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Supported Order Types

Order Type Description
Limit An order to buy or sell at a specific price or better.
Stop-Limit An order that combines the features of a stop order and a limit order. The stop price acts as a trigger to enter a limit order into the market.
Market With Protection A Market Order With Protection is an order to buy or sell a stated amount of an asset at the prevailing best price. Users do not need to set a limit price for their order, instead the system will attempt to fill the full order at the best available prices in the market.
Post Only A limit order which only enters the market if it will not immediately execute with another resting order in the order book.

Please see the Order Types page here for more information.

Supported Time in Force

Expiry Condition Description
Good Til Cancel (GTC) Orders with this expiry setting remain open and active until either executed or explicitly canceled by the client.
Good Til Date (GTD) The submitting client specifies the date at which an order is to be expired if not already executed.
Day Orders with this expiry type that have not been executed will be expired by the system at the end of the Cboe Digital session on which they were entered. The Spot market session is continuous and only finishes when a maintenance period takes place, thus, Spot orders entered with Time in Force = Session (Day)will remain active until a maintenance window takes place. The Futures market session elapses from 5pm CT to 4pm CT on the following day.
Fill or Kill (FOK) A “Fill or Kill” is an order that will either fill immediately the whole requested quantity when entering the orderbook, or it will be cancelled in its entirety.
Immediate or Cancel (IOC) An “Immediate or Cancel” order, when submitted, will immediately fill any portion of the order that is executable and cancel any remaining quantity. Similar to a Fill or Kill but an IOC can have partial fills.

Current Market Hours

Please see Central Limit Order Book hours here.

Block Trading

Block Trades are permitted in Cboe Digital futures products and may be submitted in accordance with Exchange Rules 601 and 603. For questions regarding Block Trade submission, including how to designate an Authorized Reporter for Block Trade reporting, please contact [email protected].

Spot Block Trades
Bitcoin Bitcoin Cash Ethereum Litecoin USD Coin
Symbol BTC/USD, BTC/USDC BCH/USD, BCH/BTC ETH/USD, ETH/BTC, ETH/USDC LTC/USD, LTC/BTC USDC/USD
Minimum Block Size 0.0001 BTC 0.01 BCH 0.001 ETH 0.01 LTC 25 USDC
Block Trading Hours
Sunday - Sunday 24 x 7
Futures Block Trades
Bitcoin Ether
Symbol FBT FET
Minimum Block Size 10 Contracts 10 Contracts
Block Price Increments $ 0.01 $ 0.01
Block Trading Hours 23x5 Sunday through Friday 5:00 p.m. CT (open on previous business day) through 4:00 p.m. CT (close on trade date)

Trading Halts

Pursuant to Cboe Digital Exchange Rule 541, a market for a Contract will enter into a halt state for a period of time designated by the Exchange, during Trading Hours for the Contract, if a circuit breaker is triggered: the price of a bid (offer) in the Contract is higher (lower) than a percentage designated by the Exchange as compared to the highest (lowest) bid (offer) observed during the lookback window as designated by the Exchange.

  • Lookback Window – The window of time to compare a new order to the existing market.
  • Threshold Percentage – The percentage away from the highest (lowest) bid (offer) observed during the lookback window that a bid (offer) must reach to trigger a halt.
  • Halt Period – The time for which a given Contract will be halted until orders are accepted again.
Circuit Breaker Parameters
Parameters
Lookback Window 1,000 ms (1 second)
Threshold Percentage 2.5%
Halt Period 10,000 ms (10 seconds)

Additionally, the Exchange may, in its discretion, temporarily halt trading in a Contract or modify the circuit breaker parameters, including the time of a halt state, to preserve market integrity in a Contract market.

Exchange Risk Controls (Pre-Trade, Hard Block)

Pursuant to Rule 540, the Exchange implements, and make available to Clearing Members and Trading Privilege Holders, various risk control mechanisms:

COD (Cancel on Disconnect)
All open session (GFS) orders are automatically canceled if the Order Entry FIX ID is disconnected from the exchange for any reason.

Throttle Limit
Each FIX session comes with a standard throttle of 100 messages per second. A throttle limit of 500 messages per second will be applied to FIX sessions for Trading Privilege Holders participating in the Cboe Digital Exchange Futures Market Maker and DALP Incentive Programs.

Section 8.13 of the Exchange FIX Spec provides further details on the messages that count towards the throttle limit.

Price Banding
The Exchange enforces dynamic price banding to prevent erroneous order execution. The price bands set an upper bound on buy orders and lower bounds on sell orders. Price bands are set per instrument based on a configurable number of ticks from the instrument reference price. The reference price is determined by the Exchange using a waterfall heuristic based on trades, best bid/offer, last settlement price or current reference price in real time (on every tick).

  • Price bands for Futures products are currently set at 5%

Top Day Margin Exposure Limit
The maximum cumulative size for an FCM portfolio (including working orders) during a trading session represented in terms of the portfolio margin requirement. The Margin Exposure limit is set per FCM Clearing Account. Margin Exposure limit usage is calculated by the Exchange as the number of contracts times margin per contract on a CAR level and aggregated on a gross basis to the FCM Clearing Account level. Note: Pre-trade margin calculation does not provide any inter or intra commodity offset. Orders that will cause the Margin Exposure limit usage to exceed the limit will be rejected by the Exchange.

Product Top Day Position Exposure Limit
The maximum cumulative positions per product that can be accumulated in an FCM Clearing Account for a trading session. The positions are maintained per CAR (account for NET or GROSS CAR configuration) and aggregated on a gross basis to the FCM Clearing Account level. Usage towards the Position Exposure Limit takes working orders into account and any order that will cause the usage to exceed the limit will be rejected by the Exchange.