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The trading interface for Open Meta Trade appears beside the price chart. To begin a leveraged trade, select Long or Short from the menu.
The first token represents the collateral you provide, while the token below represents the item you exchange. The leverage slider controls the amount borrowed from the OLP pool. Limit orders are provided, as well as take profit and stop loss orders.
Open trades will be displayed under "Positions." To deposit or withdraw collateral, use the "Edit" button. A leveraged transaction costs 0.04% of the position size to open and close. Traders must also pay an hourly borrowing cost based on use.
Note: OMT also offers simple, low-fee spot swaps. To switch between the tokens in the OLP pool, launch the interface by clicking on the Swap option.
Trades on Open Meta Trade have little to no price impact, therefore you may conduct larger trades exactly at the mark price.
Entry Price is the price of the token when the user opens a position, while the Exit Price is the price used to calculate the profit of a position when opened and closed immediately.
Long positions will be opened at the higher price (Entry Price) and closed at the lower price (Exit Price), while short positions will be opened at the lower price and closed at the higher price, as indicated by the mark prices displayed in the table.
The chart will show the average of the two mark prices.
The cost of opening or closing a position is 0.04% of its size.
Long positions' collateral is the token being longed.
For example: for ETH longs, the collateral is WETH, for BTC longs, WBTC, and so on.
Short positions are collateralized by any of the supported stable coins, such as USDT.
If a swap is required when opening or closing a position, the usual swap cost of 0.1% to 0.4% of the collateral amount applies; the actual price depends on whether the swap improves or reduces balance.
Opening, closing, or amending a position involves two transactions:
- 1.The user initiates the initial transaction to open / shut / deposit collateral / withdraw collateral.
- 2.The blockchain network monitors these requests and subsequently carries them out.
The "Execution Fee" for the second transaction is indicated in the confirmation box. The blockchain network charges this network fee.