I. Order and Position Limits
The table below shows default order and position limits for portfolio margin (PM) and nonportfolio margin (nonPM) users respectively. These limits are subject to change.
VIP clients please contact customer service to apply for increased limits.
Rule

Type

BTC/USD Options (PM)

ETH/USD Options (PM)

BTC/USD Options (NonPM)

ETH/USD Options (NonPM)

#1

Max. No. of contracts for each order

25,000

50,000

10,000

25,000

#2

Max. No. of current open orders for one instrument

12

12

6

6

#3

Max. No. of contracts of all open orders for one underlying

25,000

20,000

10,000

10,000

#4

Max. No. of open orders for one underlying

60

60

30

30

#5

Max. No. of contracts held for one instrument

50,000

40,000

20,000

20,000

#6

Max. No. of long or short contracts held for one underlying

300,000

300,000

150,000

150,000

#7

Max. No. of contracts held for one underlying

500,000

500,000

250,000

250,000

II. Details of Order or Position Limits
The following are position limit rules for options trading. Number in examples shown below are for reference only. Please refer to the above table for the maximum limits.
[Rule #1] Max. No. of BTC/USD Options contracts for each order is 25,000. One can place an order of up to 25,000 BTC/USD options contracts.
Example: User wants to buy or sell 25,001 BTC/USD options contracts. As the number of order contracts exceeds the limit, this order cannot be placed. However, he is allowed to buy or sell 24,999 BTC/USD options contracts.
[Rule #2] The maximal number of total pending orders is 12 for one instrument, including both buy and sell orders.
Example: A user wants to place a buy order for BTCUSD1912277500C and the following is his current order status:
No.  Contract Name  Order  No. of Contracts 
1  BTCUSD1912277500C  Buy  30 
2  BTCUSD1912277500P  Sell  2 
3  BTCUSD1912277500C  Sell  1 
4  BTCUSD1912278000C  Buy  3 
He has already placed 2 orders (Order 1 and 3) for BTCUSD1912277500C. As the total number of orders has not exceeded the limit, he can place a new buy order.
[Rule #3] The maximal number of contracts of open orders for one underlying is 25,000.
Calculation: Total number of contracts of buy and sell orders
Example: A user wants to place a buy order of 1000 contracts for BTCUSD1912277500C.
This shows his order status:
No.  Contract Name  Order  No. of Contracts 
1  BTCUSD1912277500C  Buy  1000 
2  BTCUSD1912277500C  Sell  1500 
3  BTCUSD1912278000P  Buy  6000 
4  BTCUSD1906218000P  Buy  1200 
The user has already placed 1000+6000+1500+1200=9700 contracts.As the total number of orders has not exceeded the limit, he can still place another new order.
[Rule #4] The maximal number of total open orders for a single underlying is 60, including both buy and sell orders.
If a user wants to place another order after placing the followings:
No.  Contract Name  Order  No. of Contracts 
1  BTCUSD1912277500C  buy  300 
2  BTCUSD1912277500P  Sell  20 
3  BTCUSD1912277500C  Sell  10 
4  BTCUSD1912278000C  Buy  30 
He has already placed 4 orders of BTC/USD underlying. As the total number of orders has not exceeded the limit, he can still place another new order.
[Rule #5] The maximal number of contracts held for one instrument is 50,000.
Calculation: Absolute value of (number of contracts to be placed + number of contracts in open orders of the same direction + number of contracts currently held) must not be more than 50,000.
Example: A user has placed orders as follows:
No.  Contract Name  No. of Long(+)/Short() Positions  Open Order Contracts  No. of Pending Order Contracts 
1  BTCUSD1912277500C  500  Buy 5000 Sell 750 
Buy 6000 
2  BTCUSD1912278000C  1000  Sell 1200  N/A 
The number of contracts in the order to be placed + number of contracts in open orders of the same direction + number of contracts currently held = 6000+5000500 = 10500. It does not exceed the limit of 50,000 contracts yet and therefore he can place the order to buy 6000 BTCUSD1912277500C contracts.
[Rule #6] The maximal number of long or short contracts held for one underlying is 300,000
Calculation: Absolute value (number of contracts to be placed + number of positions of that contract + number of positions of other contracts of the same direction + number of contracts in all other open orders of the same direction)
Example:
No.  Contract Name  No. of Long(+)/Short() Positions  Existing Order Contracts  No. of Current Pending Positions 
1  BTCUSD1912277500C  +950 [3]  Buy 100 [4]Buy 1,000 [4]Sell 1  N/A 
2  BTCUSD1912278000C  2 [2]  Buy 100 [4]  BUY 950 [1] 
3  BTCUSD1912277500P  200  Sell 10  N/A 
The user wants to place a buy order on BTCUSD1912278000C.
The total number of contracts = absolute value (number of contracts in the order to be placed [1] + number of positions of that contract [2] + number of positions of other contracts of the same direction [3] + number of contracts in all other open orders of the same direction [4] ) = abs (9502+950+(100+1,000+100)) = 3098. The number stays within the limit, therefore he can buy 1,900 BTCUSD1912278000C contracts.
[Rule #7] The maximum number of contracts held for one underlying is 50,000.
Calculation:
(1) Outright positions for each instrument = max(abs(number of long positions as if only all the long open orders are filled), abs(number of short positions as if only all the short open orders are filled))
(2) Sum the quantity in (1) over all instruments, and the sum must not exceed 500,000.
Example:
No.  Contract Name  No. of Long(+)/Short() Positions  No. of Existing Order Contracts  No. of Pending Long/Short Order Contracts  No. of Outright Buy Positions  No. of Outright Sell Positions 
1  BTCUSD1912277500C  60  Sell 30Sell 3  Buy 50  TRUE  TRUE 
2  BTCUSD1912278000C  200  Sell 10  N/A  200  TRUE 
3  BTCUSD1912277500P  3  Buy 2Buy 3Sell 1  N/A  TRUE  TRUE 
(1) For BTCUSD1912277500C, outright positions = max (110,27) = 110
For BTCUSD1912278000C, outright positions = max (200,210) = 210
For BTCUSD1912277500P, outright positions = max (8,2) = 8
(2) Sum = 110+210+8 = 328, which has not exceeded the limit. Therefore he can place orders.