Trading

A position is one margin, one leverage, one side and one entry price. The house pool takes the other side.

1. Pick a market, a side and a leverage, and enter your margin.
2. Send the request. Your margin and the execution fee are set aside from your free balance.
3. Parchment's keeper fills it at the next oracle price, at the mid, with no spread.
4. Close whenever you like after the market's minimum hold, while the market is open. Closing settles the whole position. Partial closes are not supported.

If the price moves your way, you are paid from the pool. If it moves against you, you lose margin, down to a bust price where the position is liquidated. A loss can never be larger than your margin.

There are no funding payments.

In this section

• Markets: what you can trade and how size affects your payout.
• Orders and fills: two-step fills, timing, cancel and emergency close.
• Stop loss and take profit: automatic closes at a price you set, and their limits.
• Fees: every charge, with an example.
• Margin and leverage: minimum margin, leverage ranges, minimum hold.
• Position limits: per-position, per-account and market-wide caps.