How to Open a Position
Opening a perps position takes under a minute once your account is funded. Work through each step in order — the order summary shows you the full picture before any funds move.
1. Go to the Perps Terminal
Section titled “1. Go to the Perps Terminal”Open Perps/Spot from the navigation and select a perps market.
2. Fund Your Balance
Section titled “2. Fund Your Balance”Perps trade from the shared Perps/Spot USDC balance. Click Transfer, fund from any supported chain (minimum $10 — the terminal routes it automatically), and you’re ready. You can withdraw unused balance back to your wallet at any time from the same flow.
Funding the shared Perps/Spot balance
3. Select the Market
Section titled “3. Select the Market”Use the market selector to choose what you want to trade. Each market has its own maximum leverage — majors like BTC and ETH support the highest, smaller caps less. Builder-deployed markets (stocks, commodities, forex, indices) carry a badge.
4. Choose Your Direction
Section titled “4. Choose Your Direction”- Long — you profit if the price rises
- Short — you profit if the price falls
5. Choose a Margin Mode
Section titled “5. Choose a Margin Mode”| Mode | Behaviour | When to use |
|---|---|---|
| Isolated (default) | Locks a specific amount of collateral to this position only. A liquidation here cannot touch your other positions or free balance. | When you want a single position’s risk fully ringfenced. |
| Cross | Shares collateral across all your cross positions. Unrealised PnL on winners offsets margin demand on losers. | Managing multiple correlated positions with capital efficiency. |
You can’t change the margin mode while a position is open in that market — close it first.
6. Set Your Leverage
Section titled “6. Set Your Leverage”Use the leverage control or type a value. The maximum is market-specific and shown on the slider.
7. Enter Your Position Size
Section titled “7. Enter Your Position Size”Enter either the notional size (total position value) or the margin amount (collateral to put up). Required initial margin is position size ÷ leverage, and the panel shows both values alongside the USDC requirement. Minimum order value is $10.
8. Choose Your Order Type
Section titled “8. Choose Your Order Type”| Order type | How it works | When to use |
|---|---|---|
| Market | Executes immediately at the best available price, within your slippage tolerance. | You prioritise speed over price. |
| Limit (GTC) | Rests on the book at your price until filled or cancelled. | Price control; willing to wait. |
| Limit (IOC) | Fills immediately up to your limit; cancels any remainder. | Price control without leaving an order resting. |
| Limit (ALO / post-only) | Adds to the book and never executes immediately — guarantees the maker rate. | Providing liquidity at the cheapest fee. |
| Stop Market | A market order that triggers when the mark price hits your trigger level. | Breakout entries and defensive exits. |
| Stop Limit | A limit order that activates at your trigger price. | Trigger-based entries with a fill cap. |
| Take Profit Market / Limit | The mirror of stops — triggers when price moves in your favour. | Automated profit-taking. |
| TWAP | Splits the order into slices over 5 minutes to 24 hours, with optional randomized timing. Minimum notional scales with duration (roughly $10 per minute). | Sizing into or out of a large position with minimal impact. |
A Reduce Only option restricts an order to closing existing exposure — it can never increase your position.
The perps order entry panel
9. Review the Order Summary
Section titled “9. Review the Order Summary”Before confirming, check:
- Entry price — where the position opens
- Liquidation price — where it would be forcibly closed
- Required margin — USDC locked as collateral
- Estimated fees — the combined maker/taker rate for this order (see Fees)
10. (Optional) Attach Take-Profit and Stop-Loss
Section titled “10. (Optional) Attach Take-Profit and Stop-Loss”You can attach TP/SL orders during entry — they arm only once the entry order fills, and they trigger off the mark price. See How to Close a Position.
11. Confirm
Section titled “11. Confirm”Click Confirm to submit. The position appears in the Positions panel once it fills.
After Opening
Section titled “After Opening”- Set or verify your take-profit and stop-loss — see How to Close a Position.
- Monitor the funding rate — see Fees for how it affects your holding cost.
- Watch your liquidation price — especially in volatile markets.