Perpetual contracts are an innovative digital asset derivative. Users can evaluate market trends and take long or short positions to benefit from price movements.
Long: When expecting the price to rise, open a long position.
Short: When expecting the price to fall, open a short position.
Key features include no expiration date, which allows positions to be held long term, and the use of a funding rate mechanism to keep prices in line with the spot market.
I. Trading rules
1. Trading hours and settlement
Trading hours: 24/7 continuous trading is supported.
Settlement frequency: Settlement occurs every 8 hours at 00:00, 08:00, and 16:00 (UTC+8) each day. After settlement, realized PnL will be transferred into the account balance.
2. Trade types and directions: Futures trading includes two actions (open and close) and four directions:
Open long: In a bullish market, take a long position.
Close long: Close your long position and exit the market.
Open short: In a bearish market, take a short position.
Close short: Close your short position and exit the market.
3. Position and cost management
Position Merging: Positions of the same asset and direction are automatically merged. Your account will hold up to two positions: a long position and a short position.
Moving average position cost: Position cost is calculated using a moving average method. When a position is closed, profit or loss is determined based on the average fill price.
II. Order placement
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Limit order: Users customize the price and quantity. Supports three advanced order types:
Post only: Ensures the order is not immediately filled and only acts as a maker to save on fees.
Fill or Kill (FOK).
Immediate or Cancel (IOC).
Market order: Execute instantly at the best available market price to ensure execution speed.
Trigger order: Set a trigger price. When the price reaches the threshold, the system will automatically place an order at the preset price.
Take profit and stop loss (TP/SL): Set target profit or stop loss price in advance. When triggered, the position will be closed automatically. It is an essential tool for risk management.
III. Leverage and margin
AlphaX supports leverage up to 100x. Note the following when switching leverage:
Leverage can only be adjusted during trading.
If there are any unmatched pending orders (limit or trigger orders), leverage cannot be adjusted.
Leverage cannot be adjusted if it causes insufficient available margin or margin ratio.
Leverage is a double-edged sword: It amplifies both profits and risks. Set it prudently according to your risk tolerance.