PT) will display a "PT" label, while orders from HashKey (HSK) will display an "HSK" label.

2.4 Why can't my order be filled at the price shown on the quotes page when I place an order?

This is a common situation when trading with multiple upstream exchanges. Our system automatically routes your order to the exchange that offers the best execution. Therefore, your order may not always be filled at the exact price displayed on the quotes page.
For example, you might see a specific price on the quotes page, but your order is not executed at that price due to:
- Your order being routed to a different upstream exchange, where the price differed from what was displayed.
- The market price changing rapidly, resulting in a different price by the time your order was placed.

2.5 Which exchange will my taker order be routed to?

When you submit a Taker order, the system will automatically route it to the exchange offering the best available terms for execution. The system continuously monitors prices across all upstream exchanges in real time, with the goal of executing your orders on the best available terms.

2.6 Will having multiple upstream exchanges affect my trading experience?

No. Our system continuously monitors all upstream exchanges, aiming to execute your orders at the best possible price and with the fastest execution speed. You don't need to worry about choosing an exchange. We handle everything automatically to simplify your trading experience.

2.7 What is a "crossed market"? Why does a bid price sometimes appear higher than an ask price?

A crossed market occurs when the bid price is higher than the ask price on the aggregated order book. This situation can arise because real-time quotes from different exchanges may vary. Since our system present orders from all exchanges based on price priority, it may occasionally result in a crossed market.

2.8 How do the order book levels for cryptocurrencies differ from those of US stocks?

The order book feature is the same for both cryptocurrencies and US stocks. You can select the number of price levels to display (1, 5, 10, 20, or 40), and all related settings like Color Stripes, Order Size Bar, and Depth Chart are available for both.

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