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A Chase order follows the best bid for a buy or the best ask for a sell. Pacifica reprices the unfilled amount as that price changes. Orders are post-only, so fills pay maker fees. A fill is not guaranteed.
Chase order form with Chase until mode, Chase To Price, breach action and TP/SL

BTC Chase form with a price boundary and a choice to pause or cancel when it is crossed.

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How it works

  1. When you place the order, Pacifica places a post-only (ALO) limit order at the current best bid (for a buy) or best ask (for a sell).
  2. When the best bid or ask changes, Pacifica reprices your order. Only the unfilled remainder is moved, so partial fills are kept.
  3. The order finishes when the whole amount has filled, when you cancel it, or when a price boundary cancels it. A boundary can also pause repricing.
Because the order is always post-only, it never takes liquidity. It can only be filled by someone else crossing the spread into it.

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Settings

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Example

BTC has a best bid of $100,000 and a best ask of $100,010. You want to buy 0.1 BTC without crossing the spread:
  • Place a Chase buy for 0.1 BTC, with To Price set to $100,500 and breach action Cancel.
  • Your order rests at $100,000. If the bid ticks up to $100,001, your order follows to $100,001.
  • If sellers hit your bid, you fill as a maker. If the best bid goes above $100,500, the chase is cancelled and you can decide what to do next.

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Good to know

  • Each reprice replaces the resting order, so your order joins the back of the queue at the new price level.
  • A Chase can partially fill many times on its way to completion. Every fill shows up in Trade History and counts toward the total.
  • Chase orders can also be created from the Positions panel to reduce a position with a post-only order.
  • Chase orders appear under the Strategies tab (Auto Chase sub-tab) while they are working.