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How to trade Perps in Ready X

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Perpetuals, or Perps, let you speculate on whether the price of an asset will rise or fall without owning the underlying asset.

Perps in Ready X are powered by Extended, an onchain trading platform.

How to access Perps

You can open Perps from:

  • The Trade perps banner on the home screen.
  • The Perps tab above your balance on the home screen.

Fund your Perps balance

Your regular Ready X balance and your Perps balance are separate.

Before trading, you'll need to move USDC into your Perps balance:

  1. Open Perps and select Deposit.
  2. Enter the amount of USDC you want to move from your Ready X spot balance.
  3. Select Deposit to confirm.

Your USDC will then appear in your Perps balance.

Open a position

Ready X gives you access to more than 100 Perps markets, including BTC/USD, ETH/USD, SOL/USD, BNB/USD, and STRK/USD.

  1. Select a market, such as BTC/USD.
  2. Choose Long or Short:
    • Long if you think the price will increase.
    • Short if you think the price will decrease.
  3. Enter your margin, the amount of USDC you want to use for the position.
  4. Select your leverage, up to 50×.
  5. Optionally set:
    • Stop Loss (SL) to automatically close the position if the price moves against you.
    • Take Profit (TP) to automatically close the position when your target price is reached.
    • Limit order to open the position only at a price you choose.
  6. Review the order and confirm.

Higher leverage increases both your potential gains and your potential losses.

Manage an open position

Select your Perps balance to view your open positions.

From an open position, you can:

  • Change your Stop Loss or Take Profit.
  • Partially close the position.
  • Fully close the position.

You cannot modify the margin of an existing position.

Withdraw from your Perps balance

After closing a position, any remaining funds or profits stay in your Perps balance until you withdraw them.

  1. Select Withdraw.
  2. Enter the amount of USDC you want to move back to your Ready X spot balance.
  3. Confirm the withdrawal.

Once the USDC is back in your Ready X balance, you can use it normally, for example to send, swap, stake, or interact with apps.

Perps terms explained

  • Long: A position that profits if the asset's price rises.
  • Short: A position that profits if the asset's price falls.
  • Margin: The USDC you put into the position.
  • Leverage: Multiplies your market exposure. For example, 10× leverage turns $100 of margin into a $1,000 position.
  • Stop Loss: Automatically closes a position if the market moves against you to a specified level.
  • Take Profit: Automatically closes a position when your chosen profit target is reached.
  • Funding rate: Periodic payments between long and short traders that help keep the perpetual contract price aligned with the market price.
  • Extended: The onchain trading platform powering Perps in Ready X.
  • Extended Points: Points earned through Perps trading activity. Ready X users receive a 10% Extended Points boost, and top traders may qualify for additional rewards.

Risk warning

Perpetuals and leveraged trading involve significant risk and can result in substantial losses.

Higher leverage increases risk. Only trade with funds you can afford to lose.

If you have questions, contact Ready Support at help@ready.co.