Chase

This page covers how Chase prices and sizes its orders, each field in the ticket, how a Chase order ends, what you can change while it runs, and what it does when something goes wrong.

What Chase does

Chase works your quantity as a resting limit order on your side of the book. It moves that order as the market moves, until your quantity fills, you cancel it, or it expires.

Chase never prices an order across the spread. It is the algo the ticket opens on.

How it works

Pricing

Each time the book changes, Chase works out where its order should rest:

• Chase distance at 0 (the default): when the spread is wider than one tick, a buy bids one tick above the best bid and a sell offers one tick below the best ask. When the spread is one tick, it joins the best bid or ask.
• Chase distance above 0: the order rests that many basis points behind the best price on your side.
• Limit price, when you set one, caps the result. A buy never rests above it and a sell never rests below it.

Holding its place

Your own order is part of the public book. When your order is alone at the best price, or it set that price, Chase leaves it there. When others are queued ahead of it at that price, Chase improves on them by a tick, as long as the spread is wider than one tick.

Sizing

Chase keeps one order resting at a time. It sizes that order from the size showing on your side of the book, so a large quantity goes out in parts.

If that size is below the exchange's minimum, Chase sends a minimum-size order. If an order would leave a remainder below the exchange's minimum, Chase sends the whole remainder instead.

On OKX and Bybit, no order is larger than the largest single order the exchange takes on the market: by quantity or by value on OKX, by quantity on Bybit. The rest goes out in later orders.

Sizing to your balance

On spot markets, Chase keeps each order within what your available balance can pay for, which avoids most rejections for insufficient balance:

• A buy is no larger than your available quote currency buys at the order's price. On Coinbase, which holds the fee with the order, it leaves room for the fee at your account's rate.
• A sell is no larger than your available base asset.

Your available balance already excludes what your open orders hold. When Chase amends its resting order, it counts what that order holds as available, so the amended order can be smaller than before.

On an OKX or Bybit perpetual, Chase keeps each order within your margin: the ticket's Max for the order's side (How Max is worked out) at the order's price, less what your other open orders on that market and side already take. An order priced through the mid leaves room for what it would lose against the mid. With Reduce only on, the order isn't limited this way.

Chase never waits for a balance. When Aura has no balance for the account yet (on a perpetual, no leverage for the market), or your balance pays for less than the exchange's minimum order, the order goes out at its usual size and the exchange decides.

Requotes and fills

When the price Chase wants changes, it requotes. On every OKX and Bybit market and on Kraken and Coinbase spot, Aura amends the resting order in place. On Coinbase futures, it cancels the order and places a new one.

Each fill reduces what is left, and Chase keeps working the rest.

Quantity in the quote currency

On spot, perpetual and futures markets, but not inverse perpetuals, click the unit beside Quantity to switch between the base and quote currency. In the quote currency, the quantity is a budget, and Chase converts what is left of it to the base asset as it works.

Parameters

Below the submit button, Est. fee uses the maker rate when Post only is on and a maker-to-taker range when it is off. For more on the ticket, see Placing an order.

While it runs

The status chip in Open Orders tells you what Chase is doing. Hover new, working or waiting for a short explanation.

In the order sheet, a note beside the limit price says where the best price on your side sits against your limit, for example Bid at the limit or Bid 7.2 bps above. It turns amber once the market is past your limit.

How it ends

The status chip shows the outcome: filled, cancelled or part. cancelled. It reads rejected only for an order above your Max USD notional or one that never reached the exchange because the account had no connection. When the order ended for a reason other than a fill or a cancel, the order sheet shows the reason in a red box at the top, whatever the status.

Amending

Open the order and click Amend, or click the pencil on its row in Open Orders. The Order column turns into fields where it stands. Fields you can change are editable; the rest are dimmed.

Each changed field shows a teal dot and its old value, such as "was 5 bps", and only changed fields are sent. Click Apply (it reads, for example, Apply 2 changes), or Discard to leave without sending anything.

Aura cancels the resting order, waits for it to finish, and checks the new values the way it checks a new order, including your max USD notional. Chase then starts again from the current book. The status reads amending meanwhile. If you cancel during an amend, the cancel wins.

What can go wrong

If your exchange account disconnects, see Connection status. To compare Chase with the other algos, see Choosing an algo.