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execution.md
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@@ -14,11 +14,11 @@ We do not custody your assets. Your assets stay with you and the margins posted
## Margining
All positions are margined in BUSD. Both isolated and portfolio margining will be supported. 
All positions are margined in BUSD.
You can add and remove margins to outstanding positions. When margins are updated to an outstanding position, the relevant liquidation price is also adjusted.
Multiple stablecoins are accepted as eligible margins. These will be swapped automatically to BUSD.
(coming soon) Multiple stablecoins are accepted as eligible margins. These will be swapped automatically to BUSD.
## Order type supported
@@ -28,7 +28,7 @@ You can trade either Market Order or Market Limit Order. Both order types can al
Market orders are filled at the best price offered by the [Liquidity Pool](liquidity-pool.md).
### Market Limit Order (coming soon)
### Market Limit Order
Market limit orders are filled when the limit prices match the best price offered by the [Liquidity Pool](liquidity-pool.md).
@@ -90,7 +90,7 @@ Rollover Fee is a fixed fee charged per block-height on your margin. Because it
## Opening a position
<figure><img src=".gitbook/assets/Screenshot 2022-12-18 at 10.58.26 AM.png" alt=""><figcaption></figcaption></figure>
<figure><img src=".gitbook/assets/Screenshot 2023-02-05 at 3.56.41 PM.png" alt=""><figcaption></figcaption></figure>
Opening a position will transfer the required margin to a dedicated on-chain contract, whose sole purpose is to hold trader margins.
@@ -98,25 +98,25 @@ Opening a position will transfer the required margin to a dedicated on-chain con
To open a position, you need to enter the margin you want to put up together with the leverage you are looking for.
You can post margin in many stablecoins, which will then be automatically swapped into BUSD using a third-party DEX (e.g. PancakeSwap), with the maximum amount of the stablecoin to meet the BUSD margin requirement specified by you.
You can post margin in many stablecoins (coming soon), which will then be automatically swapped into BUSD using a third-party DEX (e.g. PancakeSwap), with the maximum amount of the stablecoin to meet the BUSD margin requirement specified by you.
### Slippage setting
### Tolerance setting
Your execution price is deterministically calculated (see [Fee and Market Impact](execution.md#fee-and-market-impact)) based on the latest oracle price, but, especially during a fast moving market, there can be a gap between the screen price and the actual execution price (primarily due to changes in oracle price and outstanding positions on the platform).&#x20;
To mitigate this risk, you can specify Slippage when opening a position, so that the actual execution meets your execution price requirement.
To mitigate this risk, you can specify Tolerance when opening a position, so that the actual execution meets your execution price requirement.
## Closing a position
<figure><img src=".gitbook/assets/Screenshot 2022-12-18 at 11.06.06 AM.png" alt=""><figcaption></figcaption></figure>
<figure><img src=".gitbook/assets/Screenshot 2023-02-05 at 3.59.46 PM.png" alt=""><figcaption></figcaption></figure>
Closing a position will calculate the PnL based on the best price offered by the Liquidity Pool and transfer it to the trader, together with the margin posted.&#x20;
You may request the PnL to be transferred in a stablecoin other than BUSD, in which case the PnL (together with the margin) will be swapped into the requested stablecoin using a third-party DEX (e.g. PancakeSwap), with the minimum amount of the stablecoin specified by you, and transferred to you.
(coming soon) You may request the PnL to be transferred in a stablecoin other than BUSD, in which case the PnL (together with the margin) will be swapped into the requested stablecoin using a third-party DEX (e.g. PancakeSwap), with the minimum amount of the stablecoin specified by you, and transferred to you.
You can not lose more than the margin posted.&#x20;
### Limit Price or Market Price
### Limit Price or Market Price (coming soon)
Your execution price is deterministically calculated (see [Fee and Market Impact](execution.md#fee-and-market-impact)) based on the latest oracle price, but, especially during a fast moving market, there can be a gap between the screen price and the actual execution price (primarily due to changes in oracle price and outstanding positions on the platform).&#x20;
@@ -124,7 +124,7 @@ To mitigate this risk, you can specify Limit Price when closing a position, so t
## Liquidation
Outstanding positions are subject to liquidation if the relevant liquidation price is breached according to the price oracle ("Index Price").
Outstanding positions are subject to liquidation if the relevant liquidation price is breached according to the price oracle.
Outstanding positions eligible for liquidation are liquidated at the earliest chance, to protect the users and the platform.

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liquidity-pool.md
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@@ -11,7 +11,7 @@ Liquidity Pool democratizes orderbook liquidity by pooling liquidity providers i
Based on the pooled liquidity, Liquidity Pool acts as the central counterparty and clearinghouse to all positions.
You can provide liquidity with a number of stablecoins (BUSD, USDC, USDT).
You can provide liquidity with a number of stablecoins (coming soon).
Oracle-based price execution means zero slippage.
@@ -47,19 +47,19 @@ The design of the Liquidity Pool allows the market making of the orderbook at a
Liquidity Pool uses our oracle aggregator to determine its mid-price and apply a fixed fee based on a pre-determined rule to create bid and ask, which are then used to fill the market limit orders on the orderbook. See [Fee and Market Impact](execution.md#fee-and-market-impact).
The Liquidity Pool accepts a number of stablecoins. Liquidity Pool tokens can be minted using any of these stablecoins and burnt to redeem any of these. The price at which the Liquidity Pool token is minted or burnt is determined based on the total market value of the Liquidity Pool divided by the outstanding supply of the token.&#x20;
The Liquidity Pool accepts a number of stablecoins (coming soon). Liquidity Pool tokens can be minted using any of these stablecoins and burnt to redeem any of these. The price at which the Liquidity Pool token is minted or burnt is determined based on the total market value of the Liquidity Pool divided by the outstanding supply of the token.&#x20;
Since the counterparty of all trades is the Liquidity Pool, this is a zero-sum game between liquidity providers and traders: the traders’ profit and losses will be directly transferred from/to the Liquidity Pool (resulting in a price increase/decrease of the Liquidity Pool token).
### Adding liquidity
You can provide liquidity to Uniwhale Exchange either with BUSD or with other stablecoins. If other stablecoins are provided, they are swapped into BUSD using a third-party DEX (e.g. Uniswap), with the minimum amount of BUSD (i.e. maximum slippage) specified by you.
You can provide liquidity to Uniwhale Exchange either with BUSD or with other stablecoins (coming soon). If other stablecoins are provided, they are swapped into BUSD using a third-party DEX (e.g. Uniswap), with the minimum amount of BUSD (i.e. maximum slippage) specified by you.
The number of Liquidity Pool tokens minted in return is proportional to the amount of BUSD you provide relative to the BUSD balance Liquidity Pool holds.
### Removing liquidity
You can remove liquidity from Uniwhale Exchange any time either in BUSD or in other stablecoins. If in other stablecoins, the relevant BUSD is swapped into the stablecoin using a third-party DEX (e.g. Uniswap), with the mininum amount of the stablecoin (i.e. maximum slippage) specified by you.
You can remove liquidity from Uniwhale Exchange any time either in BUSD or in other stablecoins (coming soon). If in other stablecoins, the relevant BUSD is swapped into the stablecoin using a third-party DEX (e.g. Uniswap), with the mininum amount of the stablecoin (i.e. maximum slippage) specified by you.
Because Liquidity Pool balance must be sufficiently collateralized to meet all its obligations (see [Risk management](execution.md#risk-management)), the maximum liquidity you can remove at any time is restricted to the excess balance available (i.e. the difference between the Liquidity Pool balance and the collateral requirement).