Arbitrum Sepolia Test Tutorial
MYX is an innovative decentralized perpetual exchange that achieves zero slippage through its unique Matching Pool Mechanism (MPM). Seamlessly matching long and short positions, MYX enables capital efficiency up to 125x, unlocking boundless opportunities for traders.Currently, there are two markets on the platform: ETH、BTC; more markets to come in the future.
Claim GAS
- Go to https://faucet.triangleplatform.com/arbitrum/sepolia to claim test GAS.
2. You can also mine ETH at https://sepolia-faucet.pk910.de/
Trade
- Go to https://beta.myx.finance/trade and connect your wallet.
2. Go to https://chainlist.org/ to add a testnet.
3. Click on the “Faucet”near your wallet to claim tokens.
Select Market
Click the Market button on the information bar to open the dialog box, and then select the market you wish to trade in.
Funding:The funding rate is determined based on the open interest of long positions and short positions. If the number of long positions in the market exceeds the short positions, meaning the open interest of longs is greater than that of shorts, then the funding rate will be positive. In this scenario, long position holders are required to pay funding fees to short position holders. Conversely, if the number of short positions exceeds the long positions, meaning the open interest of shorts is greater than that of longs, the funding rate will be negative. In this case, short position holders need to pay funding fees to long position holders.
The testnet charges a funding fee every 1 hour, with a funding rate where every 3U earned can obtain one Shell. On the mainnet, the funding fee will be adjusted to be charged every 8 hours.
Open Position
Overall position opening process: Select “leverage ratio” — Enter margin — Slide, Enter quantity — Click on the “Open Short/Open Long” button.
Step 1: “Adjust leverage”, with a minimum support of 3x leverage and a maximum support of 50x leverage.”
Using leverage increases your exposure to market fluctuations and accordingly, the risk of liquidation. Please be mindful of risk management.
Step 2: Cancel “Automated”-Enter the margin, which refers to the funds that users need to deposit in advance when engaging in derivatives trading, used to ensure the fulfillment of the trade.
Step 3: Select the order type you need to use. Two types of orders are offered: market orders and limit orders.
Market Order
Fill orders with the latest market price.
Limit Order
Open Long: Fill orders when the mark price is lower than or equal to the limit price.
Open Short: Fill orders when the mark price is higher than or equal to the limit price.
Step 4: Change the display mode according to your preference, then slide and enter the quantity.
- USDT: You will see the value of the order represented in the stablecoin USDT.
- Coin Information: You will see the quantity of the order represented in specific cryptocurrencies
Step 5: Click “Open Long” or “Open Short” to open the confirmation dialog box.
- Open Long: When you “open long,” you predict that the asset price will rise. Simply put, you buy an asset hoping to sell it at a higher price in the future, thereby making a profit.
- Open Short: When you “open short,” you predict that the asset price will fall. This means you sell an asset first (even if you don’t own it at the time) and then buy it back at a lower price in the future, thereby making a profit.
Step 6: Display the relevant information for opening the position, click the “CONFIRM” button, and proceed to wallet authorization to complete the position opening.
Leverage Ratio: Leverage enables investors to execute larger trades with a smaller principal investment, amplifying both potential profits and risks. Minor market shifts can significantly impact the returns due to the leveraged nature of the trade.
— Slippage: This refers to the difference in expected price of a trade and the actual price at execution, often due to rapid market changes. Traders typically do not encounter slippage during transactions, and it does not impact overall market pricing.
— Price: This is the initial buying price for the trader entering the market. — Liq. Price (Liquidation Price): If the mark price hits the liquidation price, the position will be liquidated. This occurs when the collateral’s value drops below the required maintenance margin.
— Fees: These are calculated based on the Maker/Taker status of the trade’s opening amount and are deducted from the margin at the position’s inception.
Automated Margin Transfer
Click“Automated”，MYX will automatically read the wallet balance, select the leverage ratio, and choose between limit/market order, then directly enter or slide the quantity and click，Click“Open Long” “Open Short”
- Available Long/Short: The current maximum position size. The example above indicates that the trader can currently go long up to 909,694.62 U. The available liquidity for long and short positions is calculated separately; it varies with changes in the total open positions.
- Open Interest (Long)/(Short): The current number of open long and short positions on the MYX.
- Long-Short Ratio: The current long-short ratio on the MYX.
Price, Funding, Chart
- The displayed information includes the market name, asset index price, 24-hour price change, 24-hour trading volume, as well as the current funding rate and countdown to the next charge.
- The index price on MYX comes from Pyth, which aggregates price information from multiple sources to ensure accuracy and stability. Traders can open positions of any size with zero price impact.
- Funding Rate: Calculated based on the proportion of long and short positions on MYX, the funding rate is charged every 8 hours.
Position Information
View position-related information in the bottom left corner.
TP/SL
Click on “TP/SL” below the position, enter the price, and ensure that your price aligns with the direction of your open position for a 100% quantity close.
Advanced TP/SL Settings.
Click the “Advanced” button, select the direction of the position opening, then choose “Take Profit” or “Stop Loss”, enter the price and the percentage of the position quantity to be closed, and click ‘Confirm’. You can also set this in the “Position” section.
Close position
Select market or limit order, enter or slide to choose the quantity of the position you want to close. Avbi displays the maximum closable position quantity for different directions. Click “Close Long”/”Close Short” and then click “Confirm”.
You can also close through the “Close” in the “Position” information, liquidating the entire position quantity at the current price.
Adjust Margin
Increasing the margin raises the liquidation price to prevent liquidation, while reducing the margin increases the risk of liquidation.
Provide Liquidity
BUY
Step 1: To purchase MLP, click “Earn” at the top of the webpage.
Step 2: Find the MLP corresponding to the type of token you wish to purchase on the page, and then click the “Buy” button to proceed with the transaction.
Step 3: Enter the quantity you wish to purchase, which supports single currency buying. Click “Buy”to proceed to wallet confirmation. After the transaction, MLP tokens will be directly distributed to your wallet.
The value of MLP will be appreciated based on the transaction fees collected, similar to buying a token. You can transfer MLP tokens.
SELL
Step 1: Find the MLP corresponding to the type of token you wish to sell on the page, and then click the ‘Sell’ button to proceed with the transaction.
Step 2: Enter the amount of MLP you choose to sell. You will see the quantity of assets you will receive. The sale of MLP is automatically matched according to the current trading status of MLP pairs and cannot be chosen.
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For collaboration: marketing@myx.finance
