↔️Perpetual Trade

Perp Trade

Trade perpetual futures on Jetlify with up to 50× leverage across 50+ markets. Go long or short without owning the underlying asset, using market, limit, or trigger orders, with optional take-profit (TP) / stop-loss (SL) settings.

Key concepts

• Collateral & Leverage: your collateral (e.g., USDC) secures a larger position size through leverage.

• IMR / MMR: Initial Margin Requirement and Maintenance Margin Requirement define how much equity you need to open and sustain positions.

  • IMR = IMF × position notional

  • MMR = MMF × position notional (parameters vary by market).

• Funding rate: periodic payments between longs and shorts to keep the perp price anchored to the spot price.

• Borrow fee: hourly fee for assets borrowed from the liquidity pool.

  • Formula: (assets_borrowed / total_assets_in_pool) × 0.01% per hour.

• Mark price & oracle: the UI displays a mark price sourced from Pyth oracle to ensure fair liquidation and funding.

Order Types

• Market: execute immediately at the best available price.

• Limit: execute at your chosen price or better.

• Trigger: conditional orders that activate once a trigger price is reached.

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Open a Position

1. Select a market (e.g., ETH-USD), choose Long or Short.

2. Pick your order type (Market / Limit / Trigger).

3. Enter order size and adjust leverage using the slider.

4. (Optional) Set Take Profit (TP) / Stop Loss (SL).

5. Confirm the order in your wallet.

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Manage Risk

• Monitor Equity, Margin Ratio, and MMR; add collateral or reduce position size if margin is tight.

• Be aware of funding and borrow fees — higher pool utilization increases borrow fees.

• Use stop losses and avoid max leverage in volatile markets.

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Fees

• Trading fee (fixed): a small percentage applied on both open and close.

• Funding rate (dynamic): exchanged periodically between longs and shorts.

• Borrow fee (dynamic): Formula: (assets_borrowed / total_assets_in_pool) × 0.01% per hour.

Example: if 40% of a pool is borrowed → 0.40 × 0.01% = 0.004% per hour (~0.096% per 24h).

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Liquidation

Jetlify applies per-market risk parameters to protect both traders and liquidity providers.

Key Definitions

• Initial Margin Requirement (IMR): IMR = IMF × position_notional.

• Initial Margin Fraction (IMF): % set per market/asset class.

• Maintenance Margin Requirement (MMR): MMR = MMF × position_notional.

• Maintenance Margin Fraction (MMF): % set per market/asset class.

• Equity Value: unrealized PnL + unrealized fees (funding, borrow, open/close, liquidation) + collateral value.

• Collateral Value: Σ(collateral amounts × price × LTV).

Liquidation Condition

A position becomes eligible for liquidation when: Equity Value ≤ MMR. The platform may partially or fully reduce the position to restore margin health.