# Perpetual Orders
Perpetuals (or "perps") are trading contracts that let you bet on token prices **without owning the tokens**.
* Go **Long** if you think the price will go up
* Go **Short** if you think the price will go down
## Open a Long or Short Position
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### Go to Perpetuals
From the top menu, tap **Perpetuals**, then choose a token like **BTC, ETH, SOL** from the dropdown list
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### Choose Long or Short
* **Long**: You open a position expecting the price to go up
* **Short**: You open a position expecting the price to go down
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### Select Market or Limit
* **Market**: Enter at the current price
* **Limit**: Set your own entry price
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### **Enter Buy Amount**
Type how much USDC you want to use for this trade or use the slider to allocate a percentage of your available margin
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### **Adjust Leverage**
Tap the [**Leverage**](#user-content-fn-1)[^1] button to set your preferred leverage.
You can go up to 40x leverage for BTC
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Note that setting a higher leverage increases the risk of liquidation
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### **Set TP/SL (optional)**
* **TP** (Take Profit): The price to close in profit
* **SL** (Stop Loss): The price to close and limit your loss
* Est. Liq. Price: The [**estimated liquidation price**](#user-content-fn-2)[^2] for your position
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You can always edit your TP/SL later after opening the position
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### **Confirm Your Position**
**Long BTC-USDC** if going long or **Short BTC-USDC** if going short
Once submitted, your position will show up under the **Positions** tab. You can track, manage, or close it from there.
* **Positions** – your active long or short positions
* **Open Orders** – displays your pending limit orders
* **Trades** – shows your recent filled trades for that market
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### Go Looong or Short It
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***
## Understanding the Positions Tab
Here’s a breakdown of what each column means and how to manage your position:
1. **Asset** - shows the token (BTC)
2. **Position** - whether your position is **Long** or **Short**, along with the size (`0.00024 BTC`)
3. **Position Value** - current USD value of your position, based on the live **Mark Price**
4. **Entry Price** - price where your position was opened
5. **Mark Price** - live reference price used for calculating **PNL** and **liquidation**
6. **Liquidation Price** - if the market hits this price, your position will automatically close to prevent bigger losses
7. **Margin Used (PNL) -** how much USDC you used to open the position; includes unrealized **PNL** in both USD and %
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Click the ✏️ edit icon to add more margin. This will push your liquidation price further away and reduce risk
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8. TP/SL - your **Take Profit** and **Stop Loss** settings
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You can set or ✏️ edit these anytime after opening the position
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9. Share - copy and share your PnL card :sunglasses:
10. Close - choose **Market** to close your position immediately at the current price. **Limit l**ets you set a target exit price. The position will close only if the market hits it
[^1]: Lets you trade with more than you have
[^2]: If the market hits this price, your position will close automatically to stop bigger losses
