Introducing KuCoin’s Call Auction Mechanism for New Trading Pairs
Dear KuCoin Users,
To reduce price fluctuations when new trading pairs are listed as well as lower the risks users bear when trading in such trading pairs, KuCoin has recently introduced a call auction mechanism for new trading pairs before the start of their trading. During the call auction stage, users can place orders, but these orders will not be immediately filled. All buy and sell orders from the call auction stage will be matched based on price and time priority, which determines an opening price.
The opening price is determined based on the following three criteria:
- This is the price that would result in the highest trading volume.
- Buy orders with prices higher than this price as well as sell orders with prices lower than this price can all be filled.
- All buy orders at this price will be filled, or all sell orders at this price will be filled.
The call auction has two phases:
- Phase 1: Users can place and cancel orders at any time.
- Phase 2: Users can place orders at any time, but orders cannot be canceled.
Please check the duration of each phase on the market opening countdown page.
Note: In a call auction, only limit orders can be placed. We also provide estimated opening price, estimated trading volume, and current price ranges of buy and sell orders for your reference. However, these reference data may not represent the actual conditions when a trading pair starts to be traded in the market.
At the end of the call auction, we will calculate the final opening price and trading volume based on placed buy and sell orders. Trading fees for orders filled in call auctions will be charged according to taker fee rates.
Thank you for your support!
The KuCoin Team
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