Opening A Trade
With Ooki traders can enter margin long or margin short positions. When entering a position, a user deposits collateral and can utilize leverage by borrowing against the position in order to magnify gains.
When a user enters a short position, they can profit from the decline in price of the underlying asset. Conversely when opening a long position, a trader profits from an increase in price in the position.
To begin trading a user must first connect their web3 wallet:
Then a user must select their desired trading pair, leverage, and whether to open a short or long margin position:
Lastly, the user must then select the amount to purchase and click the Buy/Long button.
This popup window above also displays the following useful information:
- APR: Refers to the percentage rate that the trader pays per year to maintain the long position.
- Entry Price: is the estimated price at which the order will be filled.
- Slippage: Refers to the maximum change in execution price allowable.
- Liquidation Price: (When reaches this level, the position will be liquidated.)
After selecting the trade amount, clicking buy, the user will see a Metamask pop up window asking them to confirm the transaction with their web3 enabled wallet.
Once you have opened a trade it will appear in the open positions section (see below).