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Traders need to have both USDC and ETH on Optimism network to open a trade. USDC is used as the margin token and ETH is used to pay for gas fee.
You can use any of these bridges to transfer tokens to Optimism network:
Switch your Metamask wallet to the right blockchain and connect it to the trade page. Click the product list on the right and select the trading pair you want to trade.
After selecting the "Market" on the top right section, choose
SHORTand input the
Sizeof the trade you want to open. The value in blue is the maximum size you can open based on your available USDC balance and your selected leverage. The
Marginamount is automatically calculated based on your size and selected leverage. The margin is the amount of USDC you will transfer as the margin for this trade.
After that, the summary of the trade is updated.
Mark Priceis the current oracle price.
Entry Priceis the estimated trade price if you open the trade.
Price Impactis the estimated price impact of your trade.
Liquidation Priceis the estimated price of your position to get liquidated.
Trade Feeis the trade fee to be charged.
Execution Feeis the fee to cover the gas cost of Pika keeper.
Total Costis the sum of the margin, trade fee and execution fee.
If it's your first time trading on Pika, you would need to approve Pika contract to transfer your USDC and enable Pika keepers to submit market orders for you by agreeing with the terms.
Then after clicking the
Submitbutton, the confirmation will show up with the order details. Then you can check the details before you click
Allowed Slippageis too low or the price is too volatile, your order may be cancelled. The slippage value can be set at the top right of the page.
The submitted orders will be picked up within few seconds by keepers to be executed with the next oracle update. You will receive notifications when the order is executed successfully and then you can see the active positions. If the order fails to be executed, you will be notified of the reasons and the orders will be automatically cancelled.
If you want to add take-profit and stop-loss orders for your position when creating the market order, you can select them and bundle them in one transaction.
Limit and stop order submissions work similarly as the market order. The only difference is you need to specify the trigger price for these orders.
The submitted limit and stop orders will show up in
Orderstab, where you have the option to edit the price of each order or cancel it. If the order cannot be submitted by the keeper, it will have red error message and you need to cancel and resubmit the order.
After the order is successfully executed, the position appears in the
Active Positionlist with the position details.
To add or remove margin for an existing position, click the
Editbutton and input the margin to add or withdraw. Click the
Submitbutton to submit the transaction after confirming the new position details.
To close a position, click the
Closebutton of the position and then input the amount of the margin to close. Same as an open position, you have the option of
TP/SLorder type. You can either close the whole position or close it partially.
A trade record appears in the
Trade Historysection after the position is closed, recording the position details.
The trading charts showcase real-time prices sourced from the Pyth oracle, allowing users to choose their desired chart granularity (1m, 5m, 15m, etc). Active positions' entry and liquidation prices are prominently displayed, along with trigger prices for both stop-loss and take-profit orders.
Pika uses TradingView technology to display data on charts. TradingView is a charting platform for a global community of traders and investors, but it's especially valued by crypto enthusiasts: you can track detailed symbol charts, e.g. BTC USD and ETH USD to always stay on top of where the markets are moving and be prepared for a next trade.