Binance Futures Relaunches Open Order Modification Feature

Open Order Modification Feature: After placing an open order, users can change the price or quantity of the unfilled order using open orders, K-Line, or the Binance API.

Open Order in Binance 

An open order is an unfilled or working order that will be fulfilled when an unmet requirement is met before the customer cancels it or expires. The customer can place a purchase or sell order that will remain in effect until the customer's selected condition is met.

Because they are generally conditional, many open orders are liable to delayed executions because they are not market orders. An order may potentially remain open due to a lack of market liquidity for a particular security.

As Binance Futures supports open order modifications to provide flexibility for traders, users can modify the price and quantity of open orders on their Coin- Margined contracts. 

When a price or quantity is changed on order, it is considered a new entry. Orders are prioritized using the FIFO or price-time-priority algorithm based on their order price and order time. As a result, the most recent orders will be at the bottom of the matching order queue.