How to start trading on Aftermath Perps

1. Create an account

1. Aftermath Perpetuals is a fully on-chain order-book perpetuals exchange on Sui, where orders, trades and liquidations execute on-chain. source ↗
2. On the perpetuals trading page, click Login/Connect, then click Create Account at the top left and approve the transaction in your wallet. The tutorial has no KYC step. source ↗
3. Creating an account sends an Account object to your Sui address; it holds your positions and can be transferred to another address. Losing access to it means permanently losing access to those positions. source ↗

2. Deposit collateral

1. Click Deposit in the trade panel and deposit native USDC that is already in your wallet. All markets settle in USDC. source ↗
2. Deposited collateral stays in your account until you allocate it to a market by opening a position. source ↗
3. From the Account button you can create more accounts, move collateral between them, or transfer an account to another wallet address. source ↗

3. Open your first position

1. Choose a market from the dropdown and check its Market Details (max leverage, margin ratios, fees). Set your leverage, choose Buy or Sell, pick Market, enter the size or use the slider, review the preview and click Buy or Sell. source ↗
2. Every position is isolated: collateral is not shared between positions. You can add collateral to a position to lower its leverage, but you cannot lower leverage through the trade panel. source ↗
3. Order types include Market, Limit (standard, Fill or Kill, Post Only, Immediate or Cancel), Stop Market, Stop Limit, Scale, TWAP and limit orders with attached SL/TP. source ↗
4. At tier 0 the taker fee is 0.045%. With Growth Mode live, maker fees are -0.005% (a rebate) on every tier. source ↗

4. Know how liquidation works

1. A position is liquidated when its margin falls below the maintenance margin, from price moves or funding payments. Liquidation is partial: the position is cut back until it is within the market's maximum initial leverage. source ↗
2. Liquidation uses the mark price, the median of the book price, a funding price and a TWAP price, not the raw index price. A liquidation fee, a force-cancel fee on pending orders and an insurance-fund fee are charged. source ↗
3. If bad debt exceeds a market's insurance fund, losses can be socialized to the opposite side through funding, and the market admin can auto-deleverage profitable positions. source ↗
4. Max leverage is 20x on BTC, ETH, SOL and XAUT; most other markets are 10x, 5x or 3x. source ↗

5. Withdraw

1. You can withdraw collateral that is not allocated to a position at any time. Collateral in a position must first be deallocated, which is limited by the position's margin requirements. source ↗
2. To free collateral from a position, close it in full or in part with the Close button in the Positions tab, or deallocate collateral with the pencil icon (only possible when the position's leverage is below its opening leverage). source ↗

6. Common mistakes

1. Pending limit orders also tie up collateral: the margin covers your worst-case net exposure if your orders fill, so allocated collateral can look larger than your filled position. source ↗
2. Most equity markets follow their stock exchange's session hours (US stocks Monday-Friday 9:30-16:00 ET, with holiday closures); US500 and US100 use 24/7 index feeds. source ↗
3. Funding is paid hourly, but the displayed rate is an 8-hour rate; you pay or receive 1/8 of it each hour. source ↗
4. If your order transaction pays a gas price above Sui's reference gas price, a priority taker fee (0.10% by default) is added to each taker fill. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.