# Perpetual Contract User Guide ### **1. Getting Started with Contract Trading** * Click **"Futures"** on the homepage and then **"USDⓈM-Futures"** to enter the **Contract Trading** page.

Futures Trading

* After logging in, you'll see: * Contract information * Order placement area * Order book and trade history * Position overview * Depth chart * A quick info panel (bottom left) with contract details, index prices, and FAQs for easy access. ### **2. How to Trade** #### **Step 1: Select a Trading Pair** Select the trading pair in the trade pair switching area. Mainly includes USDT contracts, currency-based contracts, and mixed contract trading.

Trading Pair

#### **Step 2: Transfer Funds** * If your **contract account** lacks funds, transfer from your **spot account**. * If your spot account is also empty, you can deposit funds or purchase via fiat methods.

Transfer Funds

#### **Step 3: Contract Settings** **Leverage** * Adjustable up to **125 times** depending on the position size and risk limits. **Margin Modes** * **Cross Margin (Full Position)**: * Uses **your total available balance** as margin. * Profits from other positions may support losing ones. * Default setting. * **Isolated Margin (Restricted Position)**: * Uses **only the initial margin** set for the position. * Limits your loss to the margin assigned to that trade. * Best for high-leverage or short-term trades.

Contract Settings

#### **Step 4: Placing an Order** **Order Types** * **Limit Order**:\ Sets a specific price. It may not fill immediately if the price is far from the market price. * **Market Order**:\ Executes instantly at the best market price. Good for quick entries/exits. * **Conditional Order (Trigger Order)**:\ Triggers when a preset price is reached. Useful for **setting Take Profit or Stop Loss levels**. * **Advanced Order Types**: * **Post Only (PO)**: Ensures you're always the maker. Cancels if it matches immediately. * **Immediate or Cancel (IOC)**: Fills as much as possible instantly; cancels the rest. * **Fill or Kill (FOK)**: Must be filled completely at once or canceled entirely.

Placing an Order

#### **Step 5: Go Long or Short** * **Buy Long**:\ Expecting the price to rise. Buy now, sell higher later. * **Sell Short**:\ Expecting the price to fall. Sell now, buy back at a lower price. **Opening Cost Calculation:** Opening Cost = (Order Price × Quantity) / Leverage ### **3. Managing Positions** After an order fills, it becomes an **open position**. The platform displays: * **Position Size**: Quantity of contracts held * **Cost Price**: Average entry price (updated if you add to the position) * **Mark Price**: System-calculated fair price to avoid unfair liquidations > **Mark Price** is used instead of the last traded price to calculate unrealized profit/loss and determine liquidation risk. #### **Key Terms** * **Liquidation Price**:\ If the mark price reaches this level, the system will automatically close the position. * **Margin**:\ Required Margin = Position Value / Leverage * **Initial Margin**:\ Minimum required to open a position * **Maintenance Margin**:\ Minimum needed to keep a position open * **Profit and Loss (PnL)**: * Real-time updates based on the difference between cost price and mark price * Yield = Profit or Loss / Margin #### **Closing Positions** * **Limit Close**: Specify your exit price and the quantity you wish to sell. * **Market Close**: Specify quantity; the order is filled at market price. #### **Take Profit / Stop Loss (TP/SL)** You can assign TP/SL to each position: * **Take Profit**:\ If the latest price is **equal to or above** the trigger price, a closing order is submitted. * **Stop Loss**:\ If the latest price is **equal to or below** the trigger price, a closing order is submitted. ### **4. Contract Configuration** #### **Position Type** * **One-Way Mode**:\ Only one direction (long or short) is allowed per symbol. * **Two-Way Mode**:\ You can hold both long and short positions at the same time on the same symbol. #### **Order Confirmation** Enable or disable the pop-up confirmation box for placing orders. #### **Contract Unit** Allows you to customize the display of the number of contracts on the trading interface. ### **5. Margin Models** #### **Isolated Margin** * Margin is limited to that individual position. * You can **manually adjust the margin**. **Adjusting Margin:** * **Maximum Reduction** = Total equity for the position - Initial margin (or 0, whichever is higher) * **Maximum Increase** = Available balance #### **Cross Margin** * All available funds in the account act as shared margin. * You **cannot adjust the margin manually**. * Liquidation is triggered if the overall account balance can't meet maintenance requirements. #### **Important Note** > You **cannot switch** between Cross and Isolated margin modes while holding positions or having active orders. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.coinlocally.com/perpetual-contracts/functions/perpetual-contract-user-guide.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.