Placing an order

You place orders from the order panel on the right of the terminal. Every order is simulated against the live market price, with simulated fees and the same risk caps a funded account uses.

#Market vs limit orders

• Market orders fill immediately at the freshest available price. The fill is rejected if the reference price is more than ~2 seconds old or if it has moved more than about 0.5% from the price you saw, so you are not filled on a stale quote. Market fills pay the taker fee.
• Limit orders rest until the market reaches your price, then fill at the better of your limit and the market price (you never pay worse than your limit). Resting limit fills pay the maker fee.

For either type you choose a side (long or short), a size (in USDC or the asset), and your leverage. Take-profit and stop-loss prices are optional.

#Leverage caps

Leverage is capped per market by firm policy, and the cap is re-applied on the server, so it cannot be exceeded by editing a request:

#Position caps

Three concentration caps are checked at order time (and re-checked when a limit order fills), all measured against equity:

An order that would breach a cap is rejected before it fills. A resting limit order that would breach a cap at fill time is kept resting rather than filled.

#Fees

Funding is charged or paid on open positions over time; you can see it in the Funding history tab.

#What happens on submit

1. Your leverage is clamped to the firm cap and the freshest price is fetched.
2. The order is checked against your equity (drawdown) and the position caps above.
3. If it passes, the position opens (or averages into an existing same-side position); the open fee is deducted.
4. Opening on the opposite side of an existing position closes that position first and realizes its P&L.