Trade form

The Trade form allows you to open positions on Reya.

You can select the margin account you are trading with at the top of the trading screen. You can use the Dashboard to manage your margin accounts.

On the trade form, select the market you want to trade:

Select whether you want to buy/go long, or sell/go short.

Write your desired trade size or notional. Whichever you write, the other one will be automatically computed. You can also use the slide bar below.

Hit the Trade button.

Isolated trades

An isolated trade is a trade with its own margin account, meaning that the PnL and margin requirements are kept separate from all you other trades. The trade form has an isolated trade mode to make it very easy to open one such trade.

If you want your trade to be isolated, use the toggle button in the trading form:

The trade panel changes and a new slide bar is available. It allows you to select the leverage at which you want to enter the trade (and consequently the amount that is transferred into the new margin account).

Hit the Trade button

Understanding the trading form

Markets

You can use this dropdown menu to select the market or underlying on which you want to put in an order.

Direction

Select whether you want to go buy ('go long') or sell ('go short'). Buy means that you profit when the asset price goes up; short means the opposite. A long trade will cancel a short on of the same size locking in a profit or loss, and vice versa.

Market Price

This tells you the current price in the pool for the selected asset. Note that the actual transaction price is subject to slippage.

Size

You can specify the number of units (or 'base') which you want to 'buy' or 'sell', e.g., 1ETH. If you write a nominal total instead, the size will be computed for you

Total

This is the nominal amount for your order, e.g. buy $1,000 which means you get a position corresponding to $1000 worth of the asset. Note that positions in Reya passive perps are constant base or constant units, and not constant notional. Behind the scenes, the system will convert the notional amount requested to the number of units using the spot price.

Order size bar

The max order size is the notional amount for the trade that would exhaust you margin balance. The bar shows how much your order size is with respect to the max order size.

Every trade requires the account’s margin balance to cover the initial margin requirement of the resulting portfolio. This max order size is the order that would bring the initial margin requirement to be equal to the margin balance.

Isolated position

The toggle allows you to easily create an isolated position with its own margin account. See details below

Available margin

Your margin balance

Required margin (post trade)

The initial margin requirement you must cover to execute the trade.

Estimated liquidation price

The estimated liquidation price is the price at which the margin account will be liquidated, assuming the price of all other contracts remain constant. In other words, if you hold a BTC position, the trading screen above for ETH will assume that the price of BTC is constant in estimating the liquidation price for ETH.

Margin ratio (Post Trade)

Your account’s margin ratio is the percentage of your margin balance that is locked to satisfy the liquidation margin requirement of your portfolio. The lower the ratio, the less likely you are of being liquidated. If it reaches 100%, it means your account is liquidateable.

In this section, you can see the post-trade margin ratio: an estimate of the margin ratio that will result after your trade is executed. You can check your current margin ratio in the top right corner of the trading screen.