How to start trading on PopDEX

1. Create an account

1. Open app.popdex.xyz and click Connect Wallet to use MetaMask, Rabby or WalletConnect, or choose Login with Email and verify a one-time code. Email login creates a non-custodial embedded wallet, and each login method is a separate PopDEX account. source ↗
2. With an external wallet, first add the PopDEX network (Morph Tachyon, chain ID 2184) to your wallet. The chain is gasless, so no native token is needed for transactions on it. source ↗
3. On first connection, accept the Terms of Service with a gasless signature, then create an Agent Account. This browser-stored key signs your orders without a wallet popup, holds no funds, and is lost if you disconnect or clear browser storage. source ↗

2. Deposit collateral

1. PopDEX takes USDT deposits from Arbitrum or Morph. Click Deposit in the collateral panel or on the Portfolio page, pick the chain and amount, click Approve, then Deposit, and pay a little gas on that chain. source ↗
2. Deposits are usually credited in 1 to 2 minutes, after bridge validators confirm them. A deposit fee is deducted on credit, each token has a minimum, and deposits can be rejected when the bridge is near its cap. source ↗
3. You can also send USDT from an exchange or another wallet to your account's dedicated top-up address. Send only the exact chain and token selected: the wrong token or network, or less than the minimum, can be lost permanently. source ↗
4. Never send tokens straight to the bridge contract address; such transfers are not tracked and cannot be recovered. source ↗

3. Open your first position

1. Choose a market from Markets or the market selector. In the Order panel pick Limit or Market, choose Buy / Long or Sell / Short, enter the size, optionally add take profit and stop loss, check the estimated fees and liquidation price, then click Place Order. source ↗
2. Only cross margin is available now, so all positions share your account equity; isolated margin is listed as coming soon. Max leverage is 1 divided by the initial margin rate and falls as a position grows into higher size tiers. source ↗
3. At the base tier (under $3M of 14-day volume) the maker fee is 0.010% and the taker fee is 0.032%. Fees are taken at fill time. source ↗

4. Know how liquidation works

1. Liquidation uses the mark price, not the last trade. If your initial margin ratio passes 100%, resting non-reduce-only orders are cancelled; if your maintenance margin ratio reaches 100%, the engine takes over and freezes the account. source ↗
2. Between 100% and 160% maintenance margin ratio, the engine closes only part of the position with market orders, paying normal taker fees. At 160% or more, or if the book is too thin, the insurance fund takes the whole position and you get no margin back. source ↗
3. If the insurance fund is under stress, auto-deleveraging can partly close profitable positions on the other side, starting with the most profitable and most leveraged. source ↗
4. Mark price is an EMA of the median of three signals: a PopDEX order-book price, a mid-price from major external exchanges and a funding-implied price. It updates about once per second. source ↗

5. Withdraw

1. Click Withdraw in the collateral panel or on the Portfolio page, choose the chain (Arbitrum or Morph), enter the USDT amount and confirm. The funds are locked on PopDEX straight away and cannot be traded during the process. source ↗
2. A withdrawal goes through a challenge period on the destination chain before it is finalized and the USDT is released; the app prompts you when finalizing is available, or it may finalize automatically. A withdrawal fee and a minimum amount apply. source ↗

6. Common mistakes

1. Funding settles at the top of every hour by default, though some contracts use 2, 4 or 8-hour intervals. Longs pay shorts when the rate is positive. source ↗
2. RWA futures such as oil, gold, silver, US indices and US stocks go up to 20x. When their home market is closed, prices come from the PopDEX order book within a limit of 1/max leverage (5% at 20x), books are thinner, and prices can gap when the market reopens. source ↗
3. If you use email login and plan to turn on MFA, the docs say to export and back up your wallet first. 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.