Order Rejections Caused by Prices That Miss the Tick Size
Summary
The document records a Binance futures buy order rejected with an error stating that the submitted price did not increase by the required tick size. The accompanying function reads the latest traded price, applies a small upward adjustment, calculates a contract amount from a target amount, rounds that quantity, and submits a buy order. The rejection shows that a price derived by multiplying the last price by a factor may still fail the venue's price increment rules.
The post contains no response or demonstrated fix. It does not state the instrument's allowed tick increment or explain how to obtain exchange filters, so the precise valid price cannot be determined from the example alone. The practical lesson is limited: order prices must conform to the contract's permitted price step, and arbitrary decimal rounding does not guarantee compliance. Quantity precision and minimum order constraints may also need separate validation.
Key ideas
- The reported futures buy order was rejected for failing the venue's tick-size requirement.
- A small percentage adjustment to the last price does not ensure a valid order price.
- The document does not provide the instrument's tick increment or a confirmed correction.
- Price precision and quantity precision are separate order constraints to check.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.