🔄 Trading Guide
Below is a detailed tutorial on how to begin trading on QuickPerps V2 Hydra
Last updated
Below is a detailed tutorial on how to begin trading on QuickPerps V2 Hydra
Last updated
The brand-new QuickPerps: Hydra platform (a V2 of the original perps DEX) is now available on Polygon zkEVM.
Let's dive into the new version and how to use it.
To summarise, Hydra comes with the following features:
Trade crypto, forex, and commodities with up to 100x leverage
Open Interest ratio of over 1000x
Aggregates all the major Perp DEXs on each chain supported by the QuickSwap dApp, and settles orders on the most efficient one
To start using QuickPerps: Hydra, follow the tutorial below:
Firstly, visit the QuickSwap dApp and connect your wallet to the Polygon zkEVM network.
Then, click on the ‘Perps’ tab & select Hydra
If you want to access the Hydra interface direct, please click this link.
Once you've connected your wallet, users have the option to either enter a long or short position on multiple asset types:
18 cryptocurrencies with up to 100x leverage, depending on the pair
6 forex pairs with up to 100x leverage
2 commodities with up to 20x leverage
With Hydra, users also have direct access to advanced order types (Pro trading features) such as:
Limit / Stop
Stop Loss
Take Profit
Trailing Stop
Reduce Only
Protect Order
Hydra also offers a Referral Program where you can invite your friends and enjoy fee-cashback/fee-commissions.
To fins out more about it, head over to the referral page, which can be accessed in the sub header on https://hydra.quickswap.exchange/.
Before trading can occur, you will need to sign a transaction. Click the Enable Orders button to get started.
Once the transaction has been signed, you can begin choosing the asset pair you want to trade.
To do this, click on the pair displayed at the top left of your screen or in the order parameters bar, and then select the asset you want to trade from the dropdown menu.
Next, choose "Long" or "Short" to open a position.
Keep in mind that:
Selecting "Long" will result in a profit if the token's price rises, but a loss if it falls
Choosing "Short" will yield a profit if the token's price falls, but a loss if it rises
Proceed to select the asset you want to use as a collateral: currently available tokens for collateral are QUICK, ETH, or USDC.
Next, enter the amount that you want to use as collateral, which will act as your "deposit" to open that trade, signifying the funds you are putting at risk for borrowing.
As a next step, it's time to decide how much leverage you want to utilise for the trade. The leverage slider starts at 1.1x and goes up to 100x - keep in mind that the maximum leverage available changes depending on the asset class that has been chosen.
Choose between Market or Limit:
A Market order enables you to enter a position directly at the current market price. To place a market order, enter the amount of your collateral and open your order
A Limit order lets you enter a position at a price of your choice - however, there's a risk that the order may never be executed or might be executed much later. Check the Limit/Stop box and enter the desired price at which you want to position yourself to open the trade
Before confirming the transaction a pop-up window will appear that summarizes all relevant data related to your position, such as fees, liquidation price, leverage and more.
After opening your position, all the necessary details can be found below the chart in the 'My Positions' section.
To either close your position or set TP/SL orders to your open position, you can click the 'X' button on the far right of the 'My Positions' tab.
You can close your position using one of the two options located at the top, as mentioned above.
a) Close the position completely
To close your position completely at the current market price, click the '100X' button and hit 'Close.'
b) Set TP/SL Orders Or Close Position
To set a Take Profit or Stop Loss order, click the 'Limit' button and enter the amounts you wish to sell at. Prices above current market price are TP. Prices below current market price are SL.
In the given set of Pro Trading features a trailing stop function is also available for use.
Here is a short explanation of this feature: A trailing stop is a type of an order that allows traders to secure profits while also limiting potential losses. It works by automatically adjusting the stop loss level for a trade in favor of the current market price.
Hydra has implemented a percentage-based trailing stop function where traders input the price percentage they’re willing to absorb.
Opening a new position with trailing stop:
If you are opening a new position, you can set up a trailing stop or take profit order during the opening process. This will ensure that your position is automatically closed at a specified price level if the market moves against you, helping to limit your losses and protect your profits.
Adding trailing stop to an existing position:
If you would like to add a trailing stop order to your existing position, this can be done by navigating to your position and selecting the option + Add Trailing Stop, when clicking on the three dots next to your position.
Next, a pop-up appears allowing you to select the percentage or enter a price:
Once this is set up, your position will automatically be closed if the market moves against you by a specified percentage, helping to reduce your risk.
Hydra allows you to set up two type of advanced orders, whether you are opening a position or when your position is already open:
SL (Stop Loss)
TP (Take Profit)
To set up SL and TP when opening a position, go to the 'Pro trading' section, then:
SL: Choose the price at which you want to place your stop loss or select the %
TP: Choose your TP by entering a specific price or select the %
If you manually close a position, the associated trigger orders will remain open. You will need to cancel them manually if you do not want the order to be active when opening future positions.
Also note that orders are not guaranteed to execute. There are several situations in which this can occur, including:
The mark price, which is an aggregate of exchange prices, did not reach the specified price
The specified price was reached but not for a long enough time for it to be executed
No keeper picked up the order for execution
Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price
If the market trends against your trade, there will be a point where the loss amount closely aligns with the collateral amount. The Liquidation Price is determined when the result of (collateral - losses - borrow fee) is less than 1% of your position's size. If the token's price surpasses this point, your position will automatically close.
Due to the borrow fee, your liquidation price may change over time, particularly if you use leverage above 10x and maintain the position for more than a few days. Therefore, it's crucial to continuously monitor your liquidation price.
If there is any collateral remaining after deducting losses and fees, the corresponding amount will be returned to your wallet.
Your Est. Pnl (or estimated profit and loss) will be displayed below.
