Multiple insufficient liquidity errors even though below max liquidity

Hi there,

I’m attempting to place a back bet (buy) on a contract but I keep getting ORDER_CANCELLED_INSUFFICIENT_LIQUIDITY. My example offer was this:

{
    "contract_id": "35516120",
    "market_id": "10142763",
    "price": 870,
    "minimum_accepted_quantity": 31034,
    "quantity": 31034,
    "side": "buy",
    "type": "immediate_or_cancel"
}

When I get this error, I make sure to get the current market quotes (/v3/markets/{market_ids}/quotes) for the contract to try & understand what the issue is & attempt to rectify it to have a better chance of matching my offers in future. These were the quotes collected from that market for this contract at the same time this offer was rejected:

{
    "bids": [
        {
            "price": 345,
            "quantity": 4641883
        },
        {
            "price": 263,
            "quantity": 4731186
        },
        {
            "price": 217,
            "quantity": 5683783
        }
    ],
    "offers": [
        {
            "price": 952,
            "quantity": 176995
        },
        {
            "price": 1087,
            "quantity": 181458
        },
        {
            "price": 1429,
            "quantity": 188698
        }
    ]
}

The price I have requested, 8.70% probability, is below that of the lowest current prices, 9.52% probability, that are in the offers array. I would expect my requested price to be taken & for Best Price Execution to give me the best price. My requested quantity is also only 17.5% of the current lowest liquidity in the market at the lowest price.

Could you explain to me why this offer would not be matched & if there is anyway of increasing my chances to match my offers? All the offers I place are for immediate execution (immediate_or_cancel).

Thank you!

Hey Will,

Sorry for a late reply. I can confirm that your order was cancelled correctly. It looks like you were trying to place a back bet at 11.5 when the market price was 10.5, as per:

"offers": [
    {
        "price": 952,
        "quantity": 176995
    },

For your bet to matched by Best Price Execution, the back price had to be 10 or lower.