Recently, Binance's Alpha trading competition counts limit orders with a trading volume of 3 times, but many people have reported being unfairly treated. This is because the principles of limit trading and instant trading are completely different.

Instant trading on Alpha is similar to swap trading in conventional DEXs, where your counterparty is the pool. As long as the pool depth at the current price level is sufficient, the slippage is low, and the wear is minimal.

For example, the ZKJ that everyone is trading frequently is from the Pancakeswap V3 pool. V3 uses concentrated liquidity, which can further increase the depth within the range. It is recommended to trade in a non-custodial wallet, where the slippage can be set to 0.01%, further reducing the risk of being squeezed.

The principle of limit orders differs from instant trading. On conventional DEXs, limit orders typically utilize an on-chain order book, meaning the counterparty is the orders listed on the order book. Some DEXs may use a hybrid mechanism of order book + AMM, or an off-chain order book combined with on-chain settlement.

Binance's announcement states that the execution of limit orders is related to block confirmation times, and that 'if the on-chain liquidity of the selected token is poor, there may not be enough counterparties to match your order', and 'excessive on-chain traffic may lead to delays in order processing and matching'. Therefore, it is highly likely that the order book model is being used.

This means that a high success rate for limit order execution can only be achieved when there are enough people using limit orders. So, if you really want to use limit trading, you can first test the liquidity near the price level with a small amount.

Additionally, the K-line data on Alpha comes from a third party and differs from the actual Alpha transaction data.