Position Management
Monitor, adjust, and close positions — collateral, leverage, fees, and liquidation.
Position Lifecycle
Once your position is open, you can monitor it in real time. Each position shows:
Notional Size — total position value
Net Value — your collateral + unrealized PnL - accrued fees
Entry Price — where you entered
Mark Price — current oracle price
Liquidation Price — the price at which your position auto-closes
TP / SL — any active take profit or stop loss triggers
Increasing a Position
You can add to an existing position by opening another order in the same direction on the same market. The system automatically merges them:
Your entry price recalculates as a weighted average
Your leverage adjusts based on the new collateral-to-size ratio
Existing TP/SL orders are checked for validity against the updated position
Reducing a Position
When you reduce a position, you choose one of two modes:
Keep Leverage Off (default) — reduces your position size while keeping all collateral in place. This effectively deleverages your position. You receive only the realized PnL from the closed portion; your collateral stays locked.
Example: You have a $10,000 position with $1,000 collateral (10x leverage). You close 50% with Keep Leverage Off. Your position becomes $5,000 with $1,000 collateral (now 5x leverage). You receive the realized PnL on the $5,000 you closed.
Keep Leverage On — reduces both position size and collateral proportionally, maintaining your leverage ratio. You receive realized PnL plus proportional collateral back to your wallet.
Example: Same setup. You close 50% with Keep Leverage On. Your position becomes $5,000 with $500 collateral (still 10x leverage). You receive $500 collateral + realized PnL.
Editing Collateral
You can add or remove collateral without changing your position size:
Add collateral
Moves liquidation price further away, increases leverage headroom, widens valid TP/SL boundaries
Remove collateral
Moves liquidation price closer to mark price, may invalidate existing TP/SL orders
When you remove collateral:
TP orders beyond the new maximum are automatically adjusted to the new cap price
SL orders outside the new -80% boundary are marked invalid — you'll see a warning and need to update them
You cannot remove collateral below 10 USDT minimum or exceed max leverage limits
Order Parameters
When placing an order, you configure:
Side
Long (expect price to rise) or Short (expect price to fall)
Order Type
Market / Limit / Trigger
Collateral
USDT, minimum 10 USDT
Leverage
From 1.1x up to each market's cap (e.g. 100x forex, 40x majors) — see Market Structure
Position Size
Automatically calculated: Collateral × Leverage
Slippage
Configurable per trade — orders exceeding tolerance will revert
Entry Price
Market price for market orders; your set price for limit orders
TP / SL
Optional exit triggers, bounded between -80% and +2500% PnL
Closing a Position
You can close via market order (immediate) or TP/SL trigger (automatic when price is reached):
Positive PnL: You receive your collateral + profit, paid from the liquidity pool
Negative PnL: You receive remaining collateral after losses; the loss goes to the liquidity pool
Partial close: PnL is realized proportionally based on the closed portion
Fee Structure
Trading Fees
Open Fee
When you open a position
Varies by market
Close Fee
When you close a position
Varies by market
Price Impact
Settles at close
Dynamic, based on pool imbalance (can be positive or negative)
Holding Fees (per hour)
Funding Fee
Paid between long and short traders based on market skew
Borrow Fee
Paid to liquidity providers for borrowed capital
The Net Rate combines both into a single annualized percentage. Hover over the net rate in Market Info to see:
8-hour rate — projected over 8 hours
24-hour rate — projected daily rate
365-day rate — projected annual rate (APR)
Hourly breakdown — separate funding and borrow fee components
Slippage Tolerance
Your market orders include configurable slippage tolerance. The acceptable price boundary is:
Market orders:
Mark Price × (1 ± Price Impact) × (1 ± Slippage)Limit orders:
Limit Price × (1 ± Price Impact)(no slippage component)TP/SL orders: Execute at your trigger price with guaranteed execution — no slippage
The Price Impact term in these bounds is a protective limit for the net impact settled at close (see Order Execution — no impact is charged at open). The default 0.5% tolerance balances execution certainty with price precision. Increase it during volatile periods if your orders are reverting.
Loss Rebate (Normal Mode Only)
If you open a Normal mode position on the weaker side of the open interest skew (e.g., going short when longs are dominant), you may qualify for a Loss Rebate — a partial reimbursement of your losses when you close.
How It Works
The rebate tier is determined by the OI skew at the time you open the position
Once locked in, your rebate tier does not change — even if the skew rebalances while your position is open
The rebate only applies if you close at a loss. Profitable positions receive no rebate.
The rebate is calculated as a percentage of your realized loss and returned to your wallet at close
Rebate Tiers
0% – 55%
0% (no rebate)
55% – 100%
0% → 20% (scales linearly)
The exact rebate rate varies by asset and asset class (from 0% to 20%).
Example: You short ETH when the long/short OI skew is 75%. This locks in a ~10% loss rebate. Your position closes at -$500 loss. You receive $50 back as a loss rebate, reducing your effective loss to -$450.
Loss Rebate is not available in Hyper Lev mode. It only applies to Normal mode positions that open on the weaker side of OI skew.
Liquidation
Your position is automatically liquidated when the mark price reaches your liquidation price, preventing your account from going negative.
Liquidation Price
Your liquidation price depends on your leverage, accrued fees, and the market's maintenance margin requirement.
Example: You open a 100x ETH long at $2,000 with $100 collateral ($10,000 position). Your liquidation price is approximately $1,982 — just ~0.9% below entry. At 10x leverage with the same entry, your liquidation price drops to approximately $1,810 — giving you significantly more room.
What Happens When You're Liquidated
Your position closes automatically at market price
Remaining collateral (if any) returns to your wallet
A liquidation fee of 20 bps (0.20%) of position size is charged
Any active TP/SL orders on the position are canceled
Monitor your liquidation price closely, especially with leverage above 50x. Consider adding collateral or setting a stop loss before your position gets too close to liquidation.
Automatic Deleveraging (ADL)
ADL is a protocol safeguard that activates when aggregate trader unrealized profits become too large relative to pool AUM, threatening LP solvency.
How ADL Works
Trader max profit (relative to pool)
90% of pool AUM
ADL trigger
85% of pool AUM
ADL completion floor
77% of pool AUM
When total unrealized profits on one side (long or short) exceed 85% of pool AUM, the protocol automatically reduces the most profitable positions until aggregate unrealized PnL drops to 77%.
What Happens During ADL
The protocol identifies the most profitable open positions on the affected side
Those positions are partially or fully closed at current mark price
Realized PnL is settled to the affected traders' wallets
The process continues until total unrealized PnL falls below the 77% floor
ADL is rare and only occurs during extreme directional moves. If your position is affected, you receive your realized PnL — no penalty is applied, but your position size is reduced without your action.
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