Hi,
As an alternative of "conditional orders": I am going to call them "cease orders".
Since Binance moved stops order to a separate ebook (end of 2025), so that they're not sequenced and queued as a part of the central restrict order e-book "CLOB", our cease 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 stop orders (market/limit) into the CLOB. They apply a throttle to this course of.
Clients with whitelisted entry to the VIP routing and knowledge feeds are capable of detect these throttled cease cascade occasions and do the following:
-Pull their maker liquidity.
-Front run the cascade with market/limit orders (these hit the CLOB without being sure by the identical throttled procedure as the triggered stop cascade).
There's a cause that this isn't allowed on tradfi exchanges such because the CME.
Binance, please handle this... else I'll attain out to regulators.
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