How do I place an order?
Before your first order, you’ll need to complete a one-time verification. See the Setting Up Perps Section for details.
From the home screen, tap Market > Perps and choose your direction:
Price up if you expect the price to rise
Price down if you expect the price to fall
Next, enter your amount and choose a leverage level:
Amount: The USD you're committing from your cash balance. This is your margin for the position. You can also convert your crypto to USD to fund the order.
Leverage: A multiplier on your exposure. Maximum leverage varies by instrument, up to 5x.
Position size: Amount × Leverage. The full value of your position.
For example, you commit $100 of margin at 3x leverage. Your position size is $300:
If the price rises 5%, your position gains $15, a 15% return on your $100
If the price falls 5%, you lose $15, or 15% of your margin
What order types are available?
Market order: Fills immediately at the best available price. The execution price may differ slightly from the displayed price in fast-moving markets.
Limit order: Fills only at the price you set, or better. The order rests until filled or canceled, with margin reserved from your balance.
You can cancel unfilled limit orders at any time to release the reserved margin.
What are take-profit and stop-loss?
Take-profit and stop-loss (TP/SL) closes your position automatically when the price reaches a level you choose.
Take-profit: Closes your position at a price you set in the profitable direction, locking in gains
Stop-loss: Closes your position at a price you set in the losing direction, limiting your loss
Both levels are pre-filled with defaults when you open a position. You can adjust or clear them before confirming and afterwards.
It’s recommended that you set TP/SL before confirming your order. Once a position is open, a stop-loss is the only way to cap your loss without actively monitoring it.
See the TP/SL Section for details.
How are trading fees calculated?
Trading fees are calculated on your position size, not your committed amount. For example, if you commit $100 at 3x leverage, the fee is based on the full $300 position.
You pay a trading fee when you open and again when you close. If your position is liquidated, a liquidation fee also applies.
At launch, the trading fee and the liquidation fee are waived. Please note that funding fees still apply.
How many positions can I hold?
You can hold up to 20 open positions at once. To open a new one, close an existing position first.
How your orders group into positions:
Same instrument, direction, and leverage: Your new order is added to the existing position
Different instrument, direction, or leverage: A separate position is created
This means you may hold two BTC Perps positions at once (e.g., one at 2x and one at 5x). Each has its own margin and is closed independently.