Opening a Position
Opening a position
Steps:
Click on "Long" or "Short" depending on which side you would like to open a leverage position on.
Long position
Earns a profit if the token's price goes up
Makes a loss if the token's price goes down
Short position
Earns a profit if the token's price goes down
Makes a loss if the token's price goes up
After selecting your side, key in the amount you want to pay and the leverage you want to use, in the picture example 100 USDC is being used to buy a 5x ETH (Ethereum) long position of size 1887.73 USD
Add Limit order, Stop Loss and Take Profit
Limit order / Limit Price – Select limit order to activate the order when the pre-set price point is hit.
For the limit trade to be executed:
for LONG, the current price needs to go below limit price (from there it will be a LONG trade)
for SHORT, the current price needs to go above limit price (from there it will be a SHORT trade)
Stop Loss – Define your stop loss price point to close out the trade to protect your loss.
Take profit – Define your price point parameter to close out the trade to take profit. Currently a trader can take a maximum profit of 100% of the original collateral. (This will be expanded over time)
Review & Place Order
Following setting the parameters, review your trade including position size, trade fee and interest rate.
Once you are comfortable, place the order*. A message will appear to acknowledge the order and you will see the active trade appear or refresh the screen in ~30 seconds.
Note: If there aren’t any matchers for your trade, your trade will go into the ‘Pending Trades’ window until a lender can be found. Gas Fee: For each action the user needs enough rowan for gas which is quite low AND the minimum collateral token amount ex: 0.000001 USDC
*there will be a delay of 10-15 seconds for processing (this may affect your position entrance)
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