Open a Leveraged Position
To open a leveraged position, follow the steps below:
- Step 2: Choose the asset you wish to long/short.
- Method 1: Click the dropdown list at the top left corner and select the asset.
- Method 2: Click the dropdown list under What's your desired position size? section and select the asset.
- Step 3: Specify whether you want to open a long or short position by clicking the "Long" or "Short" tab.
- Step 4: Choose the Order Type (i.e., Market, Limit, or Stop) that you wish to use.
- Step 4.1: If you choose Limit or Stop order, please also specify the price that you want the order to be executed.
- For a Limit order, the limit price should be lower than the mark price if you're opening a long position or higher if you're opening a short position.
- For a Stop order, the stop price should be higher than the mark price if you're opening a long position or lower if you're opening a short position.
A stop-entry order can be used to enter the market in the direction the market is moving, frequently referred to as breakout trading.
- Step 5: Choose the asset you want to add as collateral (e.g., Pay USDT, Pay BNB) and specify the amount you want to add.
- Step 6: Provide the level of leverage by either sliding the leverage bar or filling the level of leverage in the leverage box.
- Step 6.1: If you choose to open a short position, you have to choose the collateral asset that you would like to have (USDC or USDT).
- For a long position, you will receive profits paid in the asset you are longing (chosen in Step 2).
- For a short position, you will receive profits paid in the chosen collateral asset (chosen in Step 6.1).
- Step 7: Click on the Long/Short [Asset] to open a leveraged position. You should get a pop-up from your Web3 wallet (i.e., Metamask) where you'll need to confirm the transaction. You may need to click Approve [Asset] if this is the first time you've swapped this token.