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Ethereum Futures Trading on Testnet: APIError (ReduceOnly Order is Rejected) despite successful execution via Binance Web API
As a blockchain enthusiast, it’s not uncommon for users to experiment with various trading platforms and APIs. Recently, we encountered a frustrating issue with Ethereum futures trading on the Binance testnet using the python-binance library in Python.
Background
The python-binance library is an official integration of the popular Binance API, allowing developers to easily access and trade cryptocurrencies, including Ethereum. The library provides a convenient way to execute trades through its Web API or by utilizing the UI for more intuitive interfaces.
Testnet Futures Trading via Binance Web API
To use the testnet futures trading feature on Binance, you first need to create an account with Binance and generate necessary API keys. Once logged in, we can access the Web API using a secure connection (HTTPS).
From the python-binance documentation, we can execute trades through the following endpoints:
POST /api/v3/trade: Trades futures contracts
POST /api/v5/market order book*: Retrieves the current market prices and provides information about the contract
The Issue
After setting up our testnet account and generating API keys, we tried executing a "Buy Short" (reduce-only) order using thepython-binancelibrary. Unfortunately, despite successfully executing the order via the UI in Hedge mode, we encountered an error when attempting to do so through the Web API.
The error message stated that the "ReduceOnly Order is Rejected". This suggests that Binance's internal validation mechanisms rejected our trade request due to some reason, even though we were able to successfully execute it via the UI.
Debugging and Solution
To debug this issue, we took a closer look at the code snippets provided by thepython-binancelibrary. Upon examination, we found that the Testnet Futures Trading Endpoint is not designed for "ReduceOnly" orders, which are meant for buying or selling contracts.
To resolve this issue, we decided to explore alternative approaches using the UI and other APIs offered by Binance. We created an account on Hedge and attempted to execute our trade via the Hedge interface in Hedge mode.
After some experimentation with different order types and parameters, we were able to successfully execute a "Buy Short" (reduce-only) order via the Hedge interface. This workaround suggests that using the UI might be a viable alternative for futures trading on testnet Binance, despite the limitations imposed by the Binance API endpoints.
Conclusion
This article highlights an unexpected issue with executing a "Buy Short" (reduce-only) order on Binance's testnet through thepython-binancelibrary. However, it also showcases how experimenting with alternative APIs and interfaces can provide workarounds for common problems.
For users interested in exploring Ethereum futures trading on Testnet Binance using thepython-binancelibrary, this article provides a valuable lesson: always verify API endpoints and documentation before attempting complex operations.
Code Snippets
If you're interested in exploring these solutions further, here are some code snippets:
- Executing trades through the Binance Web API:
“python
import requests
api_key = “YOUR_API_KEY”
api_secret = “YOUR_API_SECRET”
url = “
headers = {
“api-key”: api_key,
“api-secret”: api_secret,
} }
data = {“symbol”:”ETHUSDT”, “page”:”BUY”, “type”: “LIMIT”, “quantity”: 10000, “timeInForce”: “GTC”}
response = requests .
