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Open a position
1. 1.
2. 2.
Select a base currency. Your margin will be denominated in this currency.
3. 3.
Select leverage. Leverage multiplies your potential profit or loss on the trade.
4. 4.
Enter a trade size. This is equal to margin × leverage. For example, a trade size of 50 ETH at 50× leverage will use 1 ETH in actual balance (margin) from your wallet.
If you think price will rise in the future, open a long. If you think price will fall, open a short.

## Settlement

Once submitted, your order will appear as "Settling" in your positions panel while it is picked up and priced by the dark oracle network (usually a few seconds).
Once settled, your position's execution price and unrealized profit or loss (P/L) appear.

## Funding

As long as your position is open, it will incur funding, which is charged hourly. The hourly funding rate appears on the confirmation screen prior to opening a position.
All P/L numbers shown in your dashboard are already inclusive of all funding charges.

## Profit & Loss

Here, you opened a 5 ETH position at 4077. If the market rises by 1%, your P/L will equal:
$5 ETH \times 1\% = 0.05 ETH$
Conversely, if the market falls by 1%, your P/L will equal:
$5 ETH \times -1\% = -0.05 ETH$

## Liquidation

If your loss exceeds -80% of the margin tied to the position, the position is liquidated.
You can choose to avoid liquidation by adding margin to your position.