How to start trading on SparkDEX Perps

1. Create an account

1. SparkDEX Eternal is SparkDEX's perpetuals exchange on the Flare network. Open sparkdex.ai/perps (or click Launch App, then Perps). source ↗
2. Click Connect Wallet in the upper right, connect a Web3 wallet and make sure it is on Flare. The app then shows your wallet address and balance. source ↗

2. Deposit collateral

1. There is no separate deposit step in the tutorial: you choose the collateral and amount when you open a position. Supported collateral is USDT0, WFLR, sFLR and FXRP. source ↗
2. Funding rates are calculated hourly for each market and collateral type, so the same market can behave differently depending on which collateral you use. source ↗

3. Open your first position

1. Select a contract (for example XRP-USD) in the dropdown on the left, choose Long or Short, then pick a Market order (fills now) or a Limit order (fills only at your price, and may never fill). source ↗
2. Select your collateral and amount, set leverage with the slider (1x mirrors a spot position), accept the terms and press the green Long or red Short button. Fees, position size and estimated liquidation price are shown before you open. source ↗
3. Turning on Pro Trading before opening lets you add Stop Loss, Take Profit, Trailing Stop, Reduce Only and Protect Order settings. source ↗

4. Know how liquidation works

1. A position is liquidated when its margin ratio falls below the maintenance threshold, meaning its collateral no longer covers potential losses. source ↗
2. Leverage multiplies losses as well as gains. In the docs' example, a 5x long opened with $10 loses $10, the whole collateral, if the price falls 20%. source ↗
3. You can add collateral to an open position at any time to move the liquidation price further away. The Your Positions tab shows entry price, collateral, PnL and liquidation price. source ↗
4. Funding is paid hourly by the larger side: when long open interest exceeds short, longs pay shorts, and the rate rises gradually while the imbalance persists. source ↗
5. SparkDEX says it does not use auto-deleveraging; risk is handled by an insurance fund and an on-chain liquidation engine. source ↗

5. Withdraw

1. To close a position, click the X icon to the right of it in Your Positions and enter how much to close. You can also set a Limit close price there to act as a take profit or stop loss. source ↗
2. If a position stays well above its liquidation threshold, you can withdraw part of its collateral without closing it. source ↗

6. Common mistakes

1. The app runs on Flare, so funds held on other chains need to be moved to Flare first. The docs' bridging page has video tutorials for this, including one using Stargate. source ↗
2. Taking collateral out of an open position increases its leverage, while adding collateral moves the liquidation price further away. 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.