Trading

Opening a Position

1. Select Market: Choose the perpetual market you wish to trade on, such as BTC-Perp, ETH-Perp, or APT-Perp.

Choose your market to trade

1. Choose Position: Select Long (profit if price rises) or Short (profit if price falls).

• Long Position: Profit if the token price increases, loss if it decreases.

• Short Position: Profit if the token price decreases, loss if it increases.

1. Enter Details:

• Choose Order Type:

  • Market Order: Allow instant execution of the order and immediately open a position.

  • Limit Order: Allow you to place order at any price desire. Order will be executed with zero slippage when market price reach the limit order price.

• Navigate to the "Pay" tab, select the token from the drop down, enter the desired token amount to pay for collateral, and specify leverage (1x to 50x).

• A summary of collateral and position size in USD and in the chosen tokens, including the leverage multiplier, will be displayed in the "Pay" and "Position Size" boxes, and under the Buy/Long or Sell/Short button.

Enter details to place trades

1. Review Order Details:

• Collateral amount

• Leverage

• Avg Entry Price (If no position has been opened, it will be empty)

• Liquidation Price

• Trading Fees

• Price impact

• Borrow Fee (calculated hourly based on pool utilization)

• Funding Fee (calculated hourly based on pool utilization)

• Available Liquidity

Note: Trades incur no price impact, but slippage may occur.

1. Execute Trade: Click on the Buy/Long or Sell/Short button to confirm and submit the transaction.

Managing Positions

Positions Management interface

1. Access Positions: Your open positions are listed in the Positions section.

2. Monitor Collateral: The USD value of your collateral remains constant despite token price fluctuations.

3. Add or Remove Collateral: You can add or Remove Collateral to update the Collateral total amount, which will adjust the Leverage and Liquidation Price accordingly.

4. Profit and Loss: Profits/losses are proportional to your position size. Leverage is represented as Position Size / Collateral

Adding Collateral will decrease Leverage and improve Liquidation Price

Remove Collateral will increase Leverage and worsen Liquidation Price

Note: You can have both a Long and a Short position open at the same time, on the same pair.

Closing a Position

• To Close Position: Click Close in the position row.

  • Long Positions: Profits are disbursed in the asset being longed. For instance, if you've gone long on BTC, your profits will be received in BTC.

  • Short Positions: Profits are paid out in stable coin USDC.

Close a position

Take-Profit / Stop-Loss Orders

1. Set Orders: Use Add TP or Add SL in the position row to set take-profit and stop-loss orders.

2. Trigger Execution: While TP/SL orders are set, Keepers monitor the mark price and execute TP/SL orders to close the whole position when specified price levels are reached.

3. Cancel TP/SL Orders: Once you have created a trigger order, it will be displayed in the Orders tab. If you want to cancel the orders, click "Cancel" under column "Action".

In the event of manually closing a position, the associated trigger orders will be automatically canceled and closed, providing a seamless experience when opening new future positions.

Note: While TP/SL orders are set, keepers will monitor the mark price, when reaching the specified price level, TP/SL will close the whole position.

Set up Take-Profit order

Set up Stop-Loss order

TP/SL triggers are displayed in the "Orders" tab

Liquidations

1. Liquidation Condition

Liquidation on Thetis occurs when the Net Value (including liquidation price impact) falls below 1% of the position's notional value. Calculations are based on the Mark Price. If the token's price crosses this threshold, the position is automatically closed.

2. Liquidation Price

Net Value Calculation:

$V = \text{Collateral Value} + \text{Unrealized PnL} - \text{Pending Fees} + \text{Price Impact}$

Long Position:

$\text{Liquidation Price} = \frac{\text{Position Size} \times (1 + \text{MMF}) + \text{Fees} - \text{Price Impact}}{\text{Position Amount} + \text{Collateral Amount}}$

Short Position:

$\text{Liquidation Price} = \frac{\text{Position Size} \times (1 - \text{MMF}) + \text{Collateral Value} - \text{Fees} + \text{Price Impact}}{\text{Position Amount}}$

3. Liquidation Process

1. Check if the position is liquidatable:

• Mark Price reaches Liquidation Price, or

• Equity is less than Liquidation Fees.

1. Force close the position:

• Any remaining collateral after deducting losses and fees is returned to your account.

Regular monitoring and adjustments help manage liquidation risks on Thetis.

Price Impact

• There may be a positive or negative price impact for increasing/decreasing positions.

• If the trade improves the long/short balance or tokens in the pool then there would be a positive price impact, otherwise there would be a negative price impact.

• For increasing/decreasing positions, a positive price impact would result in an entry/exit price that is more favourable for your position, e.g. if opening a long position with a positive price impact, the position's entry price would be lower.

• A negative price impact would result in a entry/exit price that is less favourable, e.g. if opening a long position with a negative price impact, the position's entry price would be higher.

Keepers

• Two-Step Process:

  1. Traders submit a request transaction.

  2. Keepers monitor and execute the request on the blockchain.

  -> Failed transactions from keepers do not alter wallet state and can be safely ignored.

By following this detailed guide, users can efficiently navigate the perpetual trading features on Thetis, ensuring a comprehensive and smooth trading experience.