đŠUsing Protocol
Last updated
Last updated
Size of longs and shorts will be periodically adjusted for a variety of reasons. This happens via 48-hour timelock. We will endeavour to announce this but it is your responsibility to monitor the timelock changes. Max long and short capacity can be seen in UI which reads data from protocol directly. The stats page data is developed & maintained by seperate community members and may be inaccurate.
Various new rules have been implemented to discourage market manipulations.
You must keep your winning trades open for a minimum period in order to take profits.
Modifying a winning trade early using market order or limit order (within the time limit of opening/increasing it) will result in the immediate forfeit of all of your profits unless the token spot price moves over "100% for PLS/PLSX/HEX" or "0.75% for WBTC/WETH."
Please also be aware of the updated/different borrow rates for longs vs. shorts, and open/close fees.
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We suggest utilizing the MetaMask browser extension as our primary recommendation, although Wallet Connect is also available as an alternative option.
Once you have connected your wallet by selecting the "Connect Wallet" button, you can proceed to the next step.
Ensure that you are connected to PulseChain. If not, the platform can automatically switch for you, or you can manually input the RPC found here.
Choose either "Long" or "Short" based on your desired leverage position. PHAME also facilitates token swaps through its user-friendly interface. Simply click on the "Swap" tab to access the platform's seamless token swapping feature with zero price impact.
Generates profit when the token's price increases.
Incurs a loss when the token's price decreases.
Generates profit when the token's price decreases.
Incurs a loss when the token's price increases.
The collateral of long positions is the token being longed, for PLS longs the collateral is PLS and for eHEX longs the collateral is eHEX, etc.
The collateral of shorts positions is any of the supported stablecoins e.g. wUSDC, wUSDT, wDAI, etc.
We have disabled the swap function forked for the sake of protocol risk management. If a swap is needed when opening or closing a position then we suggest you use PHUX or Aggregator of your choice.
Market Order
Limit Order
Trigger Order
While trades do not experience price impacts, there might be slippage due to price fluctuations between the submission of your trade transaction and its confirmation on the blockchain. Slippage represents the difference between the expected price of the trade and the execution price. You can customize slippage by clicking on your wallet on the top right and in settings.
Once you have initiated a trade, you can easily locate it in your Positions list. By clicking on the "Edit" button, you gain the ability to deposit or withdraw collateral, enabling you to effectively manage your leverage and adjust your liquidation price as needed.
The amount of profit and loss you make will be proportional to your position size.
When you decide to exit a position, you have the option to either partially or completely close it by simply clicking on the "Close" button.
In the case of long positions, your profits are disbursed in the asset you are longing. For example, if you have a long position on $PLS, your profits will be paid out in $PLS.
On the other hand, for short positions, profits are distributed in the same stablecoin that you used to initiate the position. For instance, if you opened a short position using stablecoins, your profits will be paid out in the respective stablecoin.
To set stop-loss and take-profit orders, simply click on the "Close" button and navigate to the "Trigger" tab.
Once you have created a trigger order, it will be visible within the respective position's row and can also be found under the "Orders" tab. If necessary, you can edit the order and adjust the trigger price.
Please note that manually closing a position will not automatically cancel any associated trigger orders. To ensure these orders are not active when opening future positions, you must cancel them manually.
Keep in mind that orders are not guaranteed to execute and may not be fulfilled in certain situations, including but not limited to:
The mark price, which is a consolidation of exchange prices, did not reach the specified price.
The specified price was reached; however, it did not persist long enough for the order to be executed.
No one was available to pick up the order and execute it.
Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price.
There are two distinct forms of liquidation: partial liquidation and full liquidation.
Liquidation refers to the process of forcibly closing a trader's position when it reaches a predetermined threshold known as the liquidation price. This threshold is typically set to protect the lender or exchange from potential losses if the trader's position moves against them significantly.
When a trader's position is liquidated, it means that their open positions are automatically closed by the exchange or lender. This is done to mitigate the risk of the trader being unable to fulfill their obligations, such as repaying borrowed funds or covering potential losses.
For partial liquidation, price is determined by calculating the price at which (collateral - losses - borrow fee) is less than 1% of your position's size. If the token's price surpasses this threshold, the position will be automatically closed.
It's worth noting that your liquidation price may vary over time due to the borrow fee (funding rate), particularly if you use leverage greater than 10x and keep the position open for multiple days. It is crucial to keep a close eye on your liquidation price.
In the event that there is any remaining collateral after deducting losses and fees, the corresponding amount will be returned to your account.
Please note your position will be liquidated 1) when your collateral becomes too low to cover all the remaining fees, including borrow fees & potential close fees to fully close the position; or 2) when liquidation price is reached.
Traders must be responsible for monitoring both. Please be aware that you may not be able to increase your collateral depending on limits. In this case you must close your position before it is liquidated or forfeit your profits.
If an in profit position is closed because of insufficient collateral then all the of the profit will be forfeit. This is GMX design and an immutable part of the code.
Please also note if the global limit is reached, that you will not be able to add collateral to your position until other users close their positions. As show in below, you need to monitor both Collateral and Liq.Price. (you can hover mouse over to collateral value to see more details)
While charts from third-party providers such as tradingview might look better, they are not based on actual tradable prices that are generated from PHAME oracles.
Having charts based on tradable prices is the only genuine way to know your true risk as a trader /user, as well as to truly compare to your positions & orders. The team might look to add alternative charting function in addition to current charts.
