Trading with Leverage
Last updated
Last updated
Trading with leverage is similar to trading with 1x on the USDB Pile, with a couple of key differences. We'll walk through an example of using 10x leverage to trade on Takepile. Screenshots are currently taken from Takepile's testnet version, which utilized USDC. At launch, screenshots will be updated to reflect USDB piles, but trading will function in the same way. On the top right of the screen, you'll need to click on the dropdown and select the USDC-10 pile.
Next, we'll go to SWAP and pick up some pileUSDC-10 tokens. Type in the amount of USDC you wish to deposit, click DEPOSIT, and you'll receive pileUSDC-10 in return.
pileUSDC-10 will allow you to open a 1x leverage position up to a 10x leverage position. In this example we'll be opening a short, so select SHORT and you'll be able to pick the market (asset) that you want to short. In this example, we'll be shorting BTC.
Type in the amount of collateral you'd like on the position and then select your leverage using the slider.
As you can see under "Position Size," since we have entered 1000 pileUSDC-10 as collateral with 10x leverage, the total position size is 10,000 pileUSDC-10, or our collateral amount multiplied by 10. When we've looked over our settings and we're ready to open our position, we'll select "SHORT BTCUSD" and the position will open.
As you can see, our position shows up under the POSITIONS section and when the oracle updates the price of BTC, we'll be able to see our position size, entry price, and percent gain or loss. We are implementing the display of the liquidation price, among other statistics, while in our alpha stage testnet (which we are currently in), so our GitBook will be updated accordingly as these features evolve.
When we're ready to close out a position, click on the X and the confirmation box will appear, giving a set of statistics surrounding the position.
Click CLOSE POSITION and in this case (a losing trade) the amount of pileUSDC-10 lost on the trade will be burnt, and your wallet will reflect your current pileUSDC-10 balance upon the transaction confirming.
