> For the complete documentation index, see [llms.txt](https://hertzflow.gitbook.io/hertzflow-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hertzflow.gitbook.io/hertzflow-docs/tutorials/trading.md).
# Trading
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## **Select a market**
Click the **Market dropdown** in the top navigation. Browse available markets or search by name. Filter by asset class: Crypto, Forex, Equities, Indices, Commodities, or Meme.
Each market shows you:
| Data | What It Means |
| ----------------------------- | --------------------------------------- |
| **Mark Price** | Current oracle price with 24h change |
| **24h High/Low** | Price range over the last 24 hours |
| **Available Liquidity (L/S)** | Room for new long and short positions |
| **Open Interest (L/S)** | Total active positions per side |
| **1h Net Rate (L/S)** | Combined funding + borrow rate per hour |
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A red dot next to a market means **Market Closed** — it's temporarily unavailable during off-market hours (applies to some real-world assets like equities).
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## **Choose your mode (Normal / Hyper Lev)**
On supported markets, a **Normal / Hyper** toggle appears above the leverage slider:
* **Normal** — standard mode with open/close fees and the full leverage range
* **Hyper** — zero open/close fees in exchange for a profit share; higher, narrower leverage range and a mandatory stop loss
If a market doesn't show the **Hyper** toggle, it supports Normal mode only. Switching modes resets the leverage slider to the new mode's minimum.
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See [Hyper Leverage](/hertzflow-docs/trade-on-hertzflow/hyper-lev.md) for profit-sharing tiers, the mandatory stop-loss range, and when Hyper Lev is worth it.
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## **Place your order**
Configure your trade:
* **Mode:** Choose between **Normal** and **Hyper Lev**:
* **Hyper Lev** — zero open/close fees; you share a portion of profits instead. Market orders only. Collateral withdrawal and limit orders are disabled. Higher leverage range with greater liquidation risk, but higher return potential. Proceed with caution.
* **Normal** — standard fees on open/close. Supports market and limit orders. Eligible for loss rebates on the weaker side of OI skew.
* **Side:** Long (expect price to rise) or Short (expect price to fall)
* **Order type:**
* **Market** — execute now at current price
* **Limit** (Normal mode only) — execute at your specified price or better
* **Collateral:** Minimum 10 USDT
* **Leverage:** Varies by mode and asset class (slider adjusts automatically when you switch modes)
* **Position Size:** Calculated automatically: Collateral × Leverage
* **Take Profit / Stop Loss:** Set your exit targets when opening, or add them later from the Positions tab.
* **TP** is capped at **+2500% PnL** across both modes
* **SL** in Normal mode: capped at **−80% PnL** (no minimum)
* **SL** in Hyper Lev mode: must be between **−80%** and **−30% PnL** (mandatory dual-bound)
### Review before confirming
| Field | What to Check |
| ---------------------- | ------------------------------------------------------------------ |
| **Entry Price** | Live mark price for market orders; your set price for limit orders |
| **Est. Liq. Price** | The price at which your position will be force-closed |
| **Fee Breakdown** | Hover for details: open fee, borrow fee, funding fee, price impact |
| **Slippage Tolerance** | Max price difference you'll accept between quote and execution |
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Higher slippage tolerance increases your chance of execution during volatile markets, but allows a larger price deviation from your expected entry.
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## **Track your orders**
**Positions** — view all open positions. From here you can edit collateral, close (full or partial), or share position details.
**Orders** — shows pending orders that haven't filled yet. You can edit limit/trigger prices or cancel orders here.
**History** — archive of all your fully executed trades.
**Claim** — when negative price impact exceeds the protocol cap (50 bps), the excess is deducted upfront but stored in a claimable balance. After closing your position, click **Claim All** to reclaim the excess, or claim specific fee types individually.
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## **Manage your positions**
### Edit Collateral
Add or remove collateral without changing your position size:
* **Adding collateral** → moves liquidation price further away, expands TP/SL boundaries
* **Removing collateral** → moves liquidation price closer, may invalidate existing TP/SL orders
* **Limits:** Deposit ≥ 10 USDT; residual must stay above 10 USDT; leverage must stay within min/max bounds
### Increase a Position
Open another order in the same direction on the same market. The system merges them automatically — entry price recalculates as a weighted average, leverage adjusts to the new collateral.
### Reduce or Close a Position
Click **Close** on any position. Choose **Market** (immediate) or **Trigger Price** (TP/SL):
* **Keep Leverage Off (default):** Reduces position size while maintaining collateral — effectively deleverages you
* **Keep Leverage On:** Reduces size and collateral proportionally — keeps your leverage ratio the same
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If your position is liquidated, a liquidation fee of 20 bps (0.20%) is charged and remaining collateral (if any) is returned to your wallet.
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## **Edit orders**
You can set TP/SL when opening a position, or add, modify, and cancel them at any time from the **Positions** tab while your position is open.
Click the **edit icon** next to any order to modify limit or TP/SL trigger prices without canceling:
* **Limit orders:** Must be favorable to current mark price
* **TP orders:** Must be within the **+2500% PnL** cap
* **SL orders (Normal mode):** Must be within the **−80% PnL** cap
* **SL orders (Hyper Lev mode):** Must be between **−80%** and **−30% PnL**
**Trigger orders** (close only) activate when the mark price reaches your set trigger price, then execute as a market order. Unlike limit orders, trigger orders prioritize execution certainty over exact price — some slippage is possible.
To remove orders, click the **cancel icon** on the order row, or **Cancel All** to clear everything.
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Canceling a limit order returns your reserved collateral. Canceling a TP/SL order just removes the trigger — your position stays open.
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---
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