Trades and pricing

Choose a market, decide whether you expect its price to rise or fall, and enter the USDC you want to use as margin. Review the ticket before you sign.

Open a position

1. On Trade, select SOL, BTC or ETH above the chart.
2. Select Long for a rise or Short for a fall.
3. Enter your Margin (USDC) and choose a leverage multiplier. Order Value is margin multiplied by leverage.
4. Review the Indicative win payout factor, Round-trip fee and Bust Price in the ticket.
5. Select Open Long or Open Short and approve the transaction in your wallet, unless you enabled one-click trading.

The ticket allows up to 1000× leverage without a trading-history requirement. Order value cannot exceed $10 million, and available collateral, market minimums, and directional limits also apply. A disabled button or message on the ticket explains what is blocking an order.

Price and counterparty

Each position faces the exchange's house balance rather than another trader's order in a Cardboard order book. The exchange uses a midpoint from its current bid and ask for entry and close. The price shown in your browser is a preview; the accepted price can change before the transaction executes. An old or missing quote can prevent a trade.

There are no periodic funding payments on a position. Solana network fees, the close charge, and any winning fee still apply. See Wins and losses for how those amounts affect settlement.

Understand the ticket

• Margin is the USDC assigned to this position. Positions are isolated: a liquidation can consume this margin in full.
• Leverage increases the position's price exposure. It also makes the bust price closer to the entry price. Your wallet may pay Solana network fees in addition to any loss of margin.
• Indicative win payout factor is the share of full winning price exposure offered under the current depth-based curve. It can be below 100%, does not promise a return, and does not cap losses.
• Round-trip fee previews the 0.5 basis point charge on the original order value when the position closes, if it can be collected. Winning payouts also incur a market-set fee. The ticket does not yet preview that winning fee, so the realized result can differ from the chart's raw price move.
• Bust Price is the displayed liquidation threshold. A position that reaches it can lose its full margin.

The position's margin, leverage, payout factor, and fee terms are fixed when it opens. You cannot add margin, remove part of its margin, adjust leverage, or close only part of it afterward. Open another position for additional exposure, or close this one and open a new position with different terms.

Market parameters can change at any time without advance notice. Prices and limits can also change between preview and execution. If trading is paused, a market is retired or a current quote is unavailable, the app may prevent a new order. Read Risks and safeguards for other controls that can affect an account.

Monitor and close

Your open positions appear below the chart and in Portfolio. Review the live PnL and bust price there. Use a position's Close action to close it, or Close All to submit closes for your open positions. A close uses the current market quote and can settle differently from the last number you saw on screen.

Check the Status tab for transaction progress and History for completed positions. If a profitable close cannot be paid in full immediately, part of its proceeds can enter the payout queue.