Interpretation of Contract Type (1): FOK Commission
GAEA Headquarters — Learn more about how FOK Commissions work for you.
I guess everyone must have eaten rice dumplings in the past two days. Before you would buy the rice dumplings, you must have thought of its price and the amount of rice dumplings you need to buy on the day. For instance, you plan to buy 5 rice dumplings at a price of 2.5 Yuan.
However, you found out that the grandpa who would sell these rice dumplings for the price only had 3 rice dumplings left on his stall. Hence, you decided to look at another stall which would sell 5 rice dumplings for the price that you have budgeted. After a while, you found another stall that also sells the rice dumplings for the price of 2.5 Yuan. Luckily, there’s 10 rice dumplings left on this stall, so you bought those 5 rice dumplings at a price of 2.5 Yuan from there.
In the above example, the purchase method of the rice dumplings can be changed to the GAEA Bitcoin Contract Transaction, which is a common type of transaction known as the FOK commission.
What is an FOK?
FOK (FOK-or-Kill Order) refers to all transactions or cancellation of commissions in real time. That is to say, after the commission is issued at a limited price, all the number of declarations under the commission must be completed at the same time, otherwise the commission will be automatically revoked from the system.
In the above example, you want to buy 5 rice dumplings at a price of 2.5 Yuan, which is an FOK buying technique.
When we use the FOK, we need to note that the FOK commission should be used in conjunction with the limit price provided by the GAEA trading platform, therefore, the FOK commission cannot use the market price.
Let us give you another example: If the real-time market price of the GAEA Bitcoin Contract is 7,000 USDT and the market sells 300 pieces of contract, the investor will use FOK to buy 500 contracts at the price of 7,000 USDT. At this time, the price on the market is 7,000 USDT. The sale of USDT is obviously insufficient, hence, the order to buy 500 contracts will be automatically cancelled and there will be no transactions.
On this note, we believe that everyone has already understood the FOK. We will publish more on various commission interpretations in the future.
Learn more about GAEA’s Contract Descriptions:
Interpretation of Contract Type (2): Iceberg Commission
Interpretation of Contract Type (3): Passive Delegate
Interpretation of Contract Type (4): Reduce-Only Commission
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