Pre-market perpetual trading offers traders a unique opportunity to get ahead of the curve—participating in price discovery and positioning themselves before a new perpetual contract officially launches. This guide walks you through everything you need to know about entering and managing pre-market perpetual positions, from understanding the bidding process to placing and canceling orders with confidence.
Whether you're a seasoned trader or new to derivatives, mastering pre-market trading can give you an early advantage in volatile markets. Here’s how it works, step by step.
What Is Pre-Market Perpetual Trading?
Pre-market perpetual trading allows users to participate in price discovery for newly listed perpetual contracts before they go live on the main market. During this phase, traders submit buy and sell orders during a structured auction period, helping establish a fair opening price based on supply and demand.
This process typically includes two stages:
- Call auction phase: Orders are collected without immediate execution.
- Continuous bidding phase: Traders place limit orders that may be matched in real time.
The final price determined at the end of the auction becomes the official starting price when the contract transitions to regular trading.
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How to Place a Pre-Market Perpetual Order
Follow these steps to participate in pre-market perpetual trading:
Step 1: Access the Pre-Market Section
Open your trading app and navigate to the More section from the homepage. Look for the Pre-Market Perpetuals option and tap to enter.
This section lists all upcoming contracts eligible for pre-trading. Each contract displays key details such as:
- Auction start and end times
- Official listing time
- Underlying asset information
Review these carefully to plan your entry.
Step 2: Join the Auction
Click Join Now to begin participating in the auction for a specific contract.
At this stage, you’ll see whether the auction has already started or is still pending.
For Contracts Not Yet in Bidding Phase
If the auction hasn’t started, you can reserve interest or prepare your order parameters in advance. You’ll receive notifications when:
- The bidding phase begins
- The contract transitions to live trading
This helps you stay informed without needing to monitor constantly.
For Contracts Already in Progress
Tap Participate Now to go directly to the order page.
Only limit orders are allowed during continuous bidding. Market orders are disabled to ensure price stability during the sensitive price discovery phase.
Enter your desired price and quantity, then submit your order.
Important: Prices during pre-market trading are determined by trader interaction—there is no external oracle or reference price. The final matched price may differ significantly from post-launch market prices due to early speculative activity.
Understanding the Auction Process
The pre-market auction is designed to ensure fair and transparent price formation. It consists of multiple phases:
Phase 1: Call Auction (Order Collection)
During this period, traders submit buy and sell orders. No trades execute immediately. Instead, the system collects all bids and asks to calculate a potential equilibrium price.
Phase 2: Continuous Bidding
Once active trading begins, traders can place or modify limit orders in real time. Orders are matched based on price-time priority.
A two-round mechanism verifies the final price:
- A preliminary match determines the opening level.
- A confirmation round ensures consensus before launch.
When the auction ends, the contract moves to the main trading interface as a standard perpetual futures contract.
You can then manage your position like any other—adjust leverage, set stop-losses, or close the trade.
How to Cancel a Pre-Market Perpetual Order
Mistakes happen—and sometimes market conditions change fast. Fortunately, you can cancel your pre-market order under certain conditions:
When Cancellation Is Allowed
- After 23 hours and 50 minutes into the call auction phase
- At any point during the continuous bidding phase
To cancel:
- Go to the Open Orders tab
- Find your pre-market order
- Tap Cancel
This removes your order from the order book before execution.
Warning: Once the auction reaches its final minutes (typically within 10 minutes of completion), cancellation is no longer possible. Be sure to act early if you wish to withdraw.
Why Trade Pre-Market Perpetuals?
There are several strategic advantages to participating in pre-market perpetuals:
- Early Positioning: Get in before broader market awareness drives volatility.
- Price Discovery Influence: Help shape the initial market price through active participation.
- Potential for High Volatility Gains: Early movers often benefit from sharp moves after official listing.
- Improved Entry Points: Secure favorable prices before momentum builds.
However, risks exist too—limited liquidity and uncertain price direction mean careful risk management is essential.
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Key Tips for Success
To make the most of pre-market perpetual trading, keep these best practices in mind:
- Monitor Auction Timers Closely: Know exactly when bidding starts and ends.
- Use Limit Orders Only: Since market orders aren’t supported, always define your price.
- Set Realistic Expectations: Don’t assume pre-market price equals post-launch value.
- Stay Informed via Notifications: Enable alerts so you don’t miss critical updates.
- Start Small: Use smaller position sizes until you understand the dynamics.
Frequently Asked Questions (FAQ)
Q: Can I trade pre-market perpetuals on desktop?
A: Yes, while many platforms prioritize mobile access, some also offer pre-market trading on web interfaces. Check your platform’s features for availability.
Q: Are leverage settings adjustable during pre-market trading?
A: Leverage is usually fixed during the auction phase and becomes adjustable only after the contract launches as a standard perpetual.
Q: What happens if my order doesn’t get filled?
A: Unfilled orders remain in the system until canceled or matched. If unmatched by launch time, they may expire automatically depending on platform rules.
Q: Is there a minimum order size?
A: Yes, each contract has a defined minimum quantity. These vary by asset and are displayed clearly in the order entry panel.
Q: Can I use stop-loss or take-profit orders during pre-market?
A: No. Advanced order types like stop-loss and take-profit are only available after the contract transitions to regular trading.
Q: Do pre-market trades appear in my transaction history?
A: Yes, once executed, all pre-market trades are recorded in your trade history just like regular futures trades.
Final Thoughts
Pre-market perpetual trading is more than just early access—it's a strategic tool for proactive traders who want influence over market direction and first-mover advantage. By understanding the auction mechanics, knowing when and how to place or cancel orders, and managing risk wisely, you can turn this feature into a powerful part of your trading toolkit.
Whether you're aiming to capitalize on initial volatility or simply want better entry points, mastering pre-market perpetuals opens doors to smarter, faster decision-making.