> For the complete documentation index, see [llms.txt](https://xtrade.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://xtrade.gitbook.io/docs/perpetuals/perpetual-orders.md).

# Perpetual Orders

Perpetuals (or "perps") are trading contracts that let you bet on token prices **without owning the tokens**.

* <mark style="color:$info;">Go</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**Long**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">if you think the price will go up</mark>
* <mark style="color:$info;">Go</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**Short**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">if you think the price will go down</mark>

<figure><img src="/files/G4uT3iqg0aDEe7oawLrg" alt=""><figcaption></figcaption></figure>

## <mark style="color:green;">Open a Long or Short Position</mark>

{% stepper %}
{% step %}

### Go to Perpetuals

<mark style="color:$info;">From the top menu, tap</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**Perpetuals**</mark><mark style="color:$info;">, then choose a token like</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**BTC, ETH, SOL**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">from the dropdown list</mark>

<figure><img src="/files/2lCWiebqPL783gghEyC3" alt=""><figcaption></figcaption></figure>
{% endstep %}

{% step %}

### Choose Long or Short

* <mark style="color:$info;">**Long**</mark><mark style="color:$info;">: You open a position expecting the price to go up</mark>
* <mark style="color:$info;">**Short**</mark><mark style="color:$info;">: You open a position expecting the price to go down</mark>
  {% endstep %}

{% step %}

### Select Market or Limit

* <mark style="color:$info;">**Market**</mark><mark style="color:$info;">: Enter at the current price</mark>
* <mark style="color:$info;">**Limit**</mark><mark style="color:$info;">: Set your own entry price</mark>

<div align="left"><figure><img src="/files/XszAs5SunFBpjQpFw1YI" alt="" width="417"><figcaption></figcaption></figure></div>
{% endstep %}

{% step %}

### **Enter Buy Amount**

<mark style="color:$info;">Type how much USDC you want to use for this trade or use the slider to allocate a percentage of your available margin</mark>

<div align="left"><figure><img src="/files/VgHbDd2784add37lwOEn" alt="" width="555"><figcaption></figcaption></figure></div>
{% endstep %}

{% step %}

### **Adjust Leverage**

<mark style="color:$info;">Tap the</mark> [<mark style="color:$info;">**Leverage**</mark>](#user-content-fn-1)[^1] <mark style="color:$info;">button to set your preferred leverage.</mark>

<div align="left"><figure><img src="/files/kORUnhE0Lh2Xv9L9NwYi" alt="" width="563"><figcaption><p>You can go up to <strong>40x leverage</strong> for BTC</p></figcaption></figure></div>

{% hint style="danger" %}
Note that setting a higher leverage increases the risk of liquidation
{% endhint %}
{% endstep %}

{% step %}

### **Set TP/SL (optional)**

* <mark style="color:$info;">**TP**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">(Take Profit): The price to close in profit</mark>
* <mark style="color:$info;">**SL**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">(Stop Loss): The price to close and limit your loss</mark>
* <mark style="color:$info;">Est. Liq. Price: The</mark> [<mark style="color:$info;">**estimated liquidation price**</mark>](#user-content-fn-2)[^2] <mark style="color:$info;">for your position</mark>

<div align="left"><figure><img src="/files/ZC2UtBaYmfFDR5NBWmsE" alt="" width="563"><figcaption></figcaption></figure></div>

{% hint style="success" %}
You can always edit your TP/SL later after opening the position
{% endhint %}
{% endstep %}

{% step %}

### **Confirm Your Position**

<mark style="color:$info;">**Long BTC-USDC**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">if going long or</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**Short BTC-USDC**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">if going short</mark>

<mark style="color:$info;">Once submitted, your position will show up under the</mark> <mark style="color:$info;"></mark><mark style="color:$info;">**Positions**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">tab. You can track, manage, or close it from there.</mark>

* <mark style="color:$info;">**Positions**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">– your active long or short positions</mark>
* <mark style="color:$info;">**Open Orders**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">– displays your pending limit orders</mark>
* <mark style="color:$info;">**Trades**</mark> <mark style="color:$info;"></mark><mark style="color:$info;">– shows your recent filled trades for that market</mark>

<div align="left"><figure><img src="/files/nfVw2uUQSi16BgMwwUFD" alt="" width="563"><figcaption></figcaption></figure></div>
{% endstep %}

{% step %}

### <a href="https://xtrade.gg/perpetuals" class="button primary" data-icon="rocket-launch">Go Looong or Short It</a>

{% endstep %}
{% endstepper %}

***

## <mark style="color:green;">Understanding the Positions Tab</mark>

<figure><img src="/files/PUGexFE93rhZCDQoW46F" alt=""><figcaption></figcaption></figure>

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**

<div align="left"><figure><img src="/files/K51ENQDpSbILyJg7yUmp" alt="" width="563"><figcaption></figcaption></figure></div>

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

<div align="left"><figure><img src="/files/3mUCkb19kVbf1k3AZY6w" alt="" width="563"><figcaption></figcaption></figure></div>

7. **Margin Used (PNL) -** how much USDC you used to open the position; includes unrealized **PNL** in both USD and %

{% hint style="info" %}
Click the ✏️ edit icon to add more margin. This will push your liquidation price further away and reduce risk
{% endhint %}

8. TP/SL - your **Take Profit** and **Stop Loss** settings

{% hint style="info" %}
You can set or ✏️ edit these anytime after opening the position
{% endhint %}

<div align="left"><figure><img src="/files/5xXRzZg80gj7vx92iUKc" alt="" width="563"><figcaption></figcaption></figure></div>

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

<div align="left"><figure><img src="/files/6MBAAXGpRAJXAvyHoppd" alt="" width="516"><figcaption></figcaption></figure></div>

[^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