Trading on Takepile
Last updated
Last updated
By default, trades on the Takepile Protocol are both 1x and market orders. A 1x order is a trade made without leverage. A market order is a trade entered at the current price of an asset. An order's size also cannot be more than 10% of the corresponding pile.
Example: If the USDC-10x Pile has 100,000 pileUSDC-10, the largest possible total position size would be 10,000 pileUSDC-10.
To open a 1x position, you'll need to first select long or short. A long position indicates that you will profit if the price of the asset increases. A short position indicates that you will profit if the price of the asset decreases.
Then select the market of the asset (ex: BTC) that you want to trade.
Input the amount of pileUSDC you want to use on the position.
Once you input the amount of pileUSDC to trade on the position, you'll click LONG BTCUSD and the position will be opened.
The Takepile Protocol uses the index price of an asset as determined by an oracle. The oracle aggregates price data to give a consistent, accurate output of an asset's price. This prevents Takepile traders from being affected by volatility wicks. Takepile uses DIA oracles for our price feed data, so the entry price is dictated by the current oracle price and displayed as Entry Price alongside other information about a trade. At launch, Takepile will utilize TradingView charts, which may display different price information than the current entry/exit price, but will transition into utilizing DIA oracles for charting within the first two weeks of launch.
After opening a position, your total amount of pileTokens will be reflected by a proportional percentage of gain or loss accrued by the trade.
Example: You use 100 pileFTM to open a long position on BTC. BTC's index price is $20,000. If BTC increased by 10% to $22,000, your total position's value would be 109.89 pileFTM (after subtracting the 0.1% trading fee upon open).
If you noticed in the above example that slippage wasn't included in the calculation of the trade, you'd be right. The Takepile Protocol offers no-slippage trading. On Takepile, since you don't hold the asset that you're trading like on a traditional AMM/DEX, you don't have to worry about losing profits to slippage! In order to prevent the exploitation of price feeds, 5 minutes must have passed in order to realize profits and earn TAKE for an opened position. Positions can be closed during the 5 minute window, but during that time pileToken profits will not be rewarded and TAKE emissions will not be distributed for the position.
For the security of Takepile, a long and short cannot be open at the same time on the same asset. For example, if a BTC long is open on the USDB-10x Pile, a BTC short on the USDB-10x Pile cannot be opened with the same wallet.
However, if a long is open, short could be opened on a different asset with the same wallet.
