Binance presents Spot Price Range Execution Rule (PRER), a new rule that cancels tag orders when the execution price falls outside a fluctuating fair price range.
The rule will come into effect gradually from April 14, 2026. It directly addresses spot market issues that arose during the flash crash on October 10, 2025.
What triggered Binance PRER
On October 10, 2025, President Trump announced 100% tariffs on Chinese imports. This triggered the largest single liquidation wave in crypto history.
Over 19.13 billion USD in leveraged positions were liquidated within 24 hours, affecting more than 1.6 million traders.
On Binance, assets like Cosmos (ATOM) traded briefly near zero when collateral was sold off on a large scale.
Old limit orders, some placed years ago, were filled against unilateral liquidity at extreme prices. Binance paid 283 million USD in compensation to users affected by the unwinding of USDe, BNSOL, and WBETH.
The exchange later introduced a separate 400 million USD “Together Initiative” that covered losses from forced liquidations. The total compensation thus reached 683 million USD.
This is how PRER works
PRER calculates a moving reference price per trading pair through a moving average of the latest transactions. Adjustable ranges above and below the reference indicate accepted trading prices.
When a take order risks being filled outside the range, the unfilled portion is canceled so that it is not completed at an abnormal price. Maker orders already in the order book are not affected. Under normal conditions, no changes in daily trading are noted.
Binance says that this is implemented trading pairs for trading pairs. New listings are activated when enough trading data creates a reliable reference price.
API users can retrieve reference prices and ranges via their own API endpoints directly.
Traders with open orders should review their strategies before April 14.
PRER provides protection against extreme price performances, but cannot eliminate volatility or the significant risks of leveraged crypto trading.