1. Open BitMax App, visit [Homepage] – [Futures].
2. On the trading page, you can select leverage, place sell/buy orders, choose order types, and view positions, open orders & order history.
3. If you currently don’t hold any assets in the futures account, click on the overflow menu (three dots) at the top right corner and select [Transfer].
4. You can transfer BTC, ETH, USDT, USDC, or PAX to Futures Account as collateral.
1) Click on the inverted triangle button to select [Cash Account] or [Futures Account] (users can transfer between Cash/Margin/Futures accounts).
2) Select the token you would like to transfer.
3) Enter a transfer amount.
4) Click on [OK] to complete the transfer.
5. When the transfer is completed, you can start Futures Trading.
6. Click on the inverted triangle button to adjust leverage level.
7. In the pop-up window, you can click on the [-/+] icon to choose a lower or higher level of leverage; or you can click on the options below to choose up to 100X leverage directly.
Then, click on [Confirm].
8. Now you can place orders. Assume that you want to place a limit order of BTCUSDT.
9. Buy/long BTCUSDT if you expect the price to go up; Sell/short BTCUSDT if you expect the price to go down.
1) Click on [Limit], enter an order price.
2) Enter an order size, or you can slide the button along the bar below to select a percentage of your max buy/sell as order size. The system will automatically calculate the collateral needed (Required Margin).
3) Click on [Buy/Sell BTCUSDT] to place the order.
The steps to place a market order are pretty similar except that you don’t need to enter an order price, since market orders are filled at the current market price.
For further details, please refer to Leveraged Trading Examples under Introduction to Perpetual Contracts.
10. For Conditional Limit Order, you need to enter an additional stop price (Stop). When the stop price is reached, the system will automatically place the order per the pre-set order price.
The steps to place a conditional market order are pretty similar except that you don’t need to enter an order price, since market orders are filled at the current market price.
11. When the order is filled, positions details can be viewed at the bottom of the page.
Average Price: The average cost of your position.
Est. Liquidation Price: Estimated mark price that the position will be liquidated at.
PnL: Unrealized profit or loss in USDT from the open position.
12. If Account Margin Rate falls below the Maintenance Margin Rate, the process of auto-liquidation will begin for the account. Click here for further details on Liquidation Engine.
13. You can also close out the position manually after the order is filled.
14. Enter a close-out price, click on [Close@Limit], or you can just click on [Close@Market].
15. Enter a size in the pop-up window, click on [Confirm] to close out the position.
In Futures Trading, you can set a stop loss/take profit order to mitigate the risk of forced liquidation or potential losses. For further details, please refer to How to Stop Loss/Take Profit in Futures Trading [App].