Hello,
As an alternative of "conditional orders": I'm going to call them "stop orders".
Since Binance moved stops order to a separate guide (finish of 2025), in order that they're not sequenced and queued as a part of the central limit order ebook "CLOB", our stop derived taker slippage has spiraled uncontrolled.
That is what appears to be occurring now:
As soon as triggered, Binance feeds the aggressor elements of the cease orders (market/restrict) into the CLOB. They apply a throttle to this course of.
Clients with whitelisted access to the VIP routing and knowledge feeds are capable of detect these throttled stop cascade events and do the next:
-Pull their maker liquidity.
-Entrance run the cascade with market/restrict orders (these hit the CLOB without being sure by the identical throttled process because the triggered stop cascade).
There is a cause that this isn't allowed on tradfi exchanges such as the CME.
Binance, please tackle this... else I'll reach out to regulators.
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