Trading perps

Before the first order

Perps are traded from a margin account on the venue, in your wallet's name. When you have none the ticket says Open an account; the first deposit opens it, and your wallet signs it.

The ticket

• Long / Short, then the size and the leverage.
• Market fills now within your max slippage. Limit rests at your price. Stop waits for a trigger price.
• Algo works a larger order: in slices over a duration, as a ladder between two prices, or chasing the best bid or ask.
• Cross shares your free collateral across positions; Isolated gives the position its own margin.
• Size from stop: set the stop first and let the ticket work out the size.

Before you confirm, the ticket shows the margin required, the liquidation price, the price impact and the fees, each on its own line. See Fees.

Managing a position

In the Positions block press a position's row. It opens into its actions:

• Close 25%, 50% or all of it. The button says exactly what it will send (a reduce-only market order).
• Exits: set, change or remove a take profit and a stop. A stop on the wrong side of the price is refused before it reaches your wallet.
• Chart shows the position on the chart.

The other tabs are your resting Orders (cancel there), History and Funding paid and received.

Liquidation

With leverage a position is closed by the venue when its margin no longer covers it. The ticket shows that price before you open, the position row shows it after, and the chart marks where large clusters of other traders' liquidations sit.

Leverage multiplies losses as well as gains. A stop is an order, not a guarantee: in a fast market it can fill worse than its price.