A step-by-step guide to Opening a Position

<aside> 💡 TLDR: Opening a position allows a user to take a long/short trade on the markets that Cryptex Finance offers.

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Opening a Position

1. To get started, open the Cryptex.Finance dApp and connect your wallet.

   Please ensure your wallet is on the Arbitrum Network.

   

2. Select which market you would like to trade.

   Currently, users are able to trade “TCAP/Total Crypto Marketcap”

   

3. Chose which side you would like to open your trade-in.

   Going long means you are positioned the price will rise.

   Going short means you are positioned for the price will fall.

   

4. Define the position by inserting the amount of USDC.e collateral, position size, and leverage you would like in the position.

   Collateral - the amount of USD to deposit to satisfy the maintenance requirement

   Amount - the position size you want to open in terms of the market payoff (or the underlying asset).

   Leverage - The ratio of notional value to collateral. For example, a $5,000 notional position with $1,000 collateral would have 5x leverage

   

5. Approve your USDC.e

   You will only have to approve use for USDC.e once.

   

6. Click “Open Position” and approve the transaction.

   

7. Scroll down to “My Positions” to see your opened position.