You are most welcome. I'd be somewhat surprised if crypto exchanges supported all the same stuff I mentioned - it's based on my history on equity exchanges and I'd expect crypto to be different.
Anyway the way MXQ and pinging works is imagine you have an orderbook where passive orders are not visible to other participants (ie the venue is dark or you have a grey venue where some orders can be flagged as dark). It's possible fro participants to pay to learn what orders are in the book by making some very small aggressive orders and seeing where they match. In the world of equities this would be buy 1 share agressively, sell 1 share agressively with a limit in each case. This is called "pinging" because it's like ICMP ping discovering whether hosts are alive. The concept in crypto (if it applies) would be the smallest quantity the exchange allows you to buy or sell.
Assuming the venue supports it, you can prevent your dark orders matching these pings by setting an MXQ. If your MXQ is 100 say, they would need to buy 100 shares for your order to match. You would set the size to a point where you don't mind giving up the information about where your order level is because the match is meaningful enough.
Anyway the way MXQ and pinging works is imagine you have an orderbook where passive orders are not visible to other participants (ie the venue is dark or you have a grey venue where some orders can be flagged as dark). It's possible fro participants to pay to learn what orders are in the book by making some very small aggressive orders and seeing where they match. In the world of equities this would be buy 1 share agressively, sell 1 share agressively with a limit in each case. This is called "pinging" because it's like ICMP ping discovering whether hosts are alive. The concept in crypto (if it applies) would be the smallest quantity the exchange allows you to buy or sell.
Assuming the venue supports it, you can prevent your dark orders matching these pings by setting an MXQ. If your MXQ is 100 say, they would need to buy 100 shares for your order to match. You would set the size to a point where you don't mind giving up the information about where your order level is because the match is meaningful enough.