Before you start
Place the order
1
Pick a market
Click the symbol at the top left to switch contracts.
BTC-USDC is the deepest, which makes it the most forgiving to learn on — a thin market punishes a beginner’s mistakes harder.2
Check the market header
Read Mark price — this is what your position will be valued at, not the last trade — and the funding rate and countdown. If funding is strongly positive and you are about to go long, you will be paying it. See The trading screen.
3
Set margin mode and leverage
In the order ticket:
Cross or Isolated, then leverage. Set these before sizing — both change what your order costs in margin and where your liquidation lands.Start low. 2–3× is a reasonable place to learn; the difference between 3× and 30× is how far the price can move before you are liquidated.4
Choose direction and type
Long if you expect the price to rise, Short if you expect it to fall.Market executes immediately at whatever the book offers. Limit rests at a price you choose and may never fill. For a first trade, market is simpler — you will actually get a position, which is the point of the exercise.5
Enter a size
Type an amount, or use the percentage slider. The unit selector switches between the asset and USDC.
6
Read the cost, then submit
Before clicking: check liquidation price — how far the market has to move against you to close the position — and fees. If the liquidation price is uncomfortably close, reduce leverage rather than accepting it.Submit, and approve in your wallet if prompted.
Confirm it worked
The position appears under Positions at the bottom of the screen, showing size, entry price, unrealized P&L, and liquidation price. The individual fills appear under Trade History, one row each with the fee charged. If your order filled in several pieces at different prices, you will see several rows — that is normal, and your entry price is their weighted average. See Positions and history.What happens now
Your P&L moves with the mark price. It updates continuously and is unrealized until you close. See Mark price. You pay or receive funding. At each funding settlement, if you still hold the position. Positive rate means longs pay shorts. It appears in Funding History, not in Trade History — it is not a fee. See Funding. Your liquidation price moves. Adding margin pushes it away; adverse funding payments and unrealized losses pull it closer. It is not fixed at open.Close it
Open Positions, close the position, and confirm. Full detail in Close a position. Close your first trade sooner than you think you should. Watching the full cycle — open, funding, close, fees, realized P&L — teaches you more than holding one position for a week.Where to go next
Close a position
Taking the profit, or stopping the loss.
The order ticket
Every control explained.
Liquidations
What happens if it moves against you far enough.
Fees
What the trade cost.