Key Trading Concepts

Familiarize yourself with the core terms used across the platform before placing your first trade.

Term	Definition
Entry Price	The price at which a position is opened, excluding fees. A long position is profitable above this price and at a loss below it.
Mark Price	A fair-value price derived from multiple major exchanges. Used for PnL calculations, liquidations, funding, and margin calculations.
Open Interest	The total notional value of all open positions in a given market.
Funding Rate	Funding payments ensure perpetual prices track the underlying asset. Funding occurs hourly (UTC), traders either pay or receive funding depending on their position and market conditions. The funding rate reflects the basis between the perpetual and underlying market. Corporate actions such as dividends are accounted for through platform pricing mechanisms.
Net Position	Your total asset exposure across all positions.
Net Leverage	Actual leverage across all open positions. This may differ from the leverage set at entry due to trading fees, reduced buying power as positions are opened, and margin safety buffers.
Liquidation Price	The estimated price at which a position is automatically closed to prevent negative equity.
uPnL (Unrealized PnL)	The potential profit or loss on an open position if closed at the current mark price.
Take Profit & Stop Loss (TP/SL)	Automated exit orders triggered by the mark price. Reduce-only and operate as OCO (one cancels the other), when one is triggered, the other is automatically cancelled.