This page walks through a small BTC-PERP position from start to finish. The numbers are examples; the mechanics are the same for every market.
Before you start
- You have a funded account with at least 50 USDC.
- You understand that a perpetual position can be liquidated.
- You have read margining and fees.
Step 1 — Choose a market
Open the trade screen and select BTC-PERP. The market header shows:
- Mark price — the price used for margin and liquidation.
- Oracle price — the external reference used to detect manipulation.
- 24h volume and open interest.
- Funding rate — the next hourly payment.
Step 2 — Decide direction and size
A long profits when the price rises; a short profits when it falls. Position size is independent of leverage, but the margin required depends on both:
initial margin = position notional / leverage
position notional = size × mark priceFor a 0.01 BTC position at 104,000 USDC with 5x leverage, the notional is 1,040 USDC and the initial margin is 208 USDC.
Start small
A 5x position is liquidated by roughly a 20% adverse move before fees and funding. Use the liquidation preview in the order form and never size a first trade at the maximum.
Step 3 — Place the order
Choose Limit, enter a price at or below the best ask, and select GTC. The order rests in the book. If you need immediate execution, use Market and accept the slippage.
The order form shows:
| Field | Example | Notes |
|---|---|---|
| Size | 0.01 BTC | Also available in USDC terms |
| Limit price | 103,900 | Must respect the tick size |
| Leverage | 5x | Integer between 1 and the market maximum |
| Margin mode | Cross | Isolated is available per position |
| TP/SL | Optional | Attached after the fill |
Step 4 — Read the position
After the fill, the position panel shows entry price, size, margin, unrealized PnL, and liquidation price. The liquidation price is an estimate when other cross positions are open; it updates as mark price and funding change.
Entry price vs mark price
Unrealized PnL uses mark price, not the last traded price. The mark price blends the order book with external oracle prices to reduce manipulation.
Step 5 — Close or protect the position
You can close with a market order, a reduce-only limit order, or a TP/SL order. A reduce-only order cannot flip your position; if the size exceeds the position, the excess is canceled.
Common first-trade mistakes
- Using market orders in thin books. Check depth before sending size.
- Ignoring funding. A position held for days can lose more to funding than to fees.
- Setting leverage after entry. Leverage changes do not move the liquidation price for cross positions in the way most traders expect; read margining.
- Closing the wrong position. Verify the market and side before confirming.