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103 lines
4.0 KiB
Markdown
103 lines
4.0 KiB
Markdown
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cover: .gitbook/assets/Uniwhale_Gitbook_Cover_1900x400 (2).png
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---
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# Trading
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<figure><img src=".gitbook/assets/home.jpg" alt=""><figcaption></figcaption></figure>
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## Trade up to 200X
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We offer perpetual futures with up to 200X leverage on BTC, ETH, and many mainstream crypto assets.
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## Keep your assets safe
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We do not custody your assets. Your assets stay with you and the margins posted are locked in a dedicated smart contract.
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## Margining
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All positions are margined in USDC. Both isolated and portfolio margining will be supported. 
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You can add margins to outstanding positions, but cannot partially withdraw posted margins. When margins are added to an outstanding position, the relevant liquidation price is adjusted.
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Multiple stablecoins are accepted as eligible margins. These will be swapped automatically to USDC.
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## Order type supported
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You can trade either Market Order or Market Limit Order. Both order types can also have either Stop Loss, Profit Target, or both.
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### Market Order
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Market orders are filled at the best price offered by the [Liquidity Pool](liquidity-pool.md).
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### Market Limit Order
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Market limit orders are filled when the limit prices match the best price offered by the [Liquidity Pool](liquidity-pool.md).
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### Stop Loss
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Stop Loss price can be added to Market Order or Market Limit Order, which will trigger an automatic close of the position if the condition is satisfied.
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### Profit Target
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Profit Target price can be added to the Market Order or Market Limit Order, which will trigger an automatic close of the position if the condition is satisfied.
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## Fee and Market Impact
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Prices offered by the [Liquidity Pool](liquidity-pool.md) embed two types of transaction costs - Fee and Market Impact.
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**Long/Short Open Price** = Oracle Price x (1 +/- Fee +/- Market Impact)
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**Long/Short Close Price** = Oracle Price x (1 -/+ Fee -/+ Market Impact)
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### Fee
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Fee is \[. ]%.
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### Market Impact
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Market Impact is calculated dynamically as a function of outstanding positions on the platform and the position size. It is a deterministic charge simulating the impact a new position would have on the market.
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Market Impact (%) = (long/short outstanding positions on the platform + Position size) / 1% depth above/below
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"1% depth above/below" is $\[. ].
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## Opening a position
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Opening a position will transfer the required margin to a dedicated on-chain contract, whose sole purpose is to hold trader margins.
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[Liquidity Pool](liquidity-pool.md) which acts as the central counterparty and clearinghouse to all positions.
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The initial margin is calculated based on the matched prices ("Mark Price").
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You can post margin in many stablecoins, which will then be automatically swapped into USDC.
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## Closing a position
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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. 
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A trader may request the PnL to be transferred in a stablecoin other than USDC, in which case the PnL (together with the margin) will be swapped into the requested stablecoin and transferred to the trader.
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A trader can not lose more than the margin posted. 
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## Liquidation
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Outstanding positions are subject to liquidation if the relevant liquidation price is breached according to the price oracle ("Index Price").
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Outstanding positions eligible for liquidation are liquidated at the earliest chance, to protect the users and the platform.
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Liquidation closes the relevant position. It is subject to a liquidation penalty. In order to avoid the liquidation penalty, traders are advised to close a position before liquidation is triggered.
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## Risk management
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Trading at uniwhale is subject to the following constraints:
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* Leverage cannot exceed 200x.
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* A trader can carry at most \[. ] open positions for each pair.
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* A trader can carry at most \[. ] open positions across pairs.
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* A trader can carry at most $\[. ] of margin across pairs.
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* Minimum position (after leverage) is $\[. ].
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* A position has the maximum percentage PnL of \[. ].
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