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The Odyssey

How to trade

Before you start

  • A wallet on Elysium (testnet first), with a little HYPE for gas.
  • WHYPE as collateral. The desk wraps HYPE into WHYPE 1:1 for you, and unwraps it any time.

Open a position

  1. Pick a market on the desk. Each market is one pad coin against HYPE.
  2. Choose long or short, a margin in WHYPE and a leverage from 1x up to the market’s maximum (2x, 3x or 5x, by the depth of the coin’s pool).
  3. Read the ticket before you sign. It shows your size, your entry price, your liquidation price, the fees in and out, and every limit the trade must pass, drawn on the mast.
  4. Approve WHYPE once, then sign the open. Every open carries a price limit (1% from the price shown) and a deadline, so a price that moves against you while the transaction waits makes it fail instead of filling badly.

One wallet holds at most one long and one short per market. To change a position, close it and open a new one.

The price you get

You enter and exit at the worst for you of three readings: the slow mark, the coin’s pool right now, and the pool’s last 10 to 20 minutes. A swap that pushes the pool and a swap back buys nothing. See Price and limits.

While a position is open

  • Funding: when one side is busier than the other, the busier side pays the other, up to 0.1% of size an hour by default.
  • Borrow fee: every position pays 0.005% of its size an hour.
  • A ceiling: a position’s equity grows to at most 5x its margin.

Both fees are settled inside your equity when the position closes; nothing is charged from your wallet while it runs.

Close

Close any time from Your positions: you get your equity (margin, plus or minus your profit and loss, minus fees) in WHYPE. Closing works even while new positions are paused and even on a market that has been delisted.

Liquidation

A position whose equity at the mark falls under 2% of its size can be liquidated by anyone. The vault takes the loss and 1% of the size as a liquidation fee; anything left goes back to you. There is no reward for the caller. Liquidation reads the mark only, so a quick push of the pool cannot liquidate a healthy position.

The desk shows your liquidation price on the ticket before you open and next to the position after.