Traders
Markets on RFX are synthetic and can be traded using any whitelisted asset.
Last updated
Markets on RFX are synthetic and can be traded using any whitelisted asset.
Last updated
RFX uses a two-step process to execute trades, this is to prevent front-running of oracle prices. You can learn more about the Oracle System .
As orders are executed in 2 steps, ocassionally, limit/trigger orders may not execute if:
the mark price does not reach the specified price, or
if the mark price is reached and there isn't sufficient liquidity available to execute the order, or
executing the order would result in your position exceeding max leverage, or
if price impact / slippage is too high, in this case traders should increase slippage tolerance in the Order Ticket and/or modify the Acceptable Price.
Opening a Trade
Traders can use either the long or short collateral token as collateral to trade a market, but with spot swaps, a user can use any collateral to trade any Perp, incurring/adding/executing an extra swap in the process. For more information on collateral tokens please refer to the section.
Select Market
Select a token that you would like to long or short using the page on the RFX UI.
Determine Order Type
To open a position, click on the "Long" or "Short" button on the page on the RFX UI. Then decide on if you would like to open a Market Order, Limit Order or Trigger Order.
Market Order: Executes your order immediately at the prevailing market price.
Limit Order: Creates an order to be executed at a specific price. Orders are only executed if they can be filled at the specified price.
Limit orders once created, appear in the "Orders" tab.
TP/SL orders are effectively limit orders.
Limit orders can be edited or cancelled at anytime from the Orders tab.
Trigger Order: Creates an order to be executed at a specified price. Trigger orders are executed at the market price, and may not be executed at the specified price. Trigger orders once created, appear in the "Orders" tab.
Select a Pool
Some markets may have multiple pools, you can select your preferred pool to trade against using the drop down below the Order Ticket.
Select Collateral
As specified above, Traders can use multiple collateral types to execute a trade. Note that using a volatile asset as collateral may impact your liquidation price may change as the price of your collateral changes.
Determine Acceptable Leverage
RFX offers upto 50x leverage on all markets. Traders can use either use the leverage slider or manually enter the amount of leverage they wish to utilise in the Order Ticket.
Approve Collateral and Execute Trade
If you are using a collateral for the first time on RFX, then you will first need to approve the collateral for use and set a maximum spending cap in your wallet. Once approved, you can view the summary of your proposed trade, including positoin size, leverage, fees, entry price and liquidation price before confirming the transaction.
Once a transaction is confirmed in your wallet, you will see the transaction being initiated on the UI and the position will appear in the Positions Tab of the Trade page once it has been executed. Open positions can be edited and/or closed.
Traders can set a take profit or stop loss order using the Order Ticket when opening a position and using the Positions Tab after a position has already been opened.
Closing a Trade
Traders can close a position partially or completely by clicking on the "Close" button in the position row.
By default, profits for long positions are paid using the long collateral token, and profits for short positions are paid using the short collateral token. However, traders can specify the collateral they wish to be paid out in using the "Close Position" order form. This may require your profits to be swapped before you receive them and may incur additional swap fees as a result.
The net profit or loss for a position is determined by accounting for the change in price of the asset you are trading, changes in your collateral's value, and any fees that you need to pay to close the position.
You can view your unrealised PnL in the Positions Tab on the Trade page.