How to start trading on Meridian

1. Create an account

1. Meridian is an on-chain perpetuals exchange on Robinhood Chain with an order book, off-chain matching and on-chain settlement. It supports crypto markets and mutualized perps (mPerps) that track real-world assets such as commodities or equity indexes. source ↗
2. You use it with an EVM wallet that supports the Meridian network, EIP-712 signatures and switching to custom networks. Some mobile and exchange wallets do not support custom networks or every EIP-712 request, so the docs suggest a compatible desktop wallet if connection fails. source ↗
3. There is no separate sign-up step: your first valid deposit creates and registers your first subaccount. Wait for registration to finish before you place an order. source ↗

2. Deposit collateral

1. Collateral is ERC-20 USDe on Robinhood Chain. On deposit the exchange wraps it 1:1 into MeridianUSD (merUSD), its settlement token. Gas needs a separate balance of the network's native asset. source ↗
2. Connect your wallet, select Deposit, choose the token and subaccount, enter the amount, approve the token if asked and confirm the transaction. The app shows the currently supported token and minimum amount, which can change. source ↗
3. Use a cross-chain route only if the app lists that source chain. Do not resubmit a deposit while the first one is still pending. source ↗

3. Open your first position

1. Order types are Market, Limit (GTD, IOC or FOK), Stop-Market and Stop-Limit, plus Post-only, Reduce-only, position-close and linked OTO/OCO orders. A market order fills against the book immediately and does not guarantee a price. source ↗
2. Crypto markets use cross margin, where positions with the same quote token share one pool. mPerps use isolated margin, each in its own pool. Each product's maximum leverage sets its minimum initial margin (1 divided by max leverage). source ↗
3. Orders that take liquidity wait in a short holding block before they match, while maker orders go straight to the book. The first response for a taker order shows zero filled, so check your order and fill updates for the actual result. source ↗

4. Know how liquidation works

1. A margin pool can be liquidated when its equity falls below maintenance margin, judged on the oracle mark price rather than the last trade. The base maintenance margin is half of the initial margin at max leverage, and the liquidation price the app shows is only an estimate. source ↗
2. In a liquidation, open orders in that pool are cancelled, all its positions move to the liquidator and its balance becomes zero. Other subaccounts and other quote-token pools are not touched. source ↗
3. Funding is charged every hour: when it is positive longs pay shorts, and when it is negative shorts pay longs. source ↗
4. If the liquidator account becomes insolvent, auto-deleveraging can reduce part or all of an opposing position without an order from its holder. source ↗

5. Withdraw

1. Select Withdraw, choose the token, amount and destination, and sign the request with the wallet that owns the account. Meridian then submits it on-chain and the transfer is finalized to your wallet. source ↗
2. You can only withdraw the available amount, which excludes margin for open positions and orders, unrealized losses, outstanding funding and position fees, and the withdrawal fee. Unrealized profit cannot be withdrawn. source ↗
3. A one-click-trading linked signer cannot authorize withdrawals; only the owner wallet can. Do not sign a second request while a withdrawal is pending. source ↗

6. Common mistakes

1. mPerps can stay open while the underlying market is closed. During that gap the mark price is frozen, a position fee can be charged to both longs and shorts, and the price can jump when the market reopens. source ↗
2. Stops trigger on the oracle mark and then fill against the book, so the fill can differ from the trigger price. During an mPerp gap the frozen mark can stop a stop order from triggering until trading reopens. source ↗
3. Never send tokens directly to the exchange contract address: a direct transfer does not name a subaccount. Always use the Deposit flow in the app. source ↗
4. Meridian support cannot recover funds or reverse transactions and will never ask for your seed phrase, private key or 2FA codes. 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.