Closing Positions
A traders open positions can be closed by navigating to the Positions Table on the Trading Page. Each row of the table shows a currently open position and the status of that position. Positions can be closed partially or completely by selecting the 'Close' button at the end of the required row.
Closing a Position at the current Market Price
Navigate to the close dialogue box for the relevant position via the 'Close' button on the Positions Table of the Trading page
The dialogue that appears provides the relevant information about the trade including
the leveraged value of the position
the current collateral
the current market price at which the trade will be executed
the market price at which the position was opened
the Liquidation Price at which the position will be automatically closed
Make sure that 'Market' is selected as the option at the top of the dialogue box
The data entry box will show the current fully leveraged value of the position in USD. If you only want to partially close the position then enter an amount that you wish to reduce the position by, otherwise select 'MAX' to close the position fully
If you elect to only partially close the position then, by selecting or deselecting the 'Keep leverage at x' checkbox you can either
maintain the existing leverage and receive back some of the staked collateral. In this instance the Liquidation Price will remain the same or
reduce the overall leverage by using the same amount of collateral. This in turn will change the Liquidation Price and provide a wider window before automatic liquidation occurs.
The size of the remaining position will be adjusted according to the amount by which you elect to reduce the position by
Pressing the 'Close' button will execute the transaction and modify the position accordingly
Closing a Position at a Trigger Price
The Close dialogue box allows the user to select whether to close the position at the current Market Price or at a defined Trigger price
The process for closing a position at a trigger price is identical to the process described above except in this instance the user should choose the 'Trigger' option at the top of the dialogue box and will then need to enter a target price at which they would like the trade to take place.
Trigger prices can be set to above or below the Market Price depending on the Risk Strategy that is being applied. They can be used to:
take profit at a predefined level on a profitable trade
minimise losses by closing a loosing position if the market goes against the trade
Caution: Triggers are useful trading tools for Risk Management however they are not guaranteed to execute, this can occur in a few situations including but not exclusive to
The market price which is an aggregate of exchange prices did not reach the specified price
The specified price was reached but not long enough for it to be executed
No keeper picked up the order for execution
How Profits Are Paid
For long positions, profits are paid in the asset you are longing, e.g. if you go long on ETH you would get the profits from the trade as ETH.
For short positions, profits are paid out in the same stable coin that you used to open the position, e.g. USDC or USDT.
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