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Every trade on Perpetra starts from the order panel. This page walks through each field and what it does.

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The order panel

Perpetra order panel showing a market order for HBAR-USDC
1

Choose a market

Pick from Perpetra’s supported markets. Each market is quoted against USDC. The header bar above the chart shows the market’s mark price, index price, 24h volume, open interest, current funding rate, time until next funding, and the index price source (Supra, Chainlink, or SaucerSwap TWAP depending on the market).
2

Choose a side

Long or Short, at the top right of the order panel.
3

Choose an order type

Market, Limit, or TP/SL. Market fills immediately against the best available price. Limit rests on the book at your chosen price until it fills. The TP/SL tab is visible but not functional yet. See Order Types & Reduce-Only for the full breakdown.
4

Set your size

Enter your position size in USDC, or use the 25% / 50% / 75% / Max quick-select buttons to size against your available balance.
5

Set your leverage

Drag the leverage slider (1x to 50x) to choose how much of the position is backed by your collateral versus borrowed exposure. Higher leverage means a smaller price move against you will trigger liquidation. See Positions & Margin.
6

Choose your margin mode

Cross or Isolated. This determines whether your collateral is shared across positions or walled off per position. See Margin Modes.
7

Review and sign

Before submitting, review the order info section: position size, estimated entry price, liquidation price, and taker fee. Confirming the order (Open Long / Open Short) prompts your wallet to sign an EIP-712 message. No gas is charged at this step.
If you haven’t deposited collateral yet, the submit button shows Deposit to Trade instead. See Deposits & Withdrawals.

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What happens after you sign

Your signed order goes to Perpetra’s matching engine. If it matches immediately, you’ll see a toast notification as the fill settles on-chain. If it’s a limit order that doesn’t match right away, it rests on the book until a counterparty fills it, and you can see it under Open Orders. For the full mechanics of what happens between signing and settlement, see How Perpetra Works.

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Closing a position

Closing works the same way as opening, in reverse. From the Positions panel, choose close (in full or partially), and it’s submitted the same way: a signed order matched against the book. A reduce-only order is used under the hood so the close can never accidentally flip into a new position on the opposite side. See Order Types & Reduce-Only.