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What are Retail Price Improvement (RPI) Orders?

Updated over 2 weeks ago

Retail Price Improvement (RPI) Orders are designed to improve the bid/ask spread for retail users on the trading interface. They allow selected market makers to quote more competitive prices to retail users, while preventing algorithmic traders from accessing these quotes.

Key Features

  1. Exclusive Matching: RPI orders only match with non-algorithmic (UI) users. Orders placed via API cannot match with RPI.

  2. Post-Only: RPI orders always add liquidity and cannot take liquidity from the order book.

  3. Lowest Execution Priority: RPI orders are executed only after all non-RPI orders at the same price.

  4. Visible on UI: RPI orders appear on the trading interface but are excluded from the API order book and market data.

Matching Rules

  1. RPI orders cannot cross or match with non-RPI resting orders at time of placement.

  2. RPI orders can cross with other RPI orders, but not match them.

  3. UI taker orders can match resting RPI orders.

  4. RPI orders do not interact with orders placed via OpenAPI.

Example behavior:

Resting Order

Arriving Order

Outcome

Reason

GTT

RPI

Reject

RPI cannot cross non-RPI

RPI

GTT (UI)

Match

UI user can hit RPI

RPI

GTT (API)

No Match

API orders can’t hit RPI

RPI

RPI

Enter Book

RPI can cross but not match RPI

Trading Rules

  1. Available on all trading pairs and margin modes

  2. Same price limits and order size constraints as standard limit orders

  3. Cannot be combined with conditional orders (e.g., stop-loss, take-profit)

  4. RPI orders must be limit + post-only + API-sourced

Order Book Visibility

  1. UI Interface: RPI orders are visible if not crossed

  2. API Order Book: RPI orders are excluded

  3. Crossed Orders: Hidden from UI to preserve uncrossed book view

  4. Logged-out Users: Cannot see RPI orders

Crossed RPI orders remain active in the matching engine but are hidden from the displayed order book.

Technical Notes

  1. New TIF (Time in Force) value: RPI

  2. Rate limit: 240 createOrder requests/hour for non-API users

  3. New rpi.book.snap and rpi.book.delta streams available for UI sources only

Impact on Market Data

  1. RPI orders are excluded from impact price and funding rate calculations

  2. Ticker best bid/ask does not include RPI orders

For additional specifications and implementation details, contact support.

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