Trading
Getting USDC and ETH
Traders need to have both USDC and ETH on Optimism network to open a trade. USDC is used as the margin token and ETH is used to pay for gas fee.
You can use any of these bridges to to transfer tokens to Optimism network:
https://cbridge.celer.network/
On Optimism network, you can use Uniswap to swap ETH to USDC or USDC to ETH.
Opening Positions
Switch your Metamask wallet to to the right blockchain and connect it to the trade page. Click the product list on the right and select the trading pair you want to trade.
Place Market Order
After selecting the "Market" on the top right section, choose LONG or SHORT and input the Size of the trade you want to open. The value in blue is the maximum size you can open based on your available USDC balance and your selected leverage. The Margin amount is automatically calculated based on your size and selected leverage. The margin is the amount of USDC you will transfer as the margin for this trade.
After that, the summary of the trade is updated. Mark Price is the current oracle price. Entry Price is the estimated trade price if you open the trade. Price Impact is the estimated price impact of your trade. Liquidation Price is the estimated price of your position get liquidated. Trade Fee is the trade fee to be charged. Execution Fee is the fee to cover the gas cost of Pika keeper. Total Cost is the sum of margin, trade fee and execution fee.
If it's your first time trading on Pika, you would need to approve Pika contract to transfer your USDC and enable Pika keepers to submit market orders for you by agreeing with the terms.
Then after clicking the Submit button, the confirmation will show up with the order details. Then you can check the details before you click Confirm. If Allowed Slippage is too low or the price is too volatile, your order may be cancelled. The slippage value can be set at the top right of the page.
The sumitted orders will be picked up within few seconds by keepers to be executed with the next oracle update. You will receive notifications when the order is executed successfully and then you can see the active positions. If the order fail to be executed, you will be notified of the reasons and the orders will be automatically cancelled.
Place Limit/Stop Order
Limit and stop order sumission work similarly as the market order. The only difference is you need to specify the trigger price for these orders.
The sumitted limit and stop orders will show up in Orders tab, where you have the option to edit the price of each order or cancel it. If the order cannot be submited by the keeper, it will have red error message and you need to cancel and resumit the order.
Managing Positions
After the order is successfully execyted, the position appears in the Active Position list with the position details.
To add margin to an existing position, click Add button and input the margin to add. Click Add Margin button to submit the transaction after confirming the new position details.
Close a Position
To close a position, click Close button of the position and then input the amount of the margin to close. Same as open position, you have the option of Market, Limit and Stop order type. You can either close the whole position or close partially.
A trade record appears in the Trade History section after the position is closed, recording the position details.
Last updated
