Trading
Perpetual-style positions with isolated margin, filled at live prices. Everything here is paper, but the rules are enforced exactly.
Orders
Market orders
A market order fills at the next fresh price: the first mark whose data was fetched from the source after you submitted. Never an older price, even one that is only a second old, so nobody can trade on a price they already know has moved.
It usually fills within a couple of seconds. If the market is stale and no fresh price arrives within 60 seconds, the order is cancelled and the margin returned.
Limit orders
A limit order rests until a fresh mark crosses your price: at or below it for a long, at or above it for a short. It fills at that mark, which is at your price or better. Margin is reserved while it rests, and you can cancel it any time. Limit orders can be placed on stale markets; they only fill on fresh prices.
Leverage
Choose from 1×, 2×, 5×, 10×, 25×, 50×, 100×. Leverage multiplies both the position size and how fast the margin moves: at 10×, a 1% move is 10% of your margin. Higher leverage also puts the liquidation line closer.
Isolated margin
Each position has its own margin. A position can lose at most the margin you put into it; it can't touch the rest of your balance or your other positions.
Position limits
- One position per market. To switch from long to short (or change leverage), close the position first.
- Max position size: the margin on one market, pending orders included, can be at most 25% of your current equity.
- Minimum size: $1 of margin.
Adding and reducing
- Add by placing another order on the same side with the same leverage. The entry becomes the size-weighted average; the liquidation price moves with it.
- Reduce by 25% or 50% from the position's ⋯ menu, or Close it. A close is also filled at the next fresh price. The margin you release, plus or minus the PnL on that part, returns to your balance.
When orders are refused
- the market is stale (market orders and closes only);
- the epoch is paused;
- the size is above the position limit or your available balance;
- too many orders too fast: 20 orders at once, then 2 per second per wallet.