Closing a Short or Long Position on Binance Futures – A Step-by-Step Guide

Are you tired of receiving notifications when your position is closed on Binance Futures? Do you want to prevent market makers and other traders from placing unnecessary orders? Closing a short or long position on Binance Futures is possible, but it requires some knowledge of the platform’s APIs and order types. In this article, we’ll walk you through the process of closing a short position without generating a new order.

Prerequisites

Before you begin, make sure you have the following:

• Binance API Access – You must be logged in to your Binance account and have the necessary API credentials.

• Futures API Endpoint – Familiarize yourself with the Futures API endpoint that Binance uses to create orders.

• Position Object – Make sure you have a positions dictionary that contains the position data, including the original amount.

Step-by-step instructions

To close a short position on Binance Futures without generating a new order:

• Get your position details: Use the positions dictionary to retrieve the details of the current position:

shortQty = float(positions['origQty'])

• Check if you are holding or closing: Determine whether you are holding the short position (i.e. the price is above the market) or closing it (i.e. the price is below). You can use this information to decide what type of order to create.

• Create an order to close: Use the futures.create_order method with a symbol, type (long if closing), and other parameters as needed:

order = client.futures.create_order(
symbol=binance_futures_symbol,
side='close',
type=binance_futures_order_type,
quantity=shortQty,
expiration=None 
Optional: Set the expiration time (in seconds)
)

Note that the expiration setting is optional and only applies when using a specific order type. If you do not set it, the position will be closed immediately.

• Verify the order: Use the client.futures.get_order_id method to check if the closing order was successful:

order_id = client.futures.get_order_id(order['id'])
print(order_id)

Closing a long position

To close a long position on Binance Futures without generating a new order, use the same steps and replace shortQty with the amount you want to sell (i.e. the market value).

longQty = float(positions['origQty'])
order = client.futures.create_order(
symbol=binance_futures_symbol,
side='close',
type=binance_futures_order_type,
quantity=longQty,
expiration=None 
Optional: Set the expiration time (in seconds)
)

Verify the order
order_id = client.futures.get_order_id(order['id'])
print(order_id)

Important notes

• When closing a position, it is essential to note that market makers can still place new orders on your behalf. It is also possible for other traders to close your positions.

• Be careful when using the side parameter (e.g. 'close') to avoid unnecessary orders being generated.

• Always check the order details before proceeding.

By following these steps, you will be able to close a short or long position on Binance Futures without generating new orders. Remember to stay vigilant and monitor your positions closely to ensure they remain in your favor.

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