Perps
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
Opening a Trade
Traders must first select the collateral token they wish to use for the trade. Markets on RFX use either wS or scUSD as collateral, and some markets may be tradable using both wS and scUSD. Note that using a volatile asset as collateral may impact your liquidation price may change as the price of your collateral changes.
If you don't hold any of the whitelisted collateral tokens, then you can use the SWAP tab (powered by ) to obtain wS or scUSD.
Note: Traders can also trade using USDC or USDC.e and the system will bundle a swap into scUSD before opening a trade. In this case, all profits will still be paid out using scUSD.
Depending on the collateral token chosen, traders will be trading against either the wS or scUSD Shared Liquidity Vault. Note that the open interest, funding rates, fees, slippage and available liquidity will differ based on the vault you are trading against.
Determine Order Type
Market Order: Executes your order immediately at the prevailing market price. Traders can also set a take profit or stop loss order at the time of opening a trade by clicking on the checkbox in the order form right below the leverage slider.
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.
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.
Determine Position Size and Acceptable Leverage
You can manually type in the position size either in terms of quantity of the asset (Ex: 10 ETH) you wish to trade or in USD value (Ex: $100,000).
Next, traders must determine the leverage they wish to take on using the leverage slider or by manually entering the amount of leverage they wish to utilise in the Order Ticket.
The order form will then calculate the margin required for this trade. This is calculated as:
Tweaking the leverage will automatically update the Margin Required for a trade. You must ensure you have a sufficient balance of the collateral token for the trade to be executed.
Approve Collateral and Execute Trade
If you are using a specific 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 position 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 are paid using the collateral token for the SLV you are trading against.
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 and realised PnL in the Perp History tab in the Trade Page and also on the Portfolio Page.
To open a position, click on the "Long" or "Short" button on the page. Then decide on if you would like to open a Market Order, or Limit Order.
Note: 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 .
