Your first trade

The trade screen

The trade screen puts the price chart beside the order ticket. The chart shows the current mark; the ticket is where you set direction, size, and leverage, and review costs before signing.

• A market selector with the current mark, 24-hour change, and open interest
• A price chart with intervals from 1 minute to 1 day
• An order ticket for side, collateral, size, leverage, estimated fees, and liquidation price
• A positions panel showing exposure, entry, mark, PnL, and margin

Open a position

1. 1
   Pick a market and a side

   Choose one of the 16 markets. Go Long if you expect the mark to rise, Short if you expect it to fall.

2. 2
   Set size and leverage

   Enter collateral or position size and choose a leverage tier, up to 200x on positions under $100,000 notional, stepping down for larger sizes. Higher leverage moves your liquidation price closer to the mark.

3. 3
   Review the costs

   Check the open fee (0.10% of notional, or 0.05% if your trade reduces the market's open-interest imbalance) and the estimated liquidation price. See Fees & costs for the full schedule.

4. 4
   Approve USDG and confirm

   On your first trade you approve a bounded USDG allowance to the trading engine, then confirm the order. Approving and opening are two signatures; later trades within your allowance need only one.

5. 5
   Monitor and manage

   Your position appears in the positions panel. Add or remove margin, set reduce-only exit orders, or close part or all of it at any time.

Closing and payouts

Closing realizes your profit or loss. Your profit normally settles to your wallet in the same transaction. If the vault's free liquidity is temporarily drawn down, the close still goes through and your payout takes a place in a first-in, first-out payout queue. You are paid in full, just in turn.