Managing positions

This page covers how to read your open positions, understand your PnL, and manage your risk.

Viewing your open positions

All your open positions are listed in the positions panel on the trading page. Each position shows:

• Size - the notional value of your position.
• Entry price - the price at which you opened the position.
• Current PnL - your unrealized profit or loss.
• Liquidation price - the price at which your position will be liquidated.
• Funding - accumulated funding payments received or paid.

Understanding your PnL

Your unrealized PnL is what you would receive (or lose) if you closed the position right now.

• Trading fees are deducted when you open and close a position - 1.4% of the notional value total (0.7% each way). See Fees and costs for details.
• Funding rates accumulate over time. If you are on the majority side of the market, funding reduces your PnL. If you are on the minority side, it adds to it.
• Your realized PnL is only determined when you close the position.

Avoiding liquidation

Liquidation happens when the market moves far enough against you that your collateral can no longer cover the position. When this happens, your position is closed automatically and you lose your entire deposited collateral.

To reduce liquidation risk:

• Monitor your liquidation price - it is shown on every open position.
• Use lower leverage for positions you plan to hold longer.
• Start with well-established markets - they tend to have less extreme price moves.

AMM payout risk

In rare cases, if a market's AMM liquidity pool is under strain, your payout when closing a position may be temporarily reduced. This is more likely in new or illiquid markets where the pool has not had time to grow.

This does not mean you lose your position - the amount you receive may be less than your full unrealized PnL until the pool recovers. For a full explanation, see the risk documentation.

Tips for new traders

• Start with popular markets - they have deeper liquidity and more predictable behavior.
• Use low leverage (2-5x) until you are comfortable with how positions behave.
• Never risk more than you can afford to lose - leveraged trading can result in total loss of collateral.
• Watch funding rates - on heavily skewed markets, funding costs can add up quickly.
• Check the market before trading - look at the current skew, funding rate, and liquidity before opening a position.