Trading
Opening a position
A position is your collateral times a leverage, long or short, filled at the price on screen.
Long or short
A long wins when the price rises and loses when it falls. A short is the opposite. In both, the result is the size of the position times the price move.
Collateral, leverage and size
position size = collateral × leverage result = position size × price move (long: up wins; short: down wins)
- Collateral comes from your available balance, at least 1 USDC. It is locked while the position is open.
- Leverage is a whole number from 1× to 10×.
- You can have several positions at once, in one market or many.
- Collateral
- $100.00
- Leverage
- 10×
- Position size
- $1,000.00
- Price rises 3%
- +$30.00 before the settlement rules
- Price falls 3%
- -$30.00
The price you fill at
A position opens at the price on screen when Tausen receives your order: the last finished slot’s price (see Prices). There is no spread, no slippage and no fee on the size.
When an open is refused
- Your available balance is smaller than the collateral.
- The market is paused (market cap under $100K) or its price isn’t live.
- Long and short would be too far apart. In each market, the gap between the total size of open longs and open shorts may be at most $100,000. An open that would widen the gap past that is refused; an open that narrows it is always accepted. Up to $100K of longs with no shorts is fine; beyond that only shorts (or closes) go through until they balance.
After a position opens, the order form goes back to its defaults (long, 10 USDC, 5×) and a line above the button confirms the fill.