Overview

The Retail Price Improvement (RPI) order is a specialized order type under the UTA, designed to enhance liquidity and improve pricing for retail traders by matching exclusively with non-algorithmic orders. It ensures fair and targeted liquidity provision for retail traders while maintaining market integrity.

Matching Rules

1. RPI orders will only match with orders placed by non-algorithmic users and do not execute against orders submitted via OpenAPI. 

2. All RPI orders are Post-Only, meaning they act as maker orders and contribute liquidity to the order book.

3. RPI orders have the lowest execution priority, regardless of when they're placed. They will only be filled after all non-RPI orders at the same price level have been executed.

How to Place an RPI Order

1. RPI orders can only be placed via the OpenAPI. For more details, refer to the Time-In-Force section.

2. Only selected market-making partners can place RPI orders. If an unauthorized market maker attempts to place an order, they will receive the following error message: "RPI orders are restricted to approved Market Makers only".

Trading Rules

1.  RPI orders are available for both Spot and Derivatives trading, except for Options. They support Isolated Margin, Cross Margin, and Portfolio Margin modes.

2. RPI orders function as limit orders and share the same margin requirements as standard limit orders. The minimum and maximum order sizes, as well as price limits, are based on the corresponding Spot or Futures symbols.

3. RPI orders allow batch placement, partial fulfillment, order modifications (including price and quantity), and cancellations.

4. RPI orders cannot be combined with conditional orders, including Stop-Loss, Take-Profit, or Stop orders.

Order Visibility

API Order Book: RPI orders will be excluded from the API order book.

Order Book on Trading Page: RPI orders will appear on the trading interface without any special labels.

Please note that crossed RPI orders (where bid prices exceed ask prices) will be hidden to keep the order book organized. More details about crossed RPI orders can be found in the section below.

Crossed Orders & Order Book Management

Crossed orders occur when bid prices exceed ask prices, either between two RPI orders or between an API order and an RPI order. In these cases, the RPI order will be hidden from the trading interface to maintain an organized order book, but it remains active in the matching engine and can still be executed.

Example 1

If the price of an RPI order crosses with that of an API order, the RPI order will be hidden, while the API order remains visible. However, since an RPI order can't match with an API order, it won't be executed.

Example 2

If two RPI orders cross, both will be hidden. RPI orders will not match with each other.

Frequently Asked Questions (FAQs)

1. Who can place RPI orders?

Only selected market-making partners can place RPI orders via the API. Unauthorized market makers will receive an error message if they attempt to place one.

2. Will RPI orders be visible in the order book?

• API Order Book: No.

• Order Book on Trading Page: Yes, RPI orders are visible on the trading interface, but crossed RPI orders will be hidden.

3. Do RPI orders execute immediately?

No, RPI orders are Post-Only orders designed to add liquidity, meaning they won't be executed immediately as taker orders.

4. How are RPI trades labeled?

RPI trades are labeled as "RPI Trade" in the API records for easy identification, but they won't display any special labels on the trading interface.