# Home

##  

<figure><picture><source srcset="/files/G1UVcmVb0OBAlebvfOyT" media="(prefers-color-scheme: dark)"><img src="/files/qSAgi1N8H27dZoPHW9hA" alt="" width="563"></picture><figcaption></figcaption></figure>

<p align="center"><button type="button" class="button primary" data-action="search" data-icon="magnifying-glass">Search resources...</button></p>

#### **Explore our Product Guides:**

{% hint style="success" icon="envelope-dot" %}
**Rails 2.0** upgrade details, key dates, and important information available in our [Migration Guide](https://help.rails.xyz/support/faqs/rails-2.0-migration-guide).
{% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-type="image">Cover image (dark)</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Perpetuals</strong></td><td><a href="/files/MrY6upvm2zHqWs3jtufR">/files/MrY6upvm2zHqWs3jtufR</a></td><td><a href="/files/Qbf8wCn4B2UQshXUDPEE">/files/Qbf8wCn4B2UQshXUDPEE</a></td><td><a href="/pages/2u9HTIttFPZnsraUKdS0">/pages/2u9HTIttFPZnsraUKdS0</a></td></tr><tr><td align="center">Coming Soon: <strong>Options</strong></td><td><a href="/files/chdB2ZT8NpNtUoPwACLO">/files/chdB2ZT8NpNtUoPwACLO</a></td><td><a href="/files/n96qosBHvEXNy2sSLBUt">/files/n96qosBHvEXNy2sSLBUt</a></td><td><a href="/pages/cHKvybGto5h93EH8m2I5">/pages/cHKvybGto5h93EH8m2I5</a></td></tr><tr><td align="center"><strong>Troubleshooting</strong></td><td><a href="/files/gqCPfFULjePl56fVpAxK">/files/gqCPfFULjePl56fVpAxK</a></td><td></td><td><a href="/pages/27VKBSmFFZLyVmSiat9V">/pages/27VKBSmFFZLyVmSiat9V</a></td></tr></tbody></table>

#### Browse by topic:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-type="image">Cover image (dark)</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Signing Up</strong></td><td><a href="/files/BlbCOdiyPI5vYJpWob4b">/files/BlbCOdiyPI5vYJpWob4b</a></td><td><a href="/files/fAq88Aiu19lmuAjf33p9">/files/fAq88Aiu19lmuAjf33p9</a></td><td><a href="/pages/GEAI8QfpeDXZu722rAQO">/pages/GEAI8QfpeDXZu722rAQO</a></td></tr><tr><td align="center"><strong>Manage Account</strong></td><td><a href="/files/17SZQDLvz5zWAu5ZlE6p">/files/17SZQDLvz5zWAu5ZlE6p</a></td><td><a href="/files/jz3u9wXxNV7Nz1dd7nvI">/files/jz3u9wXxNV7Nz1dd7nvI</a></td><td><a href="/pages/6AIWgkklzLvIe3wW7Xs5">/pages/6AIWgkklzLvIe3wW7Xs5</a></td></tr><tr><td align="center"><strong>Account Funding</strong></td><td><a href="/files/liv5mjFZZ8r8GyOTEyMv">/files/liv5mjFZZ8r8GyOTEyMv</a></td><td><a href="/files/p6fNZtbHS28drG9tna03">/files/p6fNZtbHS28drG9tna03</a></td><td><a href="/pages/YtuxAacNKWqbgW4ypiAF">/pages/YtuxAacNKWqbgW4ypiAF</a></td></tr></tbody></table>

<p align="center"><img src="/files/EIRN3hvU6fhJEk2vzD0Z" alt="" data-size="line"><a href="https://docs.rails.xyz" class="button secondary">Read our API &#x26; Developer Docs</a></p>


# Our Platform

A compliance-first infrastructure for multi-asset derivatives, delivered through a single integration.

{% columns %}
{% column width="58.333333333333336%" %}
Rails brings institutional-grade derivatives to any distribution partner through one [regulated](/getting-started/our-platform#regulatory-compliance), single-integration platform.

Partner with us, and enable perpetuals & options for your users without building it yourself.
{% endcolumn %}

{% column width="41.666666666666664%" %}

<p align="center"><a href="https://explorer.inkonchain.com/address/0xaF62124e3C0b915A687cF03908Ebaf584815c20E" class="button secondary" data-icon="link">Smart Contract (Rails on Ink)</a></p>

<p align="center"><a href="https://rails.xyz/audit-report" class="button secondary" data-icon="file-lines">Smart Contract Audit Report</a></p>
{% endcolumn %}
{% endcolumns %}

<figure><img src="/files/5QE69o2At0ehqx5YqtIz" alt=""><figcaption></figcaption></figure>

## Overview

Rails sits between partner-facing distribution and the regulated core. Partners integrate once against the API and SDK layer; Rails handles products, asset classes, liquidity, and the full chain of core infrastructure — order book, matching, risk, settlement, custody, and prime brokerage.

<div align="center"><figure><img src="/files/OBFdY8mzisVaePVMIR93" alt=""><figcaption><p>Rails’ architecture enables diverse participants, including both institutional and retail users, to access multi-asset derivative products through a single, unified integration with our regulated platform. </p></figcaption></figure></div>

By integrating proprietary order processing logic, a deterministic matching engine, and atomic settlement, Rails provides a seamless and institutional-grade experience for all participants. The foundational design objectives include:

* High-throughput transaction reliability and guaranteed response signalling
* Exceptional low-latency execution across the critical order path
* A fair and auditable matching engine with built in native strategies
* Specialized margin isolation across options, perpetuals, and futures to support asset-specific risk-liquidation protocols

<p align="center"><a href="https://docs.rails.xyz/" class="button secondary" data-icon="rectangle-api">Read our API Docs</a></p>

## Regulatory Compliance

Rails is fully regulated with a complete AML compliance program that has been tested at scale. Every user is verified through strict identity verification (Know Your Customer (KYC) and Know Your Business (KYB)) checks, transaction monitoring, name and wallet screening checks. Rails partners with external agencies and regulators to conduct regular audits of its program, ensuring institutional readiness.

<p align="center"><a href="https://blog.rails.xyz/K-Why-C-Compliance-as-a-Competitive-Advantage-2629916f357380b184e5dc09ca7caa6c" class="button secondary">Read our KYC/KYB Blog Post</a></p>

<table data-card-size="large" data-view="cards"><thead><tr><th align="center"></th></tr></thead><tbody><tr><td align="center"><strong>Rails Limited</strong> is registered with Cayman Islands Monetary Authority (CIMA) under both the Virtual Asset Service Provider (VASP) and Securities Investment Business Act (SIBA) regimes.</td></tr><tr><td align="center"><strong>Rails Markets Inc.</strong> is registered as an Introducing Broker with the National Futures Association (NFA) in the United States.</td></tr></tbody></table>


# Signup

This section is a step-by-step guide to signing up for Rails.

Rails offers two types of accounts to support a wide range of users from professional institutions to individual traders. Whether you're exploring derivatives trading on your own, or managing assets on behalf of a business or fund, Rails has a tailored signup experience to match your needs.

{% hint style="success" %}
Learn about [user verification requirements](/getting-started/verification) to ensure a smooth signup process.
{% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Signup for Businesses</strong></td><td><a href="/pages/enqCi2Ojk3CjLiHxnmoJ">/pages/enqCi2Ojk3CjLiHxnmoJ</a></td></tr><tr><td align="center"><strong>Signup for Individuals</strong></td><td><a href="/pages/zK5E9YCw2HHotE9MvivL">/pages/zK5E9YCw2HHotE9MvivL</a></td></tr></tbody></table>


# Signup for Businesses

We are required to collect and verify specific information for all business entities opening a Rails account to meet regulatory requirements. There are two main steps in the verification process:

{% stepper %}
{% step %}

### [**Account Creation**](#step-1-account-creation)

Choose the account username, password and verify the primary user's email.
{% endstep %}

{% step %}

### [Account Verification](#step-2-account-verification)

Answer a [questionnaire](#step-2.1-business-questionnaire) to confirm the business' [eligibility](/getting-started/verification#what-are-the-eligibility-requirements-to-use-rails-pro) for the product, upload [business documents](/getting-started/verification/know-your-business-kyb/business-document-requirements) to complete [Know Your Business (KYB) ](/getting-started/verification/know-your-business-kyb)requirements, and have all [required individuals](/getting-started/verification/know-your-business-kyb/kyc-requirements-for-businesses#required-individuals) complete [Know Your Customer (KYC) ](/getting-started/verification/know-your-customer-kyc)identity verification.
{% endstep %}
{% endstepper %}

{% hint style="success" %}
This should only take 5-10 minutes of your time if you have all required documentation and information ready up front. Our team will then complete our review of your business documents within one business day.
{% endhint %}

## Step 1: Account Creation

{% columns %}
{% column width="58.333333333333336%" %}

1. Go to the [Rails website](https://trade.rails.xyz/trade/BTC-USD) to create your account.
   {% endcolumn %}

{% column width="41.666666666666664%" %}

{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Select "Business", enter your email address, then select continue.
{% endcolumn %}

{% column %}

<figure><img src="/files/rf9KNq5K065vqlD6b6ls" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Enter a username, and password, then select the Create Account button
{% endcolumn %}

{% column %}

<figure><img src="/files/tgA7GtPfNAxOV1m4z7js" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
4\. Check your email inbox to find your verification email.

{% hint style="info" %}
Select the resend email button if you did not receive an email.&#x20;
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/rCmi71RvD1JgDts0YGBw" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
5\. Click **Verify your email address** in the email you received.
{% endcolumn %}

{% column %}

<figure><img src="/files/mfDjGJHU8l7BqXI9cMZq" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
6\. When this screen appears, you're ready to sign in, and you're ready to proceed to account verification.
{% endcolumn %}

{% column %}

<figure><img src="/files/SnSPKF5zxI3SdAcXV22U" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

## Step 2: Account Verification

### Questionnaire

We've partnered with [SumSub](https://sumsub.com/?utm_source=google\&utm_medium=cpc\&utm_campaign=sem_g_srch_kyc_brand_t1\&utm_content=pid|kwd-601146504948|cid|21323658905|aid|700512112737|gid|162058609879|pos||src|g_|dvc|c|reg|9191581|rin||fid|\&utm_term=sumsub\&gad_source=1\&gclid=CjwKCAjw7pO_BhAlEiwA4pMQvI_IbL1EHvdM__PGVFu0AdOL0yS9g1jT9f5chWYQkco8XS3cZzH-TRoC7e8QAvD_BwE), a trusted partner, to conduct user verification by capturing key information about your business.

{% columns %}
{% column %}

1. Click **Continue** to begin the Questionnaire.
   {% endcolumn %}

{% column %}

<figure><img src="/files/x7j8RqY2t8izaCjy9uzP" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
9\. Enter your company details and click **Find company.**

{% hint style="warning" %}
If your business's country of registration does not appear in the list, you are not eligible to sign up.

The prohibited country list can be found [here](/getting-started/eligibility#list-of-prohibited-jurisdictions), but countries not on this list may still not be supported.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/1mh7PKVbEL2E0itVwNmc" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
10\. If your company is listed in the public registry search, select your company then click **Select company** and jump to step 13.
{% endcolumn %}

{% column %}

<figure><img src="/files/P10RXi2Qb9fWa2xjGwXs" alt="" width="369"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
11\. If your business can’t be found via public registry search, you'll be prompted to enter the information manually.
{% endcolumn %}

{% column %}

{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
12\. If prompted, input your company information then click **Save and continue.**
{% endcolumn %}

{% column %}

<figure><img src="/files/oz813h3BpMzsiKITwHzc" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
13\. Answer all questions in the **Business Application** and **Investor Questionnaire** sections accurately. Click **Continue** at the end of each page as required.
{% endcolumn %}

{% column %}

<figure><img src="/files/PoCnIk8I197xEra0hNx5" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
14\. If you see the screen to the right, unfortunately you are not eligible for Rails Pro.

Click the link for more information or [contact us](https://railsxyz.zendesk.com/hc/en-us/requests/new) if you need support.
{% endcolumn %}

{% column %}

<figure><img src="/files/RmvgS6ZbfMU775dEGVc2" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Ownership and Control Structure

Here you will identify the beneficial owners and controllers required to complete [KYC verification](/getting-started/verification/know-your-customer-kyc).

{% columns %}
{% column %}
15\. Review the [requirements](/getting-started/verification/know-your-business-kyb/kyc-requirements-for-businesses) to determine which owners and controllers must complete KYC for your business's entity type (i.e. corporation, partnership, etc).

{% hint style="info" %}
Different entity types will have slightly different language than what's shown below.
{% endhint %}

16. Check the **Submit** boxes to confirm that all information provided is accurate, and that you discovered Rails independently or through a referral, then click **Continue.**

{% hint style="info" %}
This is required to ensure Rails abides by all laws in all jurisdictions.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/MAwGbGMNtib2yIOkBl6n" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
17\. Click **Add individual** in each section to identify all [required individuals](/getting-started/verification/know-your-business-kyb/kyc-requirements-for-businesses#required-individuals) for your business. Select Submit to continue.
{% endcolumn %}

{% column %}

<figure><img src="/files/EMp77uxgL1278WNPsMOM" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
18\. Enter the individual details of each individual and click **Create beneficiary**.

{% hint style="success" %}
If an individual holds multiple roles, tick the applicable boxes ![](/files/XH2MDqXNuwU5nMuwdb9q) to reuse their details across positions.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/2oobnrYiGcxiDbAAmXHc" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
19\. Once all required individuals have been identified, click **Submit.**
{% endcolumn %}

{% column %}

<figure><img src="/files/vItpESm4fslTKbU2cg2n" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Upload Business Documents

Here you will provide [acceptable](/getting-started/verification/know-your-business-kyb/business-document-requirements#acceptable-documents) business documents that collectively verify the following information about your business:

* [x] Registration/incorporation date
* [x] Registered business name and address(es)
* [x] Ownership & control structure
* [x] Proof of good standing

{% columns %}
{% column %}
20\. Read which documents are required to complete KYB verification. At least one document per <img src="/files/WMHfaddLLKEvPQbGwKc7" alt="" data-size="line"> section is required unless it's indicated to be *Optional*.
21\. Click the drop down icon <img src="/files/PNlpMt1TUesi2ZOZvDMH" alt="" data-size="line">and select the document you'd like to upload.
22\. Click the box containing the upload icon <img src="/files/LjraSpKl8uBJ4HYhd66e" alt="" data-size="line"> and select a document from your device.
23\. Click **Continue** and repeat for all required documents.

{% hint style="warning" %}
All documents need to be dated within the last 12 months, except for the Certificate of Good Standing, which must be dated within the last 6 months.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/0UO7C1Vy972gtbqUL9m7" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
24\. Once you have a green checkmark next to all required sections, click **Continue.**

{% hint style="warning" %}
You may need to submit a [certification form](/getting-started/verification/certification-of-documents) if we can't verify your company via a public registry.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/KQG51nfs4OuFe0OSq77k" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Identity Verification

The final step is to have all individuals identified above in step 19.

{% hint style="danger" %}
Your application cannot be approved until all individuals complete this step. Some countries may be required to submit alternative or additional information like Tax IDs.
{% endhint %}

{% columns %}
{% column %}
25\. If multiple people are identified, send the verification link to each associated individual by clicking **Send to email**, which will email them automatically, or **Copy link** to send it to them personally.
{% endcolumn %}

{% column %}

<figure><img src="/files/HHV5qEUS5YfIbszPddGN" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
{% hint style="success" %}
If using **Send to email**, we recommend notifying each person that a verification request has been sent so they do not confuse it for spam or a phishing attempt.

The email will resemble what's shown below.

Clicking **Verify me** will begin the verification process.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/gQPsWUEpfT8RZFmU0KNx" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
26\. Click **Verify now** to begin your own verification.
27\. Once the verification page is open, click **Continue.**
{% endcolumn %}

{% column %}

<figure><img src="/files/hJElvApiUH8dzeICxNBe" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
28\. Select the appropriate option based on your country of residence and click **Continue.**

{% hint style="info" %}
To complete verification, you must accept Sumsub’s privacy terms, which ensure legal compliance and secure processing of your identity data.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/xaJ0D40sh3H7fJgrLj9a" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

29. Follow the Identity Verification steps outlined [here](/getting-started/signup/signup-for-businesses#identity-verification).

A member of the Rails team will notify you of the status of your application within **1 business day** of all individuals completing KYC verification.

{% hint style="warning" %}
**Need help?** If your account is under review and you haven't heard from us in one business day, or if you need help with the application process, please submit a [support request](https://railsxyz.zendesk.com/hc/en-us/requests/new) and our team will contact you as soon as possible.
{% endhint %}


# Signup for Individuals

We are required to collect and verify specific information for all individuals who want to trade on Rails to meet regulatory requirements. There are two main steps in the verification process:

{% stepper %}
{% step %}

### [**Account Creation**](#step-1-account-creation)

Choose your username, password, and verify your email.
{% endstep %}

{% step %}

### [**Account Verification**](#step-2-account-verification)

You'll be asked to answer a few questions to confirm your [eligibility](/getting-started/verification#what-are-the-eligibility-requirements-to-use-rails-pro) for the product, then must complete [Know Your Customer (KYC) ](/getting-started/verification/know-your-customer-kyc)identity verification.
{% endstep %}
{% endstepper %}

{% hint style="success" %}
The whole process should take less than 5 minutes if you have a valid, government-issued ID with you.
{% endhint %}

## Step 1: Account Creation

1. Go to the [Rails website](https://trade.rails.xyz/trade/BTC-USD) to create your account.

{% columns %}
{% column %}
2\) Select **Individual,** enter your **email address** and select continue.

{% hint style="info" %}
Please enter a valid email address, as important communication about your account will be sent here, and your email address cannot be updated.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/tXGcIaXtikf44klj6tjj" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Enter a **username**, and a **password** meeting the criteria. Confirm your password, then click the Create Account button.
{% endcolumn %}

{% column %}

<figure><img src="/files/q0m4IcuO2PKIfodHkEUB" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
4\. Check your email inbox to find your verification email.

{% hint style="info" %}
Select the resend email button if you did not receive an email.&#x20;
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/rCmi71RvD1JgDts0YGBw" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% hint style="warning" %}
The verification link expires after 30 minutes. Click **Resend Link** for another opportunity to verify your account.
{% endhint %}

{% columns %}
{% column %}
5\. Click **Verify your email address** in the email you received.
{% endcolumn %}

{% column %}

<figure><img src="/files/mfDjGJHU8l7BqXI9cMZq" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
6\. When this screen appears, you're ready to sign in, and you're ready to proceed to account verification.
{% endcolumn %}

{% column %}

<figure><img src="/files/SnSPKF5zxI3SdAcXV22U" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

## Step 2: Account Verification

### Questionnaire

We've partnered with [SumSub](https://sumsub.com/?utm_source=google\&utm_medium=cpc\&utm_campaign=sem_g_srch_kyc_brand_t1\&utm_content=pid|kwd-601146504948|cid|21323658905|aid|700512112737|gid|162058609879|pos||src|g_|dvc|c|reg|9191581|rin||fid|\&utm_term=sumsub\&gad_source=1\&gclid=CjwKCAjw7pO_BhAlEiwA4pMQvI_IbL1EHvdM__PGVFu0AdOL0yS9g1jT9f5chWYQkco8XS3cZzH-TRoC7e8QAvD_BwE), a trusted partner, to conduct user verification.

{% columns %}
{% column %}

1. Click **Continue** to begin the Questionnaire.
   {% endcolumn %}

{% column %}

<figure><img src="/files/rsJqsYqmnywNTDhiuRxz" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Select the appropriate option based on your country of residence and click **Continue.**

{% hint style="info" %}
To verify your identity, please accept SumSub’s privacy terms. These terms ensure legal compliance and the secure handling of your data. Note that disclosure requirements vary by location.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/6QC9FIOLdh1UoRElA61v" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Scroll through the questionnaire and complete all questions accurately, including any attestations. Click **Continue** where necessary.

{% hint style="info" icon="flag-usa" %}
If you are in the United States, you will need to accept further attestations before continuing to the next step.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/S1mZSNKh0uBU9pL4h3xX" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% hint style="info" %}
**Continue on phone** allows you to proceed on your mobile device, which is easier for the next section, Identity Verification

<p align="center"><img src="/files/fYtuHM1AtlZgemRSjsM0" alt="" data-size="original"></p>
{% endhint %}

### Identity Verification

#### ID Document Scan

To upload or capture a photo of your valid government-issued ID, please follow these steps.

{% hint style="success" %}
Ensure the image is in color, clearly readable, and all corners are visible.
{% endhint %}

{% columns %}
{% column %}

1. Select the type and **Issuing country** and click Continue.

{% hint style="warning" %}
If your country isn't shown, you are not eligible for Rails. A list of prohibited countries can be found [here](/getting-started/eligibility#list-of-prohibited-jurisdictions).
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/ibRzE1OXghZGb2EKNbaQ" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Select the **document type** you are uploading, then click Continue.
{% endcolumn %}

{% column %}

<figure><img src="/files/cXOYxsX6QM1jfSCqQlaZ" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. After you have read the tips and [guidelines](/getting-started/verification/know-your-customer-kyc#id-scan-troubleshooting-tips), click **Continue** or **Continue on phone.**

{% hint style="info" %}
Pro Tip: ID scans are most successfully done on your mobile device (i.e. via **Continue on phone**) if you are taking the photo and not uploading an existing photo.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/DWMROBvidCrO9zPSKZCX" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% hint style="success" icon="camera-viewfinder" %}
You'll need to turn on your camera for the next steps, so provide access to your camera if prompted to do so.&#x20;
{% endhint %}

{% columns %}
{% column width="41.66666666666667%" %}
4\. [Take a photo](#take-a-photo) or [upload a photo](#upload-a-photo) of your ID.
{% endcolumn %}

{% column width="58.33333333333333%" %}

<details>

<summary>Take a photo</summary>

1. Line up your ID with your camera, ensuring all corners are visible and there is no glare.
2. Click the **circle button** <img src="/files/reSKlvCbn2WiRr1L4Myb" alt="" data-size="line"> to take a photo.
3. If you're not happy with the photo, click **Replace image** and try again or [upload a photo](#upload-a-photo). If you're happy with the photo, click **Continue**.

<figure><img src="/files/EgcwvlLUeCKQKL9At1HZ" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Upload a photo</summary>

1. Click the photo icon <img src="/files/x17M9sUnTlQJVmd9MbUN" alt="" data-size="line"> in the bottom left corner.
2. Click the box containing the upload icon <img src="/files/LjraSpKl8uBJ4HYhd66e" alt="" data-size="line"> and select a photo from your device.
3. Click **Continue**.

<figure><img src="/files/rr6EtDKfxB4s3eIMV1B3" alt=""><figcaption></figcaption></figure>

</details>
{% endcolumn %}
{% endcolumns %}

{% hint style="warning" %}
If there are issues with your photo, you will be prompted to **Resubmit** and **Replace image**. Pay careful attention to the warning reasons provided or read these [troubleshooting tips](/support/troubleshooting-guide#id-document-verification) for more help.
{% endhint %}

### Liveness Check

A biometric liveness check confirms your identity by verifying the selfie matches your ID document.

{% columns %}
{% column %}

1. Read the [tips and guidelines](/support/troubleshooting-guide#facial-recognition-issues) on how to complete the liveness check, then click **Continue**.

{% hint style="success" icon="camera-viewfinder" %}
You'll need to turn on your camera for the next steps, so provide access to your camera if prompted to do so.&#x20;
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/YfRQUj2N0Pzuq84AcLdE" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Position your face within the frame, and follow the prompts to move your head.

{% hint style="info" %}
If there are issues with your liveness test you will be prompted to **Resubmit** and retry. Pay careful attention to the warning reasons provided or read these [troubleshooting tips](/support/troubleshooting-guide#facial-recognition-issues) for more help.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/5Nt1vfAWCaGagY8rYVG7" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Residential Address Verification

Use geolocation by enabling location services on your device, or upload a document (e.g. utility bill), to verify that you don't reside in a [prohibited country](/getting-started/eligibility#list-of-prohibited-jurisdictions).

{% hint style="info" %}
You must be at home, and VPNs and other location masking tools must be disabled for geolocation to be permitted. Learn more [here](/getting-started/verification/know-your-customer-kyc#geolocation-poa-requirements).
{% endhint %}

{% columns %}
{% column %}

1. To verify your address via geolocation click **Enable location.** Jump to step 3 if you prefer to upload a document.
   {% endcolumn %}

{% column %}

<figure><img src="/files/aHO7cPhlgo92JoZwckRu" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Your approximate address will be automatically populated for you. Correct or enter any missing details then click **Continue**.
{% endcolumn %}

{% column %}

<figure><img src="/files/IkvJtmnOdaqykJ7LrC0a" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

3. If you are having issues or don't wish to enable location services, click **Upload document** to provide documentary proof of address.

{% columns %}
{% column %}
Click the box containing the <img src="/files/LjraSpKl8uBJ4HYhd66e" alt="" data-size="line"> icon and select your document, then click **Continue**.

{% hint style="warning" %}
Only [supported documents](/getting-started/verification/know-your-customer-kyc#proof-of-address) issued in the last 3 months are accepted.

Some countries may be required to submit alternative or additional information like Tax IDs.

If there are issues with your address document you will be prompted to **Resubmit** and retry.

Pay careful attention to the warning reasons provided or read these [troubleshooting tips](/getting-started/verification/know-your-customer-kyc#proof-of-address) for more help.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/ulp1xTbt9aGKUbF4owMG" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

You should now see one of the following screens. Read the table below to determine the next steps.

<table><thead><tr><th width="375.53759765625">Screen</th><th>What it means</th><th data-hidden></th></tr></thead><tbody><tr><td><img src="/files/FswLC5Fx0EZP5PJi7LRA" alt="" data-size="original"></td><td>Please wait while we verify your information. If processing exceeds a few minutes, your application is under review, and our team will contact you within 1-2 business days.</td><td></td></tr><tr><td><img src="/files/xF5YbL7dSI8mP6a08jzj" alt="" data-size="original"></td><td>Your application has been approved. You can now sign in to Rails if you're not already redirected there.</td><td><img src="/files/GzKMGu5NPE1AaOVKdzEL" alt="" data-size="original"></td></tr><tr><td><img src="/files/53rTd7uf2EOxVS5YynGY" alt="" data-size="original"></td><td>If you see a failure screen, it means you do not qualify for a Rails account. Read <a href="/pages/AoKWny0NOi3JZojx8A1T">here</a> for possible reasons why.</td><td></td></tr></tbody></table>

{% hint style="warning" %}
**Need help?** If your account is under review and you haven't heard from us in one business day, or if you need help with the application process, please submit a [support request](https://railsxyz.zendesk.com/hc/en-us/requests/new) and our team will contact you as soon as possible.
{% endhint %}


# Verification

This section explains all you need to know about applying for Rails Pro.

At Rails, we see compliance not just as a requirement, but as a competitive advantage — one that builds trust, strengthens our platform, and helps you trade with confidence. To maintain this high standard, [eligible users](/getting-started/eligibility) of Rails must complete [Know Your Customer (KYC) ](/getting-started/verification/know-your-customer-kyc)and [Know Your Business (KYB)](/getting-started/verification/know-your-business-kyb) (for business accounts) verifications which are detailed in this section of our Help Center:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Know Your Customer (KYC)</strong></td><td><a href="/pages/fu425ZJXz4GCzcv4ZQM8">/pages/fu425ZJXz4GCzcv4ZQM8</a></td></tr><tr><td align="center"><strong>Know Your Business (KYB)</strong></td><td><a href="/pages/8wZdiFEz6NQUxTmY7rQT">/pages/8wZdiFEz6NQUxTmY7rQT</a></td></tr><tr><td align="center"><strong>Certification of Documents</strong></td><td><a href="/pages/TVvyxPy3fySJGDJROOXx">/pages/TVvyxPy3fySJGDJROOXx</a></td></tr></tbody></table>

We've designed the process to be as smooth and straightforward as possible, but if you need help, please [contact us](https://railsxyz.zendesk.com/hc/en-us/requests/new) and we'd be glad to assist you.

{% hint style="success" %}

#### How long does it take to get verified?

If you have all the required documentation and information ready, completing the application should take **no more than 5 minutes for individual accounts** and **5–10 minutes for business accounts.**

Business accounts require a manual review to verify all documentation, but most reviews are completed within 1 business day.
{% endhint %}


# Know Your Customer (KYC)

**Know Your Customer (KYC) is a process used to verify the identity and residential address** of all individual users and relevant owners and controllers of a business applicant in order to meet Anti-Money Laundering (AML) regulatory requirements.

{% hint style="success" %}
By cooperating, you’re helping create a safer, more compliant environment for all users on the platform.
{% endhint %}

Every Rails Pro user must complete two steps before they can trade:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><p><strong>Identity Verification</strong></p><p>Prove you are who you say you are.</p></td><td><a href="/pages/fu425ZJXz4GCzcv4ZQM8#identity-verification-requirements">/pages/fu425ZJXz4GCzcv4ZQM8#identity-verification-requirements</a></td></tr><tr><td align="center"><p><strong>Proof of Address</strong></p><p>Confirm that you reside in a permitted country.</p></td><td><a href="/pages/fu425ZJXz4GCzcv4ZQM8#proof-of-address">/pages/fu425ZJXz4GCzcv4ZQM8#proof-of-address</a></td></tr></tbody></table>

## Identity Verification Requirements

Identity verification consists of two components:

1. **ID Scan**: Provide a valid, government-issued ID to be verified.
2. **Biometric Facial Recognition:** A selfie liveness check is done to ensure you are the holder of the ID.

The following specifies which documents are acceptable as well as tips to ensure your ID scan is successful.

{% tabs %}
{% tab title="Acceptable ID Documents" %}
At least one of the following government-issued IDs is required to verify your identity:

* Passport
* Photo driver’s license with signature
* Armed Forces ID
* Other Government-issued Photo ID
  {% endtab %}

{% tab title="ID Scan Requirements" %}
The following requirements will ensure your ID document verification is successful:

* The document must be valid (i.e. not expired).
* The document must be in good condition (i.e. not scratched, torn, or stained).
* You must upload an original photo (i.e. screenshots and edits are not permitted).
* Both front and back are required, where applicable.
* The photo must be in color and easily readable.
* All corners of the document must be visible.
  {% endtab %}
  {% endtabs %}

## Proof of Address

Proof of Address (PoA) is a process which helps us confirm that you reside in a [permitted country](/getting-started/eligibility#list-of-prohibited-jurisdictions). You can verify your address in one of two ways:

{% tabs %}
{% tab title="PoA via Geolocation" %}
Identify your physical location based on your device’s IP address, GPS, or network data. This is the quickest way to verify your address, but is not mandatory.

**Requirements**

* You must enable location services when prompted to do so.
* VPN’s or other location masking tools are not permitted.
* You must be physically located in the same country as that of your ID document.

If you don't meet the above requirements, you will be required to complete documentary PoA verification.
{% endtab %}

{% tab title="Documentary PoA" %}
Provide a personal document that was issued in the last 3 months to verify your address. Acceptable documents include:

* A bank statement, credit card statement, utility bill or other similar document.
* Contract of employment or banker’s or employer’s written confirmation (must be notarized).

**Requirements**

* Identity documents which state your address (e.g. driver's license) are **not** permitted.
* The name on the document must match the name on the IDV document.
* The issue date of the PoA document must be within the last 3 months.
* The address cannot be a PO Box.
  {% endtab %}
  {% endtabs %}


# Know Your Business (KYB)

**Know Your Business (KYB) verification is a process used to verify the legitimacy of business entities** that wish to use the Rails platform. Similar to [Know Your Customer (KYC)](/getting-started/verification/know-your-customer-kyc) which focuses on individuals, KYB ensures business clients are compliant with anti-money laundering (AML) regulations and helps prevent fraudulent or illicit activity.

> Through KYB, we verify information about your company, such as its legal status, ownership structure, and business activities.

Opening a business account has two key components:

{% stepper %}
{% step %}
[**Know Your Business (KYB)**](/getting-started/verification/know-your-business-kyb)

[Document verification](/getting-started/verification/know-your-business-kyb/business-document-requirements) to confirm entity details, that the business is in good standing, ownership structure and eligibility for the platform.
{% endstep %}

{% step %}
[**Know Your Customer (KYC)**](/getting-started/verification/know-your-customer-kyc)

[Identity verification](/getting-started/verification/know-your-business-kyb/kyc-requirements-for-businesses) and proof of residential address for all [applicable Ultimate Beneficial Owners (UBOs) and controllers.](#which-individuals-must-verify-their-identities)
{% endstep %}
{% endstepper %}

We’ve detailed the key requirements below to help streamline your sign-up. Having all necessary information prepared in advance will make the process faster and smoother, and if you need help, we are here to assist you. Please submit a [support request](https://railsxyz.zendesk.com/hc/en-us/requests/new), and our team will contact you as soon as possible.

<details>

<summary>What business details need to be verified?</summary>

The following information must be collected and verified for all eligible business accounts:

**1) Legal Presence:**

* Proof of registration/incorporation
* Registered company name
* Registered address, and any operating office addresses.

**2) Ownership Structure:**

* Identification of all Beneficial Owners
* Identification of all Directors
* Identification of all Controllers
* Identification of all Trustees, Settlors, Beneficiaries, Contributors of capital, Protectors and Enforcers of a Trust (if applicable)

**3) Proof of Good Standing:**

* Evidence that the entity is active and in good standing (verified within the last 6 months)

</details>

<details>

<summary>What documentation is required?</summary>

We use public records and trusted third-party tools to attempt to verify entities independently. However, due to our global user base, documentation is required.

The documents we'll need to collect will vary based on your organization type (corporation, trust, partnership etc.) and jurisdiction.

[**Read this** ](/getting-started/verification/know-your-business-kyb/business-document-requirements)**for a list of acceptable documents based on your organization type.**

</details>

<details>

<summary>Which individuals must verify their identities?</summary>

Some beneficial owners and controllers are required to complete KYC verification. The number of individuals varies by business type and ownership structure.

[**Read this**](/getting-started/verification/know-your-business-kyb/business-document-requirements) **to confirm which owners and controllers will be required to complete identity verification.**

</details>


# Business Document Requirements

As a business applicant, you will be required to upload certain documentation to verify the legal entity. The required documents will vary by entity type and jurisdiction, but we've arranged a list of [**acceptable documents**](#acceptable-documents) below to determine what you need.&#x20;

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Documentation Checklist</strong></td><td><a href="/pages/FVcOh2ZgmPT78Lv49kaP#documentation-checklist">/pages/FVcOh2ZgmPT78Lv49kaP#documentation-checklist</a></td></tr><tr><td align="center"><strong>Document Requirements</strong></td><td><a href="/pages/FVcOh2ZgmPT78Lv49kaP#document-requirements">/pages/FVcOh2ZgmPT78Lv49kaP#document-requirements</a></td></tr><tr><td align="center"><strong>Acceptable Documents</strong></td><td><a href="/pages/FVcOh2ZgmPT78Lv49kaP#acceptable-documents">/pages/FVcOh2ZgmPT78Lv49kaP#acceptable-documents</a></td></tr></tbody></table>

{% hint style="warning" %}
*Some jurisdictions have different names for these documents, and not all jurisdictions include the same level of detail. Please use the* [*checklist*](#documentation-checklist) *to ensure you have provided documentation which meets all requirements before submitting your application.*
{% endhint %}

<details>

<summary>Need Help?</summary>

If you need help navigating this information, we are here to assist you. Please submit a [support request](https://railsxyz.zendesk.com/hc/en-us/requests/new), and our team will contact you as soon as possible.

</details>

## Documentation Checklist

You will be asked to upload enough documents to verify these required details. Depending on your organization’s complexity, this may take 1–5 documents.&#x20;

* [x] Registered business name
* [x] Registered business address
* [x] Other operating addresses (if applicable)
* [x] Proof of registration/incorporation
* [x] Ownership structure
* [x] Identification of all directors, partners or senior officers&#x20;
* [x] Identification of all Trustees, Settlors, Beneficiaries, Contributors of capital, Protectors and Enforcers of a Trust (applicable for Trusts only)
* [x] Proof of good standing that is verifiable in the last 6 months.
* [x] All documents are dated in the last 12 months or are [certified](/getting-started/verification/certification-of-documents) in the last 12 months.

{% hint style="info" %}
Examples of acceptable documents are found [here](#acceptable-documents).
{% endhint %}

## Document Requirements

All documents must be dated within a specific time frame (or [certified](/getting-started/verification/certification-of-documents)) as detailed here:

* **Proof of good standing** must be issued **within the** **last 6 months**.
* **All other documents** must be dated **within the last 12 months**.
* If we are not able to publicly verify the business’ existence, good standing and ownership structure, we may require your documents to be [certified](/getting-started/verification/certification-of-documents)**.**

## Acceptable Documents

Select your entity type in the table below to see a list of acceptable documents.

{% tabs %}
{% tab title="Corporations" %}
The table below specifies which documents can be used to verify legal presence, ownership structure and/or good standing for corporations.&#x20;

Upload only as many documents as required to verify these three categories —not all documents are required.

<table><thead><tr><th width="231.8472900390625">Document Type</th><th width="146.46453857421875" data-type="checkbox">Legal Presence</th><th width="158.5716552734375" data-type="checkbox">Ownership Structure</th><th width="134.996337890625" data-type="checkbox">Good Standing</th><th data-type="checkbox">Directors &#x26; Executives</th></tr></thead><tbody><tr><td>Certificate of Incumbency</td><td>true</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Statement of Information/ Confirmation Statement</td><td>true</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Certificate of Incorporation</td><td>true</td><td>false</td><td>false</td><td>false</td></tr><tr><td>Memorandum/ Articles of Association</td><td>true</td><td>false</td><td>false</td><td>false</td></tr><tr><td>Shareholder Registry</td><td>false</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Register of Directors/Officers</td><td>false</td><td>false</td><td>false</td><td>true</td></tr><tr><td>Recent excerpt from state company registry</td><td>true</td><td>false</td><td>true</td><td>false</td></tr><tr><td>Certificate of Good Standing </td><td>false</td><td>false</td><td>true</td><td>false</td></tr></tbody></table>
{% endtab %}

{% tab title="Non-Incorporated" %}
The table below specifies which documents can be used to verify legal presence, ownership structure and/or good standing for non-incorporated entities.&#x20;

Upload only as many documents as required to verify these three categories —not all documents are required.

<table><thead><tr><th width="219.9190673828125">Document Type</th><th width="143.27978515625" data-type="checkbox">Legal Presence</th><th width="172.6875" data-type="checkbox">Ownership Structure</th><th data-type="checkbox">Good Standing</th><th data-type="checkbox">Company controllers and executives</th></tr></thead><tbody><tr><td>Operating Agreement</td><td>true</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Statement of Information/ Confirmation Statement</td><td>true</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Certificate of Incumbency</td><td>true</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Certificate of Registration</td><td>true</td><td>false</td><td>false</td><td>false</td></tr><tr><td>List of individuals responsible for business operations</td><td>false</td><td>false</td><td>false</td><td>true</td></tr><tr><td>Certificate of Good Standing </td><td>false</td><td>false</td><td>true</td><td>false</td></tr><tr><td>Recent excerpt from state company registry</td><td>true</td><td>false</td><td>true</td><td>false</td></tr></tbody></table>
{% endtab %}

{% tab title="Partnerships" %}
The table below specifies which documents can be used to verify legal presence, ownership structure and/or good standing for partnerships.&#x20;

Upload only as many documents as required to verify these three categories —not all documents are required.

<table><thead><tr><th width="204.774169921875">Document Type</th><th data-type="checkbox">Legal Presence</th><th data-type="checkbox">Ownership Structure</th><th data-type="checkbox">Good Standing</th><th data-type="checkbox">Company controllers and executives</th></tr></thead><tbody><tr><td>Certificate of Registration</td><td>true</td><td>false</td><td>false</td><td>false</td></tr><tr><td>Partnership Agreement</td><td>false</td><td>true</td><td>false</td><td>false</td></tr><tr><td>Statement of Information/ Confirmation Statement</td><td>true</td><td>false</td><td>true</td><td>false</td></tr><tr><td>Certificate of Good Standing </td><td>false</td><td>false</td><td>true</td><td>false</td></tr><tr><td>Recent excerpt from state company registry</td><td>true</td><td>false</td><td>true</td><td>false</td></tr><tr><td>List of individuals responsible for business operations</td><td>false</td><td>false</td><td>false</td><td>true</td></tr></tbody></table>
{% endtab %}

{% tab title="Trusts" %}
Trusts require either the Trust/Deed Agreement or the Declaration/Certificate of Trust be uploaded.&#x20;

<table><thead><tr><th>Document Type</th><th data-type="checkbox">Legal Presence</th><th data-type="checkbox">Ownership Structure</th><th data-type="checkbox">Good Standing</th></tr></thead><tbody><tr><td>Trust/Deed Agreement</td><td>true</td><td>true</td><td>true</td></tr><tr><td>Declaration/ Certificate of Trust</td><td>true</td><td>true</td><td>true</td></tr></tbody></table>
{% endtab %}
{% endtabs %}


# KYC Requirements for Businesses

As a business applicant, we are required to verify the identity of certain individuals who own or control the business entity to meet [Know Your Customer (KYC) ](/getting-started/verification/know-your-customer-kyc)regulations. The number of individuals who must complete KYC varies based on the entity type and ownership structure of your business.

You can email them directly from within the application to complete their verifications.

Please review the requirements for your entity type in the table below.

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Individuals Who Must Complete KYC</strong></td><td><a href="/pages/7TzGmLEpTYPs4RnbLG4L#required-individuals">/pages/7TzGmLEpTYPs4RnbLG4L#required-individuals</a></td></tr><tr><td align="center"><strong>Additional Considerations</strong></td><td><a href="/pages/7TzGmLEpTYPs4RnbLG4L#additional-considerations">/pages/7TzGmLEpTYPs4RnbLG4L#additional-considerations</a></td></tr><tr><td align="center"><strong>Definitions</strong></td><td><a href="/pages/7TzGmLEpTYPs4RnbLG4L#definitions">/pages/7TzGmLEpTYPs4RnbLG4L#definitions</a></td></tr></tbody></table>

## Required Individuals

The following [individuals](#definitions) are required to complete KYC for each entity type.

{% hint style="info" %}
A "Director or Controller" can be any director, manager, general partner, president, chief executive officer or such other person who is in an equivalent senior management position.
{% endhint %}

<table><thead><tr><th width="261">Entity Type</th><th>KYC Requirements</th></tr></thead><tbody><tr><td>Corporations</td><td><ul><li>Any individual* beneficial owner who owns 10% or more of the company</li><li>At least one Director or Controller (e.g. CEO, board member).</li><li>The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).</li></ul></td></tr><tr><td>Partnerships</td><td><ul><li>Any individual* beneficial owner who owns 10% or more of the partnership.</li><li>The primary controlling General Partner.</li><li>The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).</li></ul></td></tr><tr><td>Non-Incorporated Entities</td><td><ul><li>Any individual* beneficial owner who owns 10% or more of the company.</li><li>At least one Director or Controller (e.g. President, Partner).</li><li>The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).</li></ul></td></tr><tr><td>Trusts</td><td><ul><li>All settlors or contributors of capital</li><li>All trustees</li><li>All beneficiaries with vested rights</li><li>All protectors</li><li>All enforcers</li><li>The individual authorized to make investment decisions on behalf of the company (i.e. the Rails Pro primary user).</li></ul></td></tr></tbody></table>

\*If no individual person owns 10% or more, one director or controller who has primary control of the parent company (e.g. CEO) must be verified.

## Additional Considerations

The following scenarios have additional requirements for KYC:

* **Parent Companies:** If no individual person owns 10% or more, one Director or Officer with primary control in the parent company must complete KYC.
* **Power of Attorney:** If the primary user isn’t legally authorized to open the account (i.e. not a beneficial owner, director, or controller), they must provide certified or notarized Power of Attorney documentation.
* **Difficult to Verify Entities:** If we're not able to independently verify your business, a second Director, Controller, or Officer may need to complete KYC.

## Definitions

**Beneficial Owner**: An individual who directly or indirectly owns or controls 10% or more of the business.

**Director**: An individual appointed to oversee and manage the affairs of a company, ensuring compliance with regulatory, legal, and corporate governance obligations.

**Controller:** An individual who has significant influence over the management, operations, or financial decisions of a company.


# Certification of Documents

We are required to verify all individuals and business entities on the Rails platform as part of our [Know Your Customer (KYC) ](/getting-started/verification/know-your-customer-kyc)and [Know Your Business (KYB)](/getting-started/verification/know-your-business-kyb) regulatory requirements. While we use third-party tools to automate these checks, some countries lack public access to the information required to support this process. If we cannot independently verify your documents, we may request that you get them certified.

### How to certify your documents

To certify your documents, have a qualified individual complete the required form and provide it to Rails when requested.

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Business Document Certification Form</strong></td><td><a href="https://rails.xyz/cert-template/">https://rails.xyz/cert-template/</a></td></tr><tr><td align="center"><strong>Identity Document Certification Form</strong></td><td><a href="https://rails.xyz/cert-template-individual/">https://rails.xyz/cert-template-individual/</a></td></tr></tbody></table>

{% hint style="warning" %}
Business applicants in certain jurisdictions who are notified during the signup process that a certification form will be required may upload the completed form along with their business documents at the Company Document stage of the application (the final step).
{% endhint %}

### Who can certify your documents?

{% columns %}
{% column width="58.333333333333336%" %}
The following individuals are acceptable certifiers:

* Lawyer
* Accountant
* Director or manager of a regulated organization or financial service provider
* Notary public
* Member of the judiciary
* Senior civil servant
  {% endcolumn %}

{% column width="41.666666666666664%" %}
{% hint style="warning" %}
Note: For business entities, this person may be employed by your organization but should not be a peer. For example, if you are a director or manager at a financial institution, have the documents certified by a lawyer or accountant, not another director or manager.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

### What to include in the certification

The certification must be digitally signed and should include the following:

* Certifier’s name
* Certifier’s signature
* Certifier’s role or job title
* Confirmation that the certifier is an employee of their organization
* Date of certification

Following these guidelines helps ensure a smooth and secure verification process.


# Eligibility

As a regulated company, Rails has certain restrictions which determine user eligibility as outlined below. This is subject to change as the company evolves, so check back again if you're not currently supported.

1. **Unsupported Jurisdiction:** Rails is only authorized to support citizens and residents in select countries. The list of eligible jurisdictions may change over time as we expand to new regions. If your country does not appear in the drop-down list when you sign up, it is not currently supported.

{% hint style="danger" %}
Countries in [certain jurisdictions](#list-of-prohibited-jurisdictions) are strictly prohibited and not part of our roadmap.
{% endhint %}

<details>

<summary>List of Prohibited Jurisdictions</summary>

Afghanistan, Albania, Algeria, Angola, Bangladesh, Belarus, Bhutan, Bolivia, Bosnia-Herzegovina, Botswana, Bulgaria, Burundi, Cameroon, Central African Republic, China, Colombia, Congo, Côte d'Ivoire, Croatia, Cuba, Ecuador, Egypt, Eritrea, Ethiopia, Gibraltar, Guinea-Bissau, Haiti, Hungary, Iran, Iraq, Jamaica, Jordan, Kenya, Kosovo, Lao PDR, Lebanon, Libya, Macedonia, Mali, Malta, Monaco, Morocco, Myanmar (Burma), Namibia, Nepal, Nicaragua, Niger, North Korea, Pakistan, Palestine, Panama, Qatar, Russia, Saudi Arabia, Senegal, Somalia, South Sudan, Sudan, Syria, Tanzania, Trinidad & Tobago, Tunisia, Turkey, Uganda, Ukraine, Vanuatu, Venezuela, Vietnam, Yemen, Zimbabwe.

</details>

2. **Unsupported Business Types:** Charities, non-profits, foundations and sole proprietorships are not permitted entity types for business accounts at this time.
3. **Insufficient Experience:** Only investors with sufficient experience and risk tolerance are permitted to open an account at this time.
4. **Underage**: Applicants must be at least 18 years of age to trade on Rails.
5. **Unverified Accounts:** All users must complete the required verification checks as outlined in the [Know Your Customer (KYC)](/getting-started/verification/know-your-customer-kyc) and [Know Your Business (KYB)](/getting-started/verification/know-your-business-kyb) articles. These are regulatory requirements we must comply with by law. If we're unable to successfully verify your account, your application cannot be approved.


# Custody & Collateral

Learn about custody in digital asset trading, and custody options and collateral required at Rails.

## Custody

When trading digital assets (like cryptocurrencies or tokenized securities), **custody** refers to how your assets are secured and who holds the cryptographic "[private keys](https://www.investopedia.com/terms/p/private-key.asp)" required to access and move them.

Rails supports two custody models, based on account type:

{% tabs %}
{% tab title="Business Accounts" %}
For institutional clients, Rails supports an **off-exchange settlement (OES)** model.

Rails handles execution, margin, and net settlement. Assets stay under the protection of a regulated custodian throughout the trading lifecycle.

* Rails does **not** take custody of institutional capital.
* The qualified custodian attests to available collateral.
* Rails treats attested balances as margin.
* Only net **P\&L**, funding, and fees are settled between parties, typically on a daily basis.

{% hint style="success" %}
This model supports institutional treasury, risk, and compliance requirements.
{% endhint %}
{% endtab %}

{% tab title="Individual Accounts" %}
For individual Rails users, funds are held in an **on-chain, audited smart contract**.

Unlike traditional finance, where a bank or financial institution holds physical cash or electronic records of your shares, digital assets exist on public, immutable blockchains. Whoever controls the private keys controls the assets.

{% hint style="success" %}

#### Smart Contract Audits

The smart contract that holds individual funds has been independently audited, and the contract address and audit report are published on our [platform intro page](/getting-started/our-platform) so you can review them directly.
{% endhint %}

This model provides full on-chain visibility and integrates directly with the Rails trading system.

* User funds are secured in an audited smart contract.
* The smart contract processes deposits and withdrawals.
* On-chain deposit events credit user accounts in real time.
* Withdrawal requests are routed through Rails based on verified balances.
* Trading activity is consolidated off-chain, then validated and recorded on-chain every 30 seconds.

This approach combines fast trading performance with on-chain integrity and auditability.

{% hint style="success" %}
Learn how to [connect a wallet](/manage-account/wallet-connection), or about how to [fund your account](/manage-account/manage-funds).
{% endhint %}

#### What this means for your funds

Because your funds sit in the smart contract rather than in a private company ledger, the rules that govern deposits, withdrawals, and balances are enforced by code that anyone can inspect. Rails cannot move your funds outside of the conditions defined in that contract, and every change to your balance is anchored on-chain.

Use our [Block Explorer](/manage-account/block-explorer) to independently validate any transaction against its on-chain record.

Trades are matched off-chain for speed, but the resulting balances are validated and recorded on-chain roughly every 30 seconds. This means you never have to take Rails' word for your position: you can independently verify every deposit, withdrawal, fee, and settlement yourself.
{% endtab %}
{% endtabs %}

## Collateral

{% hint style="info" %}
This section only applies to individual accounts, as Business Accounts use the off-exchange settlement model described above.
{% endhint %}

For individual accounts, all collateral must be deposited in **USDT** on a supported blockchain.

Rails handles the conversion path as part of the deposit flow using USDT's omni-chain properties. This means you can fund your account without leaving the platform, even if your USDT starts on another supported network.

#### What this means in practice

* **Individual accounts** post collateral by depositing USDT through Rails.
* Deposits are converted into the required collateral format during the deposit flow.
* Only funds that have been successfully deposited are available as trading collateral.
* Collateral in use for open positions or orders may not be available to withdraw or transfer.

{% hint style="info" %}
Need help funding your account? See [Deposit](/manage-account/manage-funds/deposit), [Transfer](/manage-account/manage-funds/transfer), and [Bridge](/manage-account/manage-funds/bridge).
{% endhint %}

#### Why USDT?

{% columns %}
{% column width="83.33333333333334%" valign="middle" %}
We choose to leverage [Tether's](https://tether.to/en/) USDT token, as USDT is the most widely accepted stablecoin in the world and has a [cross-chain transfer service](https://usdt0.to/transfer) which makes it easy, fast and low cost to bridge other USDT tokens to other supported networks. Additionally, leveraging a single token enables clearer and more transparent tracking and auditing of funds.

{% hint style="success" %}
Learn more about USDT & USDT0 on [Tether's website](https://usdt0.to/assets/usdt0).
{% endhint %}
{% endcolumn %}

{% column width="16.666666666666657%" %}

<figure><img src="/files/oHMkA8yd9pEPfn6Sv5eq" alt="" width="128"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

#### Procuring USDT

There are a few options to procure USDT:

{% tabs %}
{% tab title="Buy USDT with fiat" %}
This is the most common path if you're starting with fiat (or, traditional currency like USD, EUR, etc.):

1. Create and verify an account on a reputable centralized exchange (for example, Kraken) that supports USDT.
2. Deposit fiat (bank transfer, card, etc.) and purchase **USDT**.
3. Withdraw the USDT to the [wallet you'll link & connect to Rails](/manage-account/wallet-connection).
4. Buy and withdraw a small amount of **ETH** on the same network to cover gas.
5. Return to Rails and follow the [Deposit](/manage-account/manage-funds/deposit) steps.

{% hint style="info" %}
When withdrawing from the exchange, double-check the **network** and **wallet address** before confirming. Most exchange withdrawals are irreversible.
{% endhint %}
{% endtab %}

{% tab title="Swap a token you have" %}
If you already hold another cryptocurrency (e.g. ETH, BTC, or another stablecoin), you can convert it to USDT instead of buying with fiat.

* **On a centralized exchange:** trade your existing asset for USDT, then withdraw on a supported network.
* **In a self-custody wallet:** use your [supported wallet's](/manage-account/wallet-connection) built-in swap feature, or a decentralized exchange, to swap to USDT on a supported network. Keep enough of the network's native token (e.g. ETH) to cover swap and transfer gas.

After swapping, you'll still need **ETH on the same network** for gas before you can [deposit](/manage-account/manage-funds/deposit).
{% endtab %}

{% tab title="Buy USDT inside your wallet" %}
Many self-custody wallets include a built-in fiat **on-ramp** that lets you buy USDT with a card or bank transfer and receive it directly in your wallet.

1. Open the buy/on-ramp feature in your [supported wallet](/manage-account/wallet-connection).
2. Select **USDT** and a supported network.
3. Complete the purchase. The USDT lands in the wallet you'll [link to Rails](/manage-account/wallet-connection).
   {% endtab %}
   {% endtabs %}


# Account Security

At Rails, the security of your account is our top priority. Click the links below to jump to some common security topics:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Password Reset</strong></td><td><a href="/pages/mJIamY2bzqDKgII5GZXk#password-reset">/pages/mJIamY2bzqDKgII5GZXk#password-reset</a></td></tr><tr><td align="center"><strong>Single Sign-on (SSO) with Google</strong></td><td><a href="/pages/mJIamY2bzqDKgII5GZXk#single-sign-on-sso-with-google">/pages/mJIamY2bzqDKgII5GZXk#single-sign-on-sso-with-google</a></td></tr><tr><td align="center"><p><strong>Multi-Factor Authentication (MFA)</strong></p><p><br></p></td><td><a href="/pages/mJIamY2bzqDKgII5GZXk#multi-factor-authentication-mfa">/pages/mJIamY2bzqDKgII5GZXk#multi-factor-authentication-mfa</a></td></tr></tbody></table>

{% hint style="danger" %}

#### Security Note

If you suspect unauthorized access to your account, or have urgent sign-in issues, [contact Support immediately](https://railsxyz.zendesk.com/hc/en-us/requests/new).
{% endhint %}

## Password Reset

For your security, use a strong, unique password. Change it if you suspect it has been compromised. You can also change it anytime in account settings, or reset it from the sign-in screen if you forget it.

Click the expandable sections below to see detailed instructions for each method.

<details>

<summary>Reset from <strong>Sign-In Screen</strong></summary>

1. Go to the [sign-in page](https://trade.rails.xyz/trade/BTC-USD).
2. Click on **Forgot Password:**

<figure><img src="/files/NUFyMJkKMNwXiegxDLIW" alt="" width="375"><figcaption></figcaption></figure>

3. Insert the email associated with your account and click **Next**.

<figure><img src="/files/apBnUIUouufZv218YqIG" alt="" width="375"><figcaption></figcaption></figure>

4. Check your email for instructions on resetting your password, then click the **Reset your password** button:

<figure><img src="/files/rDXND62OPHSEHNGTQvK3" alt="" width="375"><figcaption></figcaption></figure>

{% hint style="info" %}
If you do not receive a Password Reset email within 5 minutes, check your spam folder or follow these [troubleshooting tips](/support/troubleshooting-guide#manage-account).
{% endhint %}

5. Type in your new password and confirm it in the fields provided and click **Next**.

<figure><img src="/files/pakD9yrLCLfyLKBZJJ3n" alt="" width="375"><figcaption></figcaption></figure>

6. Once successfully changed, you can use your new password to Sign in.

<figure><img src="/files/HFcHmm49KFYX1hqKEKh0" alt="" width="375"><figcaption></figcaption></figure>

</details>

<details>

<summary>Reset from <strong>Settings</strong></summary>

1. [Sign in](https://trade.rails.xyz/trade/BTC-USD) to your Rails account.
2. Click on your user profile at the bottom left of your screen, and select "Security":

<figure><img src="/files/7Fy5JrYU2hPp6qeWIBLy" alt="" width="375"><figcaption></figcaption></figure>

3. Scroll down to the **Password** section, and click the Change button:

<figure><img src="/files/YCzCnhwWqIgz63KN3lAY" alt="" width="563"><figcaption></figcaption></figure>

4. Input your new password in the **New Password** field, re-enter your new password in the **Confirm Password** to confirm it’s accurate, then click the **Update Password** button.<br>

<p align="center"><img src="/files/MVJSDYFx1g6IjdSDC5HU" alt=""></p>

</details>

## Single Sign-On (SSO) with Google

Single Sign-on (SSO) with Google lets you quickly and securely log into your account using your existing Google credentials. Instead of managing a separate username and password, you simply authenticate through your Google account. This adds convenience, enhanced security and a faster login process.

{% hint style="info" %}
Google sign-in uses Google’s MFA protection. Rails does not prompt for email OTP or a passkey during Google sign-in.
{% endhint %}

<details>

<summary>Setting up SSO with Google</summary>

1. Visit the [sign-in page](https://trade.rails.xyz/trade/BTC-USD) and click **Sign in with Google**.

<figure><img src="/files/sCF1oLbORWaVfU4Dl0eo" alt="" width="375"><figcaption></figcaption></figure>

2. Choose the Google account you would like to sign in with.

<figure><img src="/files/EyTTDGMT5KXReFHaO7T9" alt="" width="375"><figcaption></figcaption></figure>

You should now be logged in and navigated to your Rails account automatically. If you're having issues, ensure the email is the one associated with your Rails account or check out our [troubleshooting tips](/support/troubleshooting-guide).

</details>

## Multi-Factor Authentication (MFA)

Multi-Factor Authentication (MFA) adds an extra layer of protection to your login process by requiring more than just your password. With MFA enabled, you’ll be asked to verify your identity using an additional factor from the following options:

### **One-Time Passcode (OTP)**

An OTP is a short, temporary security code we email you before you sign in. Each OTP is valid for a single use and expires within 10 minutes, helping to ensure that only you can access your account.

<details>

<summary>Setting up OTP</summary>

Complete the following steps to set up an OTP on your account:

1. Click on the **Options button** (your username) on the top right of the trading page, then click **Settings**.

<figure><img src="/files/NNTHqI6ko0Zpvr5ZbCJV" alt="" width="563"><figcaption></figcaption></figure>

2. You will automatically be directed to the Security page. Select **Multi-Factor Authentication**.

<figure><img src="/files/mR6OurcOh27rt7KSV2Kl" alt="" width="563"><figcaption></figcaption></figure>

3. Click the **toggle switch** to enable OTP. It will move to the right and become blue when enabled.

<figure><img src="/files/96qBMRvLohI41xYunPOa" alt="" width="563"><figcaption></figcaption></figure>

If you wish to disable OTP at any point, click the toggle switch again until it is left aligned.

</details>

<details>

<summary>Signing in using OTP</summary>

1. Go to the [sign-in page](https://trade.rails.xyz/trade/BTC-USD).

{% hint style="info" %}
You will not be asked to complete OTP if you [Sign in with Google](#single-sign-on-sso-with-google), even if it's enabled.
{% endhint %}

2. Input your email and password and click **Sign In.**<br>

   <figure><img src="/files/bauXuRoKRPWpm3UQPMlW" alt=""><figcaption></figcaption></figure>
3. If you have both OTP and passkeys enabled, you will be prompted to select between the two verification methods. Ensure the OTP option is selected then click **Sign In**.

<figure><img src="/files/BknOcuUeFfxq7cEYewY1" alt="" width="375"><figcaption></figcaption></figure>

4. You will be prompted to input the code. Check your email for a unique passcode as displayed below.

<figure><img src="/files/CfUngjge9rpbAwy6xKuy" alt="" width="375"><figcaption></figcaption></figure>

5. Navigate back to the sign in screen, input the code and click **Sign in**.<br>

   <figure><img src="/files/s17lIDaQrsFok9GAF4IA" alt=""><figcaption></figcaption></figure>

If successful, you will be directed to Rails' main trading page.

{% hint style="warning" %}
Check out our [troubleshooting tips](/support/troubleshooting-guide#manage-account) if you are having trouble logging in.
{% endhint %}

</details>

### **Passkeys**

Passkeys are secure digital credentials stored on your device, offering an extra security layer for your account. They use advanced encryption and biometric verification (e.g., Face ID, fingerprint) or a device PIN for quick and secure identity verification. Physical security keys like YubiKey can also be used as passkeys to enhance security.

<details>

<summary>Setting up a Passkey</summary>

1. Click on your profile in the bottom left corner, and navigate to the **Security** area of your account:

<figure><img src="/files/2WeiAaUuUHGrHNz6QRvD" alt="" width="563"><figcaption></figcaption></figure>

2. Select the **Create Passkey** button:

<figure><img src="/files/l4raR1J2U7STqc41Djws" alt="" width="563"><figcaption></figcaption></figure>

3. Your device may suggest a specific passkey method (e.g. 1Password, iCloud, etc.) based on what you have available. Follow the prompts to set up the suggested passkey, or click **X** or **Cancel** until you get a screen similar to the below screenshot to select your preferred passkey method.

<figure><img src="/files/UsjH7Zz8nIEMUZKhdFTO" alt="" width="375"><figcaption></figcaption></figure>

5. Follow the verification prompts on your device, or jump to [supported passkeys](#supported-passkeys) to see steps for specific, common passkeys.
6. Once completed, you should see your passkey listed in your settings page as shown below.
   1. Ensure the toggle for **Passkeys** is on. It will be blue and switched to the right.
   2. To add additional passkeys, simply click the **Add Passkey** button in the bottom left corner and repeat this process.

<figure><img src="/files/JaXjAAkqUaVyHFKyDUhc" alt="" width="563"><figcaption></figcaption></figure>

{% hint style="success" %}
Edit your passkey names for easier identification by clicking the pencil icon <img src="/files/HDQiwSRfEvC1qGxf1KsA" alt="" data-size="line"> in the Action column.
{% endhint %}

</details>

<details>

<summary>Signing in using Passkeys</summary>

1. Go to the [sign-in page](https://trade.rails.xyz/trade/BTC-USD), enter your email and password and click Sign In.

{% hint style="info" %}
You will not be asked to verify via passkey if you [Sign in with Google](#single-sign-on-sso-with-google), even if it's enabled.
{% endhint %}

2. If you have passkeys enabled, you will be prompted to use that passkey:

<figure><img src="/files/WJQEu0nn0tWBBnLvhwCE" alt="" width="563"><figcaption></figcaption></figure>

3. Follow the prompts on your passkey. If successful, you will be directed to Rails' main trading page.<br>

If you are having issues using your passkey, you can have a one-time passcode sent to you by email instead:

<figure><img src="/files/wybm9Wu8HuXRof4XLRru" alt="" width="563"><figcaption></figcaption></figure>

{% hint style="warning" %}
Check out our [troubleshooting tips](/support/troubleshooting-guide#manage-account) if you are having trouble logging in.
{% endhint %}

</details>

#### Supported Passkeys

Rails supports a broad list of secure FIDO2-based passkeys for MFA. FIDO2 passkeys are secure digital credentials stored directly on your device. They use cryptographic keys paired with biometric verification (like fingerprint or facial recognition) or a PIN. Because passkeys are device-bound, they’re significantly more resistant to common cyber threats like phishing, credential theft, and password reuse attacks.

#### Setting up Common Passkeys

If you have multiple passkey options on your device, it will decide the hierarchy of which one you are presented with first. Click **X** or **Cancel** when prompted if you wish to use or set up a different passkey.

Step-by-step instructions on how to set up some of the most common passkeys can be found in the expandable sections below:

<details>

<summary>iCloud Keychain</summary>

Mac users that utilize biometric (fingerprint) scan set up access to their passkey by using the following steps:

1. Your device may prompt you to setup a different passkey (e.g. Chrome, 1Password, etc.) proactively. Click **X** or **Cancel** until you get to the following screen, then select **iCloud Keychain**.
2. Use your fingerprint to allow for a passkey to be saved on your iCloud Keychain.
3. If saved successfully, this passkey will be saved in your security settings under passkeys as *iCloud Keychain*.

<figure><img src="/files/eTAxJj7Fyr8sANVPAOCK" alt="" width="375"><figcaption></figcaption></figure>

{% hint style="info" %}
Click the pencil icon to edit the passkey name if you're adding multiple passkeys or devices.
{% endhint %}

</details>

<details>

<summary>1Password</summary>

Users who have the 1Password browser extension are able to use their 1Password account to securely store their passkey by following these steps:

1. Unlock your 1Password account (if prompted).

<figure><img src="/files/ryVlY7NhQriWYPOrH3vc" alt="" width="563"><figcaption></figcaption></figure>

2. Click New Item on the 1Password prompt and then click Save.

<figure><img src="/files/dTP5fqmin5MfviAFMd1c" alt="" width="563"><figcaption></figcaption></figure>

3. Your passkey is automatically created in 1Password and if successful, it will be listed in Settings > Security > MFA > Passkeys as *1Password*.

{% hint style="info" %}
Click the pencil icon to edit the passkey name if you're adding multiple passkeys or devices.
{% endhint %}

</details>

<details>

<summary>Chrome Profile</summary>

Users who have biometrics set up in their Chrome browser can also use this as a passkey method.

1. Your device may prompt you to setup a different passkey (e.g. iCloud, 1Password, etc.) proactively. Click **X** or **Cancel** until you get to the following screen, then select **Your Chrome profile**.
2. Ensure the right profile is selected and click **Continue.**
3. Provide biometric scan or password to continue.
4. If saved successfully, this passkey will be saved in Settings > Security > MFA > Passkeys. as *Chrome on Mac.*

<figure><img src="/files/2W4b0x7WmiJ335CQnusM" alt="" width="375"><figcaption></figcaption></figure>

{% hint style="info" %}
Click the pencil icon to edit the passkey name if you're adding multiple passkeys or devices.
{% endhint %}

</details>

<details>

<summary>Device QR Code or Security Key</summary>

Users are able to access their passkey by using another device or private security key by using the following steps:

1. Your device may prompt you to setup a different passkey (e.g. iCloud, 1Password, etc.) proactively. Click **X** or **Cancel** until you get to the following screen, then select **Use phone, tablet or Security Key.**

<figure><img src="/files/YdRb9e8BmPBtPxGRG4vi" alt="" width="375"><figcaption></figcaption></figure>

2. When presented with this screen, you can choose to either use a camera on another device to scan the QR Code or insert and touch your security key to set up the passkey.

<figure><img src="/files/TcRvMlLgI9AyGpeRpL7P" alt="" width="375"><figcaption></figcaption></figure>

3. Follow the prompts on your device.
4. If saved successfully, this passkey will be visible in your passkey list in Settings > Security > MFA > Passkeys.

</details>


# Wallet Connection

This section details how to connect your compatible wallet to your Rails account for deposits and withdrawals.

{% hint style="info" %}

#### **Before you continue**

* Wallet Connections, Deposits & Withdrawals are not supported on mobile at this time.
* You will not be able to connect a wallet unless your available balance is 0.
* Rails will never request your private keys. If you lose access to your wallet, you will not be able to update your wallet address in Rails.
  {% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Connecting Your Wallet</strong></td><td><a href="/pages/XIwZ69Xy4CzagK6JP2LQ#connecting-your-wallet">/pages/XIwZ69Xy4CzagK6JP2LQ#connecting-your-wallet</a></td></tr><tr><td align="center"><strong>Changing Your Wallet</strong></td><td><a href="/pages/XIwZ69Xy4CzagK6JP2LQ#changing-your-wallet">/pages/XIwZ69Xy4CzagK6JP2LQ#changing-your-wallet</a></td></tr></tbody></table>

## Connecting Your Wallet

{% columns %}
{% column %}

1. Go to **Wallet Settings** from your profile, found in the bottom left of your screen.
   {% endcolumn %}

{% column %}

<figure><img src="/files/gtODlqBjWRpvpwGt5ZRJ" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Click the **Connect Wallet button.**

If you've never connected a wallet before, you'll see the **Connect Wallet** shortcut in the top right corner of the trading platform from your desktop.
{% endcolumn %}

{% column %}

<figure><img src="/files/zopWLvXevE0WIDHZiy8E" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/cay0HhGQu3c3djrfgBlR" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Select your compatible wallet from the available list. Make sure you have the appropriate extension installed.
{% endcolumn %}

{% column %}
{% hint style="info" %}
**Note**: Some users have reported issues with Phantom, Uniswap and Trust Wallet. We recommend using alternative wallets like MetaMask or Rainbow. Check out these [troubleshooting tips](/support/troubleshooting-guide#account-funding) for additional help.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

4. Follow the prompts in your wallet to connect to Rails, and you'll be directed to the [Deposit](/manage-account/manage-funds/deposit) screen.

## Changing Your Wallet

Before you can connect a new wallet address, you'll need to unlink your current wallet address. You'll need to be on desktop, as mobile wallet connection is not currently supported.

Once you're ready, follow the steps below:

<details>

<summary>How to unlink and change your connected wallet</summary>

1. If your balance is greater than 0.00 follow these steps, else jump to step 2.
   1. Navigate to the main trading page and click **Close** next to all open positions.
   2. [Withdraw](/manage-account/manage-funds/withdraw) your full account balance.
2. Click on the **Options (3 lines)** tab on the top right of your trading screen and select **Settings**.
3. Click on **Wallet** on the left of the options page.
4. Click on **Unlink Wallet**.
5. Click on **Send Code**.
6. Check your email for the One-Time-Passcode (OTP).
7. Input the code and click **Unlink Wallet**.
8. Click **Connect Wallet** to connect a new wallet address via [these steps](#connecting-your-wallet).

</details>

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}


# Manage Funds

Account funding covers everything you need to move collateral in and out of your Rails account.

The guides below walk you through each flow step by step:

<table data-view="cards"><thead><tr><th align="center"></th><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Deposit</strong></td><td align="center">Deposit USDT to your account.</td><td><a href="/pages/dZLBuhKOpAwCJ78bnaJ6">/pages/dZLBuhKOpAwCJ78bnaJ6</a></td></tr><tr><td align="center"><strong>Withdraw</strong></td><td align="center">Withdraw USDT to your wallet.</td><td><a href="/pages/ax56ZySCiPKWSTSyaA8S">/pages/ax56ZySCiPKWSTSyaA8S</a></td></tr><tr><td align="center"><strong>Transfer</strong></td><td align="center">Transfer USDT between your Perps &#x26; Options accounts.</td><td><a href="/pages/G2bk5zSYFdeZivCGO0N7">/pages/G2bk5zSYFdeZivCGO0N7</a></td></tr><tr><td align="center"><strong>Bridge</strong></td><td align="center">Bridge USDT to another chain, without leaving Rails.</td><td><a href="/pages/ZUfuk3pcedlhips8C2B6">/pages/ZUfuk3pcedlhips8C2B6</a></td></tr></tbody></table>

{% hint style="info" %}

#### New to managing your own digital assets?

Rails is [non-custodial](/getting-started/custody-and-collateral), so you always stay in control of your funds. Learn more about our custody options for all accounts in our guide to [Custody & Collateral](/getting-started/custody-and-collateral).
{% endhint %}


# Deposit

{% hint style="info" %}

#### **Before you continue:**

* You must have USDT as collateral (find out how to procure [here](/getting-started/custody-and-collateral#procuring-usdt))
* You must have ETH on a supported network for gas and network costs
* Deposits are not supported on mobile.
  {% endhint %}

## How to Deposit

{% columns %}
{% column %}

1. Click **Deposit** in the top right corner of your Rails account.
   {% endcolumn %}

{% column %}

<figure><img src="/files/Dfmbb0yfrYO8R48o4RcL" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

2. If your wallet is not connected, you will be asked to [connect a supported wallet](/manage-account/wallet-connection) before you can proceed.

{% columns %}
{% column %}
3\) Use the drop-down to show any available USDT balance, and select the network you wish to deposit from.

{% hint style="warning" %}
You'll need to have both:

* USDT for your deposit
* ETH for gas fees
  {% endhint %}
  {% endcolumn %}

{% column %}

<figure><img src="/files/lJIpvpolaaOaqfRUOwah" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column width="50%" %}
5\. Enter the **Amount** of USDT you wish to deposit and click **Deposit.**
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/xOHrcQgOfJdPk4QcnRky" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column width="50%" %}
6\. Approve the spending cap limit for the bridging transaction if prompted in your wallet.
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/sd0lbim1octhYdi0DZwp" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
7\. Approve the bridging transaction as directed in your wallet.

{% hint style="info" %}
Bridging can take up to 15 minutes depending on which network you are bridging from.\
\
You will see *Bridging in Progress* while the transaction is pending:

<img src="/files/iLO0wL61oiqM9fld0Imo" alt="" data-size="original">\
\
You may close the deposit screen while bridging is in progress.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/MGpD5eyyDCY2FeSGzgbb" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column width="50%" %}
8\. Click **Ready to Deposit** when the transaction is completed.

{% hint style="info" %}
**Note:** If your screen is stuck at ready to deposit, try clearing your browser cache, and then sign out and back in to Rails.
{% endhint %}
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/CHBjHqCY2uieOFkqFBkF" alt="" width="563"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
9\. Click **Deposit.**
{% endcolumn %}

{% column %}

<figure><img src="/files/jDPyc4AYSU8aWHirVv6E" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
10\. Approve the spending cap for the deposit transaction if prompted in your wallet.
{% endcolumn %}

{% column %}

<figure><img src="/files/kDZQLN6ga46OWmZEjDus" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
11\. Approve the deposit transaction as directed in your wallet to finalize the deposit request.
{% endcolumn %}

{% column %}

<figure><img src="/files/yJn9yIpV3j8vofxjbHYD" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
The transaction may take up to 1 minute to post on the blockchain, during which time you'll see a pending network confirmation status.
{% endcolumn %}

{% column %}

<figure><img src="/files/nFacghqcLyuHs2jjzV7d" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
You'll see a deposit notice to let you know when your funds have been successfully deposited.

If you don't see the success screen shown on the right, please check out our [troubleshooting tips](/support/troubleshooting-guide#account-funding) and our [FAQs](/support/faqs), or contact Support for further assistance.
{% endcolumn %}

{% column %}

<figure><img src="/files/YZ9KtD6OMPvkWQHtdG0G" alt="" width="353"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

To view your deposit history, check out the [Historical Summary Tabs](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#historical-summary-tabs) in the Portfolio page.

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}


# Withdraw

All withdrawals are issued in USDT on the Stellar network. Users are able to bridge their USDT to other networks using the Bridge (reverse) function in the Rails withdrawal process.

{% hint style="info" %}

#### **Before you continue**

* Withdrawals are not supported on mobile.
* There is a minimum withdrawal limit of $10.00.
* A fee of 0.1% (capped at $1) is charged on all withdrawals to cover gas fees, and is deducted from the amount you withdraw.
  {% endhint %}

## How to withdraw:

{% columns %}
{% column %}

1. Log in to your [Rails](https://trade.rails.xyz/trade/BTC-USD) account on desktop.
   {% endcolumn %}

{% column %}

{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
2\. Click on **Withdraw** by clicking the drop-down to the right of the Deposit shortcut button at the top right corner of the trading page on desktop.
{% endcolumn %}

{% column %}

<figure><img src="/files/ycDRTJXuKe2rBIjgcGZk" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Input the **Amount** you would like to withdraw and click **Request Withdrawal.**
{% endcolumn %}

{% column %}

<figure><img src="/files/80KMeM07tLLs6sjwNnDN" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
4\. Wait until the transaction is approved.
{% endcolumn %}

{% column %}

<figure><img src="/files/T0QWXL0YoKxOhuElVIaG" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
5\. Once the transaction has been confirmed click **Collect to my Wallet.**
{% endcolumn %}

{% column %}

<figure><img src="/files/tneS2Z2dsfyDgyi8vglL" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
6\. **Confirm** your withdrawal request on the wallet extension.
{% endcolumn %}

{% column %}

<figure><img src="/files/gcGv6NzqbXPlFcgtCA3N" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
If you don't reach the success screen below and need help, please check out our [troubleshooting tips](/support/troubleshooting-guide#account-funding).

{% hint style="info" %}
*Some wallets won't auto-import tokens so you need to import them manually for them to be displayed. MetaMask, for example, has steps to do so* [*here*](https://support.metamask.io/manage-crypto/portfolio/how-to-import-a-token-in-metamask-portfolio/)*. Make sure to import USDT by specifying its address as displayed above (*`0x0200C29006150606B650577BBE7B6248F58470c1`).

To view your withdrawal history, check out the [Historical Summary Tabs](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#historical-summary-tabs) in the Portfolio page.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/Xn3wca6pYziB2BdW9HRA" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}


# Transfer

Move USDT between your Perpetuals and Options balances instantly.

Use Transfer to move USDT between your Perpetuals and Options balances instantly, without leaving Rails.

{% hint style="info" %}

#### Before you continue

* Transfers are processed instantly between your Perpetuals and Options balances, and work in both directions.
* You can only transfer up to your Available for Transfer balance. This excludes margin currently in use by open positions or orders.
* Transfers are not available on mobile.
  {% endhint %}

## How to transfer

{% columns %}
{% column %}

1. Log in to your [Rails](https://trade.rails.xyz/trade/BTC-USD) account on desktop.
   {% endcolumn %}

{% column %}

{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column width="50%" %}
2\. In the top-right corner of the trading page, click your **Perps** or **Options** balance to open the account menu.
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/d3iiCqicM9zn0lC7FulS" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Click **Transfer** to open the transfer window.
{% endcolumn %}

{% column %}

<figure><img src="/files/s9k62BaBhUQMbTV1gVgL" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
4\. In the pop-up modal, select the direction of your transfer using the **From** and **To** dropdowns.

{% hint style="info" %}
Use the swap icon <img src="/files/Pkc7Fn6eZQkB8RZvI00h" alt="" data-size="line"> between the two fields to reverse the direction.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/JEaDD2rpk6jD97TgOWrS" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
5\. Enter the **Amount** of USDT you want to transfer.
6\. Click **Confirm**.
{% endcolumn %}

{% column %}
{% hint style="info" %}
Click **MAX** next to **Available for Transfer** to move your full available balance.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

<figure><img src="/files/am9ZIF5fVyYJaNoV8x9P" alt=""><figcaption></figcaption></figure>

{% hint style="success" %}
Your **Perpetuals** and **Options** balances update instantly after the transfer is completed.
{% endhint %}

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}


# Bridge

Use Rails to bridge any USDT balance to an available chain.

### What is Bridging?

Bridging is the process of moving a token like USDT from one blockchain network to another. The same asset can exist across multiple chains, but funds on one chain can't be used directly on another. A bridge locks or burns your tokens on the source chain and releases the equivalent amount on the destination chain, so your USDT becomes usable on the network you choose.

On Rails, your USDT starts on the Stellar network and you can bridge it to any supported chain, such as Arbitrum, that better suits where you want to use or hold your funds.

### How to bridge USDT

The bridge function lets you move your USDT from the Ink network to other available chains. Ensure you have USDT in your linked wallet before you attempt to bridge.

{% columns %}
{% column %}

1. Click on **Withdraw** at the top-right-hand corner of the trading page.
   {% endcolumn %}

{% column %}

<figure><img src="/files/ndWUqW2vNXy76gTLq68c" alt="" width="563"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column width="50%" %}
2\. Select the **Bridge** tab on the right, and input:

* the **Amount** you want to bridge
* the **Network** you want to bridge to

Then click **Bridge** to continue.
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/wzVNsOg5wLj6AHBQs7lO" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
3\. Approve the spending cap limit for the bridging transaction if prompted in your wallet.
{% endcolumn %}

{% column %}

<figure><img src="/files/G2eFCFf3SjUO1vn1Pd3I" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

<details>

<summary>Example MetaMask Spending Cap Request</summary>

<figure><img src="/files/XaVilUKjxvpDRI2J6WXm" alt="" width="375"><figcaption><p>Example of spending cap transaction approval in MetaMask.<br>You can edit the spending cap limit here as well.</p></figcaption></figure>

</details>

{% columns %}
{% column %}
4\. Approve the bridging transaction if prompted in your wallet.
{% endcolumn %}

{% column %}

<figure><img src="/files/wVY6kLc28mZaHiO1ZvKq" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

<details>

<summary>Example MetaMask Bridging Transaction Request</summary>

<figure><img src="/files/73YcpHRZ0OtuOvNc1Ros" alt="" width="375"><figcaption><p>Example of bridging transaction approval in a MetaMask wallet.</p></figcaption></figure>

</details>

{% columns %}
{% column %}
5\. Wait for the transaction to complete. This could take up to 15 minutes.
{% endcolumn %}

{% column %}

<figure><img src="/files/OZFyLwKC721iIQDvVqTs" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}
If you don't reach the success screen to the right and need help, please check out our [troubleshooting tips](/support/troubleshooting-guide#account-funding).
{% endcolumn %}

{% column %}

<figure><img src="/files/8VTuvyygYKF1jSzpdh2g" alt="" width="375"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}


# Profile Settings

Managing your Rails profile is simple and easy.

{% columns %}
{% column width="33.33333333333333%" %}
Click the profile icon in the bottom-left-hand corner of your screen (in the left sidebar) once you're signed in, as shown on the right.
{% endcolumn %}

{% column width="66.66666666666667%" %}

<figure><img src="/files/HSjkjnZ3xNe443kX2sHr" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

Explore how each section works below:

<details>

<summary>Security</summary>

The Security section allows you to take full control of your account’s safety.

Here, you can update your password, enable or disable two-factor authentication (2FA) for added sign-in protection, and monitor your recent sign-in activity to detect any unauthorized access. These tools help you safeguard your account and ensure that only you have access to it.

Details on how to update your password, enable MFA or 2FA, and use passkeys can be found [here](/manage-account/account-security).

</details>

<details>

<summary>Notifications</summary>

In the Notifications section, you can manage how you receive updates related to your account and platform activity. Choose between email and in-app alerts for key actions such as successful sign-ins, trade executions, funding confirmations, and system announcements. Tailoring these preferences helps you stay informed without unnecessary interruptions.

</details>

<details>

<summary>Wallet</summary>

The [Wallet](/manage-account/wallet-connection) section displays the public address of the wallet currently [linked](/manage-account/wallet-connection) to your account, along with its current status (either connected or disconnected).

From here, you can manage your wallet connection by [connecting](/manage-account/wallet-connection#connecting-your-wallet), or [changing your wallet](/manage-account/wallet-connection#changing-your-wallet) (provided your account balance is 0). This section ensures that your on-platform trading experience remains smooth, secure, and fully under your control.

</details>

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}


# Portfolio, Statements & Exports

Rails offers various tools to help you understand your trading performance and help compile documents for tax purposes.

Explore the sections below to learn more:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Portfolio Dashboard</strong><br>Track performance and review historical trading activity.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI">/pages/a75GcsxcW1XQaXj5s3FI</a></td></tr><tr><td align="center"><strong>Daily &#x26; Monthly Statements</strong><br>Access daily and monthly reports of your trading activity.</td><td><a href="/pages/2NINzE6zr5kkb3iceaoW">/pages/2NINzE6zr5kkb3iceaoW</a></td></tr><tr><td align="center"><strong>Koinly Export</strong><br>Export your account activity for use in Koinly.</td><td><a href="/pages/O4ugutRTZK8HV4lzVEN7">/pages/O4ugutRTZK8HV4lzVEN7</a></td></tr></tbody></table>

{% hint style="info" %}

#### Looking for help with taxes?

Rails does not provide built-in, region-specific tax tools. We recommend consulting a tax professional in your jurisdiction. Rails does [support Koinly exports](/manage-account/portfolio-statements-and-exports/koinly-support) to help you generate the documents you may need.
{% endhint %}


# Portfolio Dashboard

The Portfolio tab is your record of historical trading activity. It provides a snapshot of your current account state and helps you track how your trading performance is trending. The key components are outlined below.

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Portfolio Overview &#x26; Balances</strong><br>See your total portfolio value and account balances at a glance.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI#portfolio-overview-and-balances">/pages/a75GcsxcW1XQaXj5s3FI#portfolio-overview-and-balances</a></td></tr><tr><td align="center"><strong>Performance Chart</strong><br>Track how your account equity and P&#x26;L trend over time.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI#performance-chart">/pages/a75GcsxcW1XQaXj5s3FI#performance-chart</a></td></tr><tr><td align="center"><strong>Statistics</strong><br>View a snapshot of your lifetime performance.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI#statistics">/pages/a75GcsxcW1XQaXj5s3FI#statistics</a></td></tr><tr><td align="center"><strong>Historical Summary Tabs</strong><br>Explore historical trade activity in more detail.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI#historical-summary-tabs">/pages/a75GcsxcW1XQaXj5s3FI#historical-summary-tabs</a></td></tr><tr><td align="center"><strong>Search &#x26; Export</strong><br>Search and export your trade activity for a specific period.</td><td><a href="/pages/a75GcsxcW1XQaXj5s3FI#search-and-export">/pages/a75GcsxcW1XQaXj5s3FI#search-and-export</a></td></tr></tbody></table>

{% hint style="info" %}
For definitions and calculations of all terms referenced here, please visit the Trading Metrics Guide for [Perps](/trading/perpetuals/perps-metrics-guide) or [Options](/trading/options).
{% endhint %}

{% columns %}
{% column width="33.33333333333333%" %}
Open the Portfolio tab by clicking **Portfolio** on the top left side of your dashboard.

Use the selector at the top left of the screen to choose between your portfolios for either Perps or Options.
{% endcolumn %}

{% column width="66.66666666666667%" %}

<figure><img src="/files/74z9lIDX6OGBBNWR7n7U" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Portfolio Overview & Balances

At the top of the page, **Portfolio Overview** displays your headline portfolio value and account balance cards.

{% tabs %}
{% tab title="Perps" %}

<figure><img src="/files/yQRwgK28YUkFaagqAq7S" alt=""><figcaption></figcaption></figure>

* **Total Equity** is the total current value of your account, including your available balance and the value of any open positions.
* **Available Balance** shows the funds available to open new positions or withdraw.
* **Used Margin** is the amount of your balance currently reserved as margin for open positions.
* **Volume** is your total traded volume.
  {% endtab %}

{% tab title="Options" %}

* **Total Equity** shows your account’s current total value.
* **IM (Initial Margin)** shows the initial margin ratio and required margin value.
* **MM (Maintenance Margin)** shows the maintenance margin ratio and required margin value.
* **Used Margin** shows the margin currently reserved for open positions.
* **Volume** shows your total traded volume.
  {% endtab %}
  {% endtabs %}

### Performance Chart

The performance chart gives you a view of recent performance and how your trading is trending over time. Use the toggle in the top left of the chart to switch between two views, and the range selector (**1W**, **1M**, **3M**, **6M**, **1Y**, **All**) to change the time period.

<figure><img src="/files/wgisXnOAoV1OxL8HsTds" alt=""><figcaption></figcaption></figure>

* **Account equity:** Shows how your total account equity has changed over the selected period.
* **P\&L:** Shows your combined profit and loss by day as a bar chart. **P\&L includes realized and unrealized P\&L, funding, and fees.**

The chart updates in real time with your realized P\&L.

### Statistics

{% tabs %}
{% tab title="Perps" %}
The **Statistics** panel provides a snapshot of your current standing.

<figure><img src="/files/dNYvb7cgn10dRH61KDyI" alt="" width="563"><figcaption></figcaption></figure>

* **Portfolio Value:** This value includes lifetime unrealized and realized P\&L. It will change continuously if you have open positions that fluctuate with market activity.
* **7 Day Volume:** The total volume you have traded over the last 7 days. This includes any leverage used to determine total volume.
* **Unrealized P\&L:** The combined unrealized P\&L of all open positions is reflected here.
* **Realized P\&L:** The combined realized P\&L of all historical closed trades is reflected here.
* **7 Day Trades:** This reflects how many trades you have made over the past 7 days.
* **Running Trades:** This reflects how many positions you currently have open.
  {% endtab %}

{% tab title="Options" %}
An Options-specific Statistics panel is coming soon.
{% endtab %}
{% endtabs %}

### Historical Summary Tabs

Similar to the main Trade tab, the Portfolio tab includes multiple summaries that help you navigate and understand your trading activity. The main difference is that the Portfolio tab lets you search your full history without restrictions.

Select each tab name below to learn more:

<details>

<summary>Positions Tab</summary>

The Positions tab provides real-time information on all open positions.

Market: The asset name of the trade placed (e.g. BTC-USD).Side: Indicates whether the position is Long (Buy) or Short (Sell).Size: The total asset quantity of the open position.USD Value: The position's value in USD.Avg. Price: The average entry price of all trades used to fill the order.Break-Even Price: The index price at which the trade will break even after taking into account fees and funding payments. Index prices are pulled from our Index Price Sources.Realized P\&L: The accumulated profits or losses that have already settled as a result of funding.Unrealized P\&L: The current gain or loss on an open position, based on the difference between the entry price and the current market price, but not yet locked in by closing the trade.Funding: The sum of all funding payments credited to your account for the position.Instrument: The option contract. Strike, expiry, and type appear as badges.Side: Indicates whether the position is Buy or Sell.Size: The open contract quantity.Value: The position value.Avg. Price: The average entry price of all trades used to fill the order.Break-Even Price: The price at which the position breaks even after fees.Realized P\&L: The profit or loss already settled on the position.Unrealized P\&L: The current gain or loss on the open position.

<figure><img src="/files/dwM3bfpn9Ujv03TJhLba" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Open Orders Tab</summary>

This section lists requested orders that have not yet been filled. It lists the following details:

* **Time Placed**: The date and time the order was placed.
* **Market**: The asset name of the open order (e.g. BTC-USD).
* **Side**: The direction of the trade (Buy or Sell).
* **Order Price**: The limit price in USD set when the order was placed.
* **Size**: The total asset quantity of the open order.
* **Order Value:** The amount in USD of the order.
* **Reduce Only:** Indicates whether the order is a reduce-only order, meaning it can only decrease (never increase) the size of an existing position.

<figure><img src="/files/OY54t4WMyJd7NSfC7V3f" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Trade History Tab</summary>

The **Trade History** tab shows every executed trade action. It lists the following details:

* **Filled At**: The date and time the trade action was executed.
* **Market**: The asset name of the trade (e.g. BTC-USD).
* **Side**: The direction of the trade (<mark style="color:green;">Buy</mark> or <mark style="color:red;">Sell</mark>).
* **Fill Price**: The index price in USD at the time the trade action was executed.
* **Size**: The total asset quantity of the trade.
* **Trade Value:** The amount in USD of the trade.
* **Fee Rate (BPS):** The fee rate charged on your order when it was executed, shown in basis points.
* **Fees:** The amount in USD paid when the trade was placed.
* **Trade Type**: Indicates whether it was a market or limit order.
* **Execution Type**: Indicates whether the order added liquidity (Maker) or removed liquidity (Taker) from the market at the time of the trade. It also indicates whether the trade was executed through a trigger order.
* **Order ID:** Each time you place an order, we create a unique Order ID. Use the copy icon to copy the full ID.
* **Match ID:** The unique match ID created when a buy order and a sell order meet and a trade happens. Use the copy icon to copy the full ID.

<figure><img src="/files/25hZuOEMuZuaPUeeQ7u1" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Learn how to share your wins on social with [PNL Cards](https://help.rails.xyz/rails/general/navigating-the-platform/portfolio-page-overview#new-share-your-wins-with-pnl-cards).
{% endhint %}

</details>

<details>

<summary>P&#x26;L History Tab</summary>

The **P\&L History** tab shows similar items to Trade History, but makes it easier to export and analyze your P\&L per trade. It lists the following details:

* **Filled At**: The date and time the trade action was executed.
* **Market**: The asset name of the trade (e.g. BTC-USD).
* **Side**: The direction of the trade (<mark style="color:green;">Buy</mark> or <mark style="color:red;">Sell</mark>).
* **Fill Price**: The index price in USD at the time the trade action was executed.
* **Size**: The total asset quantity of the trade.
* **Trade Value:** The amount in USD of the trade.
* **Entry Price:** The entry price of the order.
* **P\&L:** The profit or loss realized on the trade. Positive values are shown in <mark style="color:green;">green</mark> and negative values in <mark style="color:red;">red</mark>.
* **Trade Type**: Indicates whether it was a market or limit order.
* **Order ID:** The unique Order ID created when you placed the order.

<figure><img src="/files/5uNpYVRmNKUS7yDjTwgi" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Funding Tab (Perpetuals Only)</summary>

This section lists all lifetime funding transactions. It lists the following details:

* **Date**: The timestamp of the funding payment.
* **Market**: The asset name of the position which the funding payment was derived from (e.g. BTC-USD).
* **Funding Value**: The amount of the funding payment in USD. If the amount is negative and red, the user was debited. If the amount is green and positive, the user was credited.
* **Rate**: The funding rate used to determine the funding value. Users can view this calculation in detail here.
* **Index Price**: The index price at the time the funding payment was credited.
* **Position Size**: The total asset quantity of the position the funding payment was derived from.

<figure><img src="/files/srSY4FQpxMUWpCE8F5SF" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Canceled Orders Tab</summary>

This section lists the past 7 days of orders (including those canceled using [Proactive Order Cancellation](/trading/perpetuals/liquidation#proactive-order-cancellation) as part of the [cross-margin liquidation process](/trading/perpetuals/liquidation#cross-margin-liquidation)).

It lists the following details:

* **Date**: The date and time the order was canceled.
* **Market**: The asset name of the canceled order (e.g. BTC-USD).
* **Side**: The direction of the order that was canceled (Buy or Sell).
* **Trade Type**: Indicates whether the canceled order was a market or limit order.
* **Order Price**: The price in USD set on the order before it was canceled.
* **Size**: The total asset quantity of the canceled order.
* **Trigger Type**: Indicates whether the canceled order was associated with a trigger, such as take profit or stop loss, if applicable.
* **Trigger Price**: The trigger price associated with the canceled order, if applicable.
* **Cancel Reason**: The reason the order was canceled.

<figure><img src="/files/77K2PMdoPfvODSak6lkn" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Transfers Tab</summary>

This section lets you view all movements of funds into, out of, and within your account. It lists the following details:

* **Date**: The date and time the transfer occurred.
* **Type**: The kind of transfer. This can be a **Deposit** into your account, a **Withdraw** to your linked wallet, or a **Transfer In** / **Transfer Out** moving funds between your Main account and a Sub-Account.
* **Value**: The amount in USD of the transfer.
* **Fee**: The amount in USD paid for the transaction, where applicable.
* **Blockchain Record**: A link to verify the transaction on-chain.
  * Depending on the transfer, this appears as **View in Explorer** (opens the [Rails Block Explorer](/manage-account/block-explorer)) or **View Transaction** (opens the external block explorer).

<figure><img src="/files/4hSkso44o58NfLmPkzrw" alt=""><figcaption></figcaption></figure>

</details>

### Search & Export

#### Searches

All data in your historical summary tabs can be searched and exported, as explained below.

* **Local Search:** Only searches visible data. For long histories, scroll to load more transactions or use column filters.
* **Fuzzy Search:** Available for Market and Side columns; all other columns require exact matches.

{% columns %}
{% column width="25%" %}
These searches are available via the search bar in each tab, as shown to the right.
{% endcolumn %}

{% column width="75%" %}

<figure><img src="/files/Te5R3TBvErCKuzxZI2Q9" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

#### Exports

Exports for available tables can be found in the historical summary tabs where they are supported.

* **Export CSV:** Downloads that table's data as a CSV file.
  * In both Trade History and P\&L History, you can further refine your export by generating a CSV between two specific dates. Enter the dates in the pop-up and select "Generate CSV".
* [**Export Koinly**](/manage-account/portfolio-statements-and-exports/koinly-support)**:** *(Trade History only)* Exports your trade activity in a format ready to import into [Koinly](https://koinly.io) for tax reporting.

<figure><img src="/files/MyiYHbRanjh1OMC8YCbm" alt=""><figcaption></figcaption></figure>


# Statements

Monthly and daily statements are available and can provide you with an accurate report of your trading activities.

Monthly and daily statements are available after each statement period concludes, for both Perpetuals and Options. Each statement provides a detailed USDT overview of your trading activity during the specified period, allowing you to verify all activity from your Rails account.

Each statement includes the information below. Verify it in Rails on the [Portfolio Overview](/manage-account/portfolio-statements-and-exports/portfolio-dashboard) page. We recommend that you review your statements periodically. If you encounter any discrepancies, you must reach out to us within 10 days.

## **Locating Your Statement**

Access statements from the left sidebar in your Rails account. Select a product and choose daily or monthly statements. Then download the file you need by clicking the download button:

<figure><img src="/files/HGIPRoReRe7WVQkz4yXL" alt=""><figcaption></figcaption></figure>

## **Statement Details**

{% hint style="info" %}
Note: All Statement balances are shown in USDT.
{% endhint %}

Perps and Options statements contain product-specific information. Use the tabs to view each statement type.

#### Account Summary

Use the account summary to reconcile each statement period. The closing balance should match the next statement’s opening balance. Each product statement shows different account summary information:

{% tabs %}
{% tab title="Perps" %}
The Perps Account Summary provides an overview of activity during the selected period:

<figure><img src="/files/Si6DNFZBdAaJTrN2Ztb2" alt=""><figcaption><p>Example Perps Statement Account Summary. Balances in USDT.</p></figcaption></figure>

**Account Summary Data Definitions:**

* **Opening Balance:** The Perps account balance carried forward from the previous statement.
* **Closing Balance:** The Perps account balance at the end of the statement period. This becomes the opening balance for the next statement period.
  * Your perps closing balance is calculated as shown below:

$$
\text{Closing Balance}= \text{Open Balance} +\text{Deposits} -\text{Withdrawals} + \text{P\&L} - \text{Transaction Fees} - \text{Withdrawal Fees} - \text{Liquidation Fees}+ \text{Funding}
$$

* **Deposit:** The total funds deposited into your Perps account during the statement period.
* **Withdrawal:** The total funds withdrawn from your Perps account during the statement period.
* **P\&L:** The total realized profit and loss from perpetual futures activity during the statement period.
* **Transaction Fees:** The total fees paid for Perps orders executed during the statement period.
* **Liquidation Fees:** The total fees charged for Perps positions liquidated during the statement period.
* **Withdrawal Fees:** The total fees charged for withdrawals from your Perps account during the statement period.
* **Funding:** The total funding paid or received for Perps positions during the statement period.
  {% endtab %}

{% tab title="Options" %}
The Options Account Summary provides an overview of activity during the selected period:

<figure><img src="/files/6qbJrSlSytJpW3i5XF8t" alt=""><figcaption><p>Example Options Statement Account Summary. Balances in USDT.</p></figcaption></figure>

**Account Summary Data Definitions:**

* **Opening Balance:** Begins with the closing balance from the previous statement.
* **Closing Balance:** Provides the balance at the end of the current statement period. This balance becomes the opening balance for the next statement period.
  * Your Options Closing Balance is calculated as shown below:

$$
\text{Closing Balance}= \text{Open Balance} +\text{Deposits} -\text{Withdrawals} +\text{Transfer In}-\text{Transfer Out}+\text{Premium}+\text{P\&L} - \text{Transaction Fees} - \text{Withdrawal Fees} - \text{Liquidation Fees}-\text{Delivery Fees}+\text{Payoff}
$$

* **Deposit:** The total of all deposits made within the statement period.
* **Withdrawal:** The total of all withdrawals made within the statement period.
* **Transfer In:** The total value transferred into your Options account during the statement period.
* **Transfer Out:** The total value transferred out of your Options account during the statement period.
* **Premium:** The total option premium paid or received during the statement period.
* **P\&L:** The total realized profit and loss from Options activity during the statement period.
* **Transaction Fees:** The total fees paid for Options transactions during the statement period.
* **Withdrawal Fees:** The total fees charged for withdrawals during the statement period.
* **Liquidation Fees:** The total fees charged for liquidated positions during the statement period.
* **Delivery Fees:** The total fees charged for option delivery during the statement period.
* **Payoff:** The total value received or paid when Options contracts settle during the statement period.
  {% endtab %}
  {% endtabs %}

#### Open Positions

This section shows your open positions at the end of the statement period, for either Perps or Options.

{% columns %}
{% column width="58.333333333333336%" %}
Open positions are accurate when the statement is generated. Find the generation time at the top-right of the statement.
{% endcolumn %}

{% column width="41.666666666666664%" %}

<figure><img src="/files/SAaYMb0VX6I6sCbi0MJS" alt="" width="563"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% tabs %}
{% tab title="Perps" %}

<figure><img src="/files/0FuHiM6v6PhHFxTpR5fS" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Options" %}

<figure><img src="/files/WT601X1Gc39hq3gm9Dvh" alt=""><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}

#### Trade Activity

The Trade Activity section lists all trades executed during the statement period:

{% tabs %}
{% tab title="Perps" %}

<figure><img src="/files/PNCRZyeZ4tVVi0sCyMkI" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Options" %}

<figure><img src="/files/kmOoDURvQ8pMJJE2ex7f" alt=""><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}


# Koinly Support

{% hint style="warning" %}

#### No Tax Support

Rails **does not provide** country-specific tax documents. We cannot offer financial planning, financial advice, or tax support. We strongly recommend that you contact a local tax accountant for guidance.
{% endhint %}

The Koinly app helps create country-specific tax forms for you to easily get the document you need for tax filing, should you need it. This export is prepared in the format needed to easily load your Rails trade history to Koinly.

### Export

Go to your [Portfolio Dashboard](/manage-account/portfolio-statements-and-exports/portfolio-dashboard), and the "Export Koinly" button will be available in your Trade History tab, as shown below:

<figure><img src="/files/NwCcz0r2xPLTrlOFiPH2" alt=""><figcaption></figcaption></figure>

{% columns %}
{% column width="50%" %}
Add the dates in the pop-up and select "Generate Export".

Note that the Export to Koinly function also includes deposits and withdrawals, while [Export to CSV](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#exports) does not.
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/einaE5YHrbGrQIENA3YA" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}


# Block Explorer

## What is Explorer?

To uphold our commitment to security and transparency, we created Block Explorer, a tool that enables you to independently validate your transactions on the blockchain. Every transaction on our platform—whether it's a deposit, withdrawal, trading fee, realized profit/loss, funding event, or position opening/closing—is cryptographically rolled and posted on-chain from the central system, which keeps the user's privacy intact.

<figure><img src="/files/LLgtmVlkLuYZn0xO73Cy" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Find out how to use our Explorer in detail [here](#how-to-use-block-explorer).
{% endhint %}

### Why This Matters to You

* **Transparency:** You can independently verify every transaction, ensuring that no unauthorized actions were taken with your funds.
* **Security:** Your transactions are protected by cryptographic proof, meaning they cannot be altered without detection.
* **Efficiency:** Instead of costly, slow transactions flooding the blockchain, our rollup system ensures low-cost, fast verification.
* **Privacy:** Transaction verification is done without exposing personal or sensitive information.

### How It Works

Rails has on-chain custody and centralized order matching & transaction processing. To ensure integrity between these two systems, we need a reliable way to confirm that transaction data hasn’t been tampered with. To achieve this, we compute a cryptographic hash for each transaction and organize them into a Merkle tree—a specialized data structure that enables secure, efficient, and scalable validation of large data sets. The root hash of this tree is a single, unique value that represents the entire set of transaction hashes. If even one transaction changes, the root hash will also change. We then publish this root hash to the Ink blockchain, providing a public, tamper-evident record of the transaction set’s integrity.

### Breaking It Down

1. **Bundling Transactions:** Rails' central system batches individual transactions into a single block.
2. **Creating a Unique Summary:** The transactions are structured into a Merkle tree, which compresses them into a single summary called the Merkle root. The Merkle root, displayed as the Root Hash, acts as a fingerprint for the block, uniquely identifying all transactions. Along with the root hash is the sum total of all fees and withdrawals included in the block.
3. **Submitting to the Blockchain:** Instead of submitting every transaction separately, only the Merkle root is published on the blockchain. This makes the process more efficient while maintaining anonymity of user data to avoid trade front running. We also submit the latest root hash to our Smart Contract.
4. **Verifying the Transactions:** To validate a transaction, the “Validate Block” button applies each transaction hash in the block to the Merkle tree algorithm, which then generates the root hash. If this matches the established root hash, you can be confident that no transactions in that block have been altered.

### How to Use Block Explorer

You click any link to "View in Explorer" wherever the option is available. As an example, below is how you'd use the explorer for any transaction in your P\&L History in the Portfolio tab:

1. Select "view"

<figure><img src="/files/SCOqcp9sq8ehPTkfo0nJ" alt=""><figcaption></figcaption></figure>

2. You'll then be taken to your transaction in Rails Explorer screen:

<figure><img src="/files/nEbavnp0VbPhoA8nPn1L" alt=""><figcaption></figcaption></figure>

3. Select the validate hash button to confirm and validate transactions:

<figure><img src="/files/OoKDS8ARR78LLfPwaV58" alt=""><figcaption></figcaption></figure>

4. If you want further confidence at any time, **View On Chain** to confirm that what’s published to the blockchain matches what’s displayed in Explorer:

<figure><img src="/files/EmfkYf7QdyRkcI0qyciN" alt=""><figcaption></figcaption></figure>

5. A URL from Stellar should open in a new tab, displaying the transaction representing this block on the blockchain. Scroll down and click **View details**.

<figure><img src="/files/niBuVFc2e3Thwsw9Ad0a" alt=""><figcaption></figcaption></figure>

6. Copy the root hash from block explorer, and CTRL+F to find and confirm the root hash on-chain:

<figure><img src="/files/oZpxjOf7R1sFfWjbqj2X" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Values are displayed in HEX format on the blockchain, but we’ve converted the value to dollars in Explorer. To verify the values match, divide the `newFees` or `newWithdrawals` data by 1,000,000 and round to 2 decimal places, then compare to the Explorer summary.
{% endhint %}


# Main & Sub-Accounts

Sub-Accounts are now available on Rails, but are only created when you win a Play Evaluation.

A sub-account is an independent account created under your primary Rails account. It maintains a separate balance and monitors its own activities while sharing the same linked wallet as your main account. Rails sub-accounts enable you to manage specific activities separately while keeping everything connected to your main Rails account and wallet. Your main account, established at signup, serves as the default account.

Your Main Account:

{% columns %}
{% column width="41.66666666666667%" %}

* Is treated as a separate account
* Has its own balances and activity
* Shares the same linked and connected wallet as the main account
* Transfers between accounts are not supported at this time
  {% endcolumn %}

{% column width="58.33333333333333%" %}

<figure><img src="/files/ZmZMyM37W9kWMvYUccK3" alt=""><figcaption></figcaption></figure>

{% endcolumn %}
{% endcolumns %}

At present, your main account is where you:

* Connect or link a wallet to your account.
* Find your Daily or Monthly Statements.  Note: Statements for sub-accounts aren't available just yet, however you can export the data itself from the sub-accounts [Portfolio](/manage-account/portfolio-statements-and-exports/portfolio-dashboard) screen.
* Make Deposits; deposits to sub-accounts are not currently supported, but [withdrawals](/manage-account/manage-funds/withdraw) operate similarly to your main account.

{% hint style="info" icon="down-from-dotted-line" %}

#### Play Sub-Account

Play is our trading evaluation platform, built to help you learn perpetual futures trading in a realistic setting, with simulated capital. When you win an evaluation in [Play](https://play.rails.xyz/app/evaluation/BTC-USD), a dedicated sub-account is automatically created if you win your evaluation, and claim your trading credit.

This sub-account is automatically created when trading credits are claimed, is denominated with your Rails username and displays the Rails Play logo for easy identification.

![](/files/LKTJfS96TEQYhD0We6Er)
{% endhint %}


# Perpetuals

### What are perpetuals?

Perpetual futures (commonly called "perps") are derivative contracts that let you speculate on the price of a digital asset without owning it, and without an expiration date. You can go long if you expect the price to rise, or short if you expect it to fall, with the option to use leverage to amplify your position.

Find out more about perps on Rails in the sections below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Perpetuals Page Guide</strong><br>Learn the main parts of the perpetuals trading page.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ">/pages/sV7VgdhaO08dtoinNlNJ</a></td></tr><tr><td align="center"><strong>Placing Orders</strong><br>Learn how to place orders on perpetuals.</td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb">/pages/iKE1bFUmwuqiDoWTZ2mb</a></td></tr><tr><td align="center"><strong>Funding Mechanism</strong><br>Understand how funding payments work on perpetuals.</td><td><a href="/pages/Pax0Kc9HJbgr25Tj3p2b">/pages/Pax0Kc9HJbgr25Tj3p2b</a></td></tr><tr><td align="center"><strong>Margin Modes</strong><br>Learn how to manage risk in different margin modes.</td><td><a href="/pages/bpVACfsSe89fISPZHPsw">/pages/bpVACfsSe89fISPZHPsw</a></td></tr><tr><td align="center"><strong>Liquidation</strong><br>Learn what triggers liquidation and how to manage risk.</td><td><a href="/pages/6gsaeh5xe1xgf3xAwgrk">/pages/6gsaeh5xe1xgf3xAwgrk</a></td></tr><tr><td align="center"><strong>Perps Metrics Guide</strong><br>Understand the metrics shown on perpetuals.</td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY">/pages/mrhZMXf6H54XlRMJrXhY</a></td></tr><tr><td align="center"><strong>Chart Settings Guide</strong><br>Customize TradingView charts to match your workflow.</td><td><a href="/pages/4EhQMurLKV3XlrltgNjG">/pages/4EhQMurLKV3XlrltgNjG</a></td></tr><tr><td align="center"><strong>Pricing &#x26; Fees</strong><br>Review trading fees and pricing details for perpetuals.</td><td><a href="/pages/suImvZrqlmoTyiYGyx93">/pages/suImvZrqlmoTyiYGyx93</a></td></tr></tbody></table>


# Perpetuals Page Guide

This page explains the main components of the Rails perpetuals trading page, covering how to place and manage trades.

{% hint style="info" %}
For definitions and calculations of all terms referenced here, please visit the [Perps Metrics Guide](/trading/perpetuals/perps-metrics-guide).
{% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Price Chart</strong><br>Read the chart and set your favorite markets.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#price-chart">/pages/sV7VgdhaO08dtoinNlNJ#price-chart</a></td></tr><tr><td align="center"><strong>Order Book</strong><br>See active bids and asks in real time.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#order-book">/pages/sV7VgdhaO08dtoinNlNJ#order-book</a></td></tr><tr><td align="center"><strong>Order Panel</strong><br>Place and review your trades.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#order-panel">/pages/sV7VgdhaO08dtoinNlNJ#order-panel</a></td></tr><tr><td align="center"><strong>Market Data</strong><br>View a real-time snapshot of key market metrics.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#market-data">/pages/sV7VgdhaO08dtoinNlNJ#market-data</a></td></tr><tr><td align="center"><strong>Account Summary</strong><br>Monitor a real-time summary of your account.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#account-summary">/pages/sV7VgdhaO08dtoinNlNJ#account-summary</a></td></tr><tr><td align="center"><strong>Trade Summary</strong><br>Review key details from your recent trading activity.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#trade-summary-tabs">/pages/sV7VgdhaO08dtoinNlNJ#trade-summary-tabs</a></td></tr><tr><td align="center"><strong>Recent Trades</strong><br>View the latest anonymized trades.</td><td><a href="/pages/sV7VgdhaO08dtoinNlNJ#recent-trades">/pages/sV7VgdhaO08dtoinNlNJ#recent-trades</a></td></tr></tbody></table>

## Price Chart

A digital asset price chart is a graphical representation of an asset’s price movements over time. It helps traders analyze market trends, price fluctuations, and trading volume. We've integrated with TradingView to provide users with a reliable, highly configurable chart which they can customize based on their trading needs.

<figure><img src="/files/oj9ymS4z69BGTKklH6h9" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Our [Chart Settings Guide](/trading/perpetuals/chart-settings-guide) has more information about how to customize the price chart.
{% endhint %}

## Market Data

The market data displayed at the top left of the perpetuals page provides a real-time snapshot of key metrics that help you assess the activity and dynamics of the asset selected in the price chart.

<figure><img src="/files/omDalTgK7F6nYv808xH1" alt=""><figcaption></figcaption></figure>

The price displayed beside the market is the Order Book Price. This is the halfway point between the best bid (highest price someone is willing to buy) and the best ask (lowest price someone is willing to sell). This is the price used to open and close positions.

<details>

<summary>Starring your favorite markets</summary>

If you are only interested in a few specific assets, you are able to 'favorite' the markets you trade most frequently in the Price Chart as shown below.

1. Click on **All Markets** on the top left of the main Trade screen.
2. Click on the yellow star beside each market that you want to mark as a ‘favorite.’ The star will fill (See below).
3. Click **Show favorite markets** at the bottom. This will reduce the market selector to only your favorite markets.

To undo or change your selection, click on **See all markets** and change as required.

</details>

Explore each metric shown:

* **Index Price**: The current asset price in USD pulled from our [Index Price Sources](/trading/index-and-forward-price-sources).
* **Open Interest**: The total number of open contracts in the market, serving as a measure of trader participation.
* **24h Trades**: The number of trades executed in the past 24 hours.
* **Funding Rate**: The current [funding rate](/trading/perpetuals/funding#how-is-funding-calculated) applied to open positions, updated hourly.
* **Next Funding**: A countdown to the next funding interval.

## Order Book & Recent Trades

The order book is a real-time, digital ledger that displays all open buy and sell orders for the asset you are viewing in the price chart. It helps traders see quantity and price levels at which others are willing to buy or sell. You'll also find all recent trades tabbed next to the order book.

{% columns %}
{% column width="50%" %}

### Order Book

The order book shows <mark style="color:green;">**Buy Orders (Bids)**</mark>, which list what buyers will pay, and <mark style="color:red;">**Sell Orders (Asks)**</mark>, which list what sellers offer. It helps traders read market sentiment, spot possible price moves, and make better decisions.

The order book also includes two useful features:

* The **Spread** is the difference between the highest bid and lowest ask. It appears as both a $(asset value) and percentage difference.
* The **currency switcher** lets you view each asset's order book in units or USD at each price.

{% hint style="info" %}
The tick size (minimum price change) and lot size (minimum order quantity) are both set to 0.00000001 (8 decimal places), but only 6 decimal places are displayed.
{% endhint %}
{% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/BzLOYQpkpQ9kOP5iPiUK" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}

### Recent Trades

This section provides a snapshot of the most recent trades of the asset currently displayed in the price chart that have been executed.

It shows both buy or sell trades with the size (quantity), price and time of each trade.
{% endcolumn %}

{% column %}

<figure><img src="/files/miN95B3HIeSgR3LB1AP2" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

## Order Panel

{% columns %}
{% column %}
This is where you place your trades.

The order panel displays a dynamic summary of your order. Use the percentage bar to select what portion of your buying power you wish to deploy for this order, where *buying power* refers to your available balance multiplied by your [account leverage](/trading/perpetuals/margin-modes).

{% hint style="info" %}
See our [order types article](/trading/perpetuals/placing-orders#order-types) for detailed information on available order types and how to place trades.
{% endhint %}
{% endcolumn %}

{% column %}

<figure><img src="/files/gnFU3eqM2TmgA16A3GL9" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Calculator

{% columns %}
{% column width="41.66666666666667%" %}
Our built-in trading calculator enables users to estimate the returns or losses of their trades before placing them. It can also be used to determine appropriate take profit and stop loss limits to manage risk.

To access the calculator, click on the icon on the bottom right in the trade input section.
{% endcolumn %}

{% column width="58.33333333333333%" %}

<figure><img src="/files/5AuvTHJOutfXGVzb5fLX" alt="" width="368"><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

### Functions

{% tabs %}
{% tab title="PROFIT & LOSS" %}
Estimate the profit or loss of your trade by selecting a long or short position and inputting the quantity, entry price, close price and preferred leverage.

The impact of your trade is calculated and displayed at the bottom of the calculator. This information includes:

* **Profit (or loss):** Estimated amount gained or lost in USD.
* **% Profit (or Loss):** The estimated change in profit or loss (%) of the order total.
* **% Return:** The estimated return of your margin (%) if you used leverage.
  {% endtab %}

{% tab title="LIQ. PRICE" %}
This tab allows you to input the quantity and entry price to confirm the liquidation price of your trade.

The impact of your trade is automatically calculated and presented at the bottom right of the calculator. This information includes:

* **Liquidation Price:** The price at which your position will be [liquidated](/trading/perpetuals/perps-metrics-guide#liquidation).
* **Order Total:** Total volume in USD of your trade.
* **Leverage:** How much your account will be leveraged, based on your available balance. (i.e. Effective Leverage)
  {% endtab %}

{% tab title="TARGET PRICE" %}
This tab is a helpful tool in helping determine your take profit trigger order details by determining the price you need the asset to reach (target price) if you have a desired return on investment (ROI%).

Select the order type (long or short) and input the quantity, entry price and ROI% to assess the target price.

The key results of this assessment are displayed at the bottom of the calculator as follows:

* **Target Price:** The price at which you should close your position for the desired profit.
* **Margin Used:** The amount of your account balance that would be allocated to open this trade.
  {% endtab %}

{% tab title="ENTRY PRICE" %}
Use this tab to determine the price at which you should enter a position. Select your order type (long or short) and input the quantity, target price and the desired ROI for this trade.

The impact of your trade is automatically calculated and presented at the bottom of the calculator and includes:

* **Entry Price:** The price at which you should open your position for the desired profit.
* **Margin Used:** The amount of your account balance that is being allocated to maintain this trade.
  {% endtab %}
  {% endtabs %}

You can then copy to the order form directly from the calculator as shown below:

<figure><img src="/files/Fz1Uf5Q7DL817ZHGM6Fn" alt=""><figcaption></figcaption></figure>

## Account Summary

Here you will find a real-time update of your account summary, including balances, fees and trading volume.

{% columns %}
{% column %}

* **Available Balance:** The amount you have available to place new trades. Changes dynamically as you open/close positions, realize profits/losses, or deposit/withdraw funds.
* **Account Balance:** This is the total current balance of your account including both available balance and amount in trades. This updates dynamically if you have open positions, as the index price of your open position fluctuates.
* **Funding:** This is the total [funding](/trading/perpetuals/funding) adjustment applied to your portfolio.
* **P\&L:** Your lifetime realized profit and loss total on both short & long positions. When you close a position, the profit (or loss) you earn (or lose) becomes your realized P\&L.
  {% endcolumn %}

{% column %}

<figure><img src="/files/IfKDhDucv6q929JB6mxP" alt=""><figcaption><p>The Account Summary Panel</p></figcaption></figure>

{% hint style="info" %}
Want to know how these values are calculated? Check out the math [here](/trading/perpetuals/perps-metrics-guide).
{% endhint %}
{% endcolumn %}
{% endcolumns %}

{% columns %}
{% column %}

* **Fees:** The total amount of [fees](/trading/perpetuals/pricing-and-fees) paid for executed trades.
  {% endcolumn %}

{% column %}

<figure><img src="/files/c5HtAt6nG7OPuYcnV8Jz" alt=""><figcaption><p>Additionally, your current <a href="/pages/suImvZrqlmoTyiYGyx93#dynamic-fee-tiers">dynamic fee tier information</a>, is shown just below your Account Summary</p></figcaption></figure>

{% endcolumn %}
{% endcolumns %}

* **Volume:** The total lifetime volume in USD you have traded.
* **Unrealized P\&L:** The potential profit or loss from open positions. These calculations are the same as shown above, but adjust with fluctuations in your open positions in real time.

## Trade Summary Tabs

Access your key information on your recent trading activity at the bottom of the main trading screen.

<figure><img src="/files/i9KzDOTlio8vGaaGWYkR" alt=""><figcaption></figcaption></figure>

{% tabs %}
{% tab title="Position" %}
The Position summary tab provides real-time information on all open positions. It lists the following details:

* **Market**: The asset name of the trade placed (e.g. BTC-USD).
* **Price**: The current mark price of the asset.
* **Value**: This represents the total notional value of your open position. It is a real-time view of how much your position is worth based on the current index price.
* **Size:** The total asset quantity of the open position (e.g. 0.029594 BTC).
* **Margin**: The available balance being held as collateral to control the open position if leverage is used, and if the position is in either [Isolated or Cross Margin](/trading/perpetuals/margin-modes) Modes.
* **Leverage**: The [leverage](/trading/perpetuals/margin-modes) selected when placing the trade.
* **USPL/RSPL:** The Unrealized Session P\&L (USPL) or the Realized Session P\&L (RSPL):
  * **USPL** is your current gain or loss on an open position, based on the difference between the entry price and the current market price, but not yet locked in by closing the trade.
  * **Realized P\&L:** The accumulated profits or losses that have already settled as a result of [funding](/trading/perpetuals/funding) or after closing a portion of your original position.
* **Est. Liq Price**: The estimated [price at which the position will be liquidated](/trading/perpetuals/perps-metrics-guide#liquidation) if the market moves against your trade.
* **Average Price**: The average entry price of all trades used to fill the order.
* **Funding:** The total of settled funding for your position.
* **TP/SL**: A place to add or change [take profit or stop loss orders](/trading/perpetuals/placing-orders) against the position.

**Close By:**

From the positions tab, you can also easily close your position either with a limit or market close. Watch the video below to see how:

<figure><img src="/files/l0u7LWuOoPbITNYhqSYd" alt=""><figcaption></figcaption></figure>

{% hint style="warning" %}
Limit closes require a price input, and may not close your position immediately. Learn more about limit orders [here](/trading/perpetuals/placing-orders).
{% endhint %}
{% endtab %}

{% tab title="Open Orders" %}
This section lists requested orders that have not been filled yet. It displays the following details:

* **Status**: The status of the open order (e.g. active)
* **Market**: The asset name of the open order (e.g. BTC-USD).
* **Action**: The direction of the trade (Buy or Sell).
* **Quantity**: The total asset quantity of the open order.
* **% Filled**: What percentage of the open order has already been filled, if not fully executed.
* **Price**: The limit price in USD set when the order was placed.
* **Trade Type**: Indicates whether the order was a limit or market order.
* **Time Placed**: The date and time the order was placed.
* **Modify/Cancel**: Buttons to enable users to cancel or modify the open order.

<figure><img src="/files/pmmwYlpeIF7fmtraBcI4" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Trigger Orders" %}
This section is where you find the trigger orders placed to protect your trades. It displays the following details:

* **Market**: The asset name of the trade placed (e.g. BTC-USD).
* **Trigger Type**: Indicates whether the trigger order is a take profit or stop loss.
* **Trigger Price**: The price at which the trigger order will execute.
* **Action**: Indicates whether the order will buy or sell when triggered.
* **Quantity**: The asset quantity that will be bought or sold when the trigger order executes.
* **Price**: The mark price at which the order will execute.
* **Balance**: The expected balance of the trade at the time of execution based on the parameters set.
* **Trade Type**: Indicates whether a market or limit trigger order was set.
* **Reduce Only**: If Yes, ensures the order will only reduce or close an existing position and never increase or reverse it.
* **Time Placed**: The date and time the order was placed.

<figure><img src="/files/oWr83UQ5H9Bt99gSS2vH" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="TWAP" %}
This section is where you find your TWAP (Time-Weighted Average Price) orders, which break a larger trade into smaller slices executed evenly over time. It displays the following details:

* **Market**: The asset name of the trade placed (e.g. BTC-USD).
* **Price**: The current mark price of the market.
* **Size**: The total asset quantity the TWAP order will buy or sell across all slices.
* **Avg. Price**: The average price at which the filled portion of the order has executed so far.
* **Filled**: The percentage of the total order that has been executed to date.
* **Reduce Only**: If Yes, ensures the order will only reduce or close an existing position and never increase or reverse it.
* **Running Time**: The elapsed time versus the total duration set for the order to complete (e.g. 25:38 / 30:00).
* **Frequency**: How often each slice is submitted to the market (e.g. every 30s).
* **Created / Ends**: The date and time the order was placed and the time it is scheduled to finish.
* **Status / Actions**: The current state of the order (e.g. Running, Terminated) along with any available controls, such as cancelling the order.

<figure><img src="/files/JaDbY19X1HmBbEyGuR0I" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Recent Trades" %}
This section shows your 50 most recent completed trades from the past 7 days. It displays the following details:

* **Market**: The asset name of the trade (e.g. BTC-USD).
* **Side**: Indicates whether it was a buy or sell trade.
* **Size**: The asset quantity of the trade.
* **Price**: The asset price in USD at the time the trade was executed.
* **Fill Type**: Indicates whether the trade was completed or only partially filled.
* **Execution Type**: Indicates whether the user's trade was on the Maker or Taker side.
* **Completed At**: The date and time the trade was executed.

<figure><img src="/files/alm5QOqgx4aE6nKOEd0q" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
For your full trading history, visit the [Portfolio page](/manage-account/portfolio-statements-and-exports/portfolio-dashboard).
{% endhint %}
{% endtab %}
{% endtabs %}

{% hint style="info" %}
For more in-depth definitions and calculations of the metrics reported here, view the [Perps Metrics Guide](/trading/perpetuals/perps-metrics-guide).
{% endhint %}


# Placing Orders

This article details how to place the different order types available on Rails:

{% hint style="info" %}
Before you continue:

* There is a minimum order size of $1 USD for all trades.
* There is no maximum order value.
  {% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Order Types</strong></td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb#order-types">/pages/iKE1bFUmwuqiDoWTZ2mb#order-types</a></td></tr><tr><td align="center"><strong>Placing Orders</strong></td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb#how-to-place-an-order">/pages/iKE1bFUmwuqiDoWTZ2mb#how-to-place-an-order</a></td></tr><tr><td align="center"><strong>Placing Trigger Orders</strong></td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb#how-to-place-a-trigger-order">/pages/iKE1bFUmwuqiDoWTZ2mb#how-to-place-a-trigger-order</a></td></tr><tr><td align="center"><strong>TWAP Orders</strong></td><td><a href="/pages/iKE1bFUmwuqiDoWTZ2mb#placing-and-managing-twap-orders">/pages/iKE1bFUmwuqiDoWTZ2mb#placing-and-managing-twap-orders</a></td></tr></tbody></table>

## Order Types

Read below to understand the various order types available for perpetuals trading:

<details>

<summary>Market</summary>

A market order is an order to buy or sell an asset immediately at the best available price. This makes it the fastest and easiest order type to execute because they prioritize speed over price.

**What's Required:**

Three pieces of information are required to place a market order:

1. **Order Side:** Specify a Long (Buy) or Short (Sell) order.
2. **Amount:** You can specify the amount by quantity or trade value.
   * **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   * **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.
3. **Leverage**: How much [leverage](/trading/perpetuals/margin-modes#adjusting-leverage) you wish to open the position with.

</details>

<details>

<summary>Limit</summary>

A limit order enables you to buy or sell an asset at a specified price or better. When placing a limit order to buy, it will only be executed at the limit price or lower, enabling you to control how much you pay. Conversely, a limit order to sell will only be executed at the limit price or higher. Limit orders may not be filled if you don't set an [appropriate price](/trading/perpetuals/placing-orders#how-to-select-the-right-limit-price).

**What's Required:**

Five pieces of information are required to place a limit order:

1. **Order Side:** Specify a Long (Buy) or Short (Sell) order.
2. **Price**: This specifies the limit price you wish to set for your order.
3. **Amount:** You can specify the amount by quantity or trade value.
   * **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   * **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.
4. **Leverage**: How much [leverage](/trading/perpetuals/margin-modes#adjusting-leverage) you wish to open the position with.
5. Check **Post only** if desired.

</details>

<details>

<summary>Take Profit Market</summary>

This is used to secure profit by automatically triggering a market order against an open position once the asset reaches the take profit (TP) price specified in your trigger order conditions. The order will be executed at the best available market price. There is no guarantee of an exact execution price due to slippage, especially in volatile markets.

* For long positions, a take profit market order will automatically **sell** when the asset **reaches** the TP price.
* For short positions, a take profit market order will automatically **buy** when the asset **falls to** the TP price.

**What's Required:**

Two pieces of information are required to place a take profit market order:

1. **Trigger/TP Price:** This specifies the price you wish your order to be triggered at.
2. **Amount:** You can specify the amount by quantity or trade value.
   * **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   * **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.

</details>

<details>

<summary>Take Profit Limit</summary>

Similar to a take profit market order, this is used to secure profit by automatically triggering a limit order to be placed once the asset reaches the take profit (TP) price specified in your trigger order conditions. The order will be executed at the TP price or better.

* For long positions, a take profit limit order will **sell** when the asset **reaches** the TP price.
* For short positions, a take profit limit order will **buy** when the asset **falls below** the TP price.

**What's Required:**

Four pieces of information are required to place a limit order:

1. **Trigger/TP Price:** This specifies the price you wish your order to be triggered at.
2. **(Limit) Price:** This specifies the limit price at which you would like the order to be executed.
3. **Amount:** You can specify the amount by quantity or trade value.
   * **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   * **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.

</details>

<details>

<summary>Stop Loss Market</summary>

This is used to minimize losses if the asset moves against an open position. You must set a stop loss (SL) price which reflects your risk tolerance, and once the SL price is reached or exceeded, a market order is executed immediately. The final price may be lower or higher than expected due to slippage.

* For long positions, a stop market order will automatically sell if the asset **falls below** the SL price.
* For short positions, a stop market order will automatically buy if the asset **rises above** the SL price.

**What's Required:**

Two pieces of information are required to place a limit order:

1. **Trigger/SL Price:** This specifies the price you wish your order to be triggered at.
2. **Amount:** You can specify the amount by quantity or trade value.
   * **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   * **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.

</details>

<details>

<summary>Stop Loss Limit</summary>

Similar to a stop market order, this is used to minimize losses if the asset moves against your trade but is executed differently. You must set a stop loss (SL) price (the price at which you want to trigger the limit order) and a limit price (the price at which you want the order to execute). There's a risk your trigger order does not execute if the market moves too fast causing slippage.

* For long positions, a stop limit order will be placed when the price **drops** to the SL price. The order will be executed only if buyers are willing to buy at the limit price or better (higher).
* For short positions, a stop limit order will be placed when the asset price **rises** to the SL price. The order will be executed only if sellers are willing to sell at the limit price or better (lower).

**What's Required:**

Three pieces of information are required to place a trigger limit order:

1. **Trigger/SL Price:** This specifies the price you wish your order to be triggered at.
2. **(Limit) Price:** This specifies the limit price at which you would like the order to be executed.
3. **Amount:** You can specify the amount by quantity or trade value, either
   1. **Quantity (#)**: How many units (or partial units) of the asset you are trading.
   2. **Trade Value ($)**: How much you will pay (in USDT) not including any associated fees.

</details>

<details>

<summary>Time Weighted Average Price (TWAP)</summary>

A TWAP (time-weighted average price) order splits a large order into smaller market orders. These orders execute at fixed intervals over a set duration. This can reduce market impact compared with one market order.

**What’s required**

1. **Amount:** Specify either of these values:
   1. **Quantity (#):** The number of asset units to trade.
   2. **Trade Value ($):** The USDT amount to trade, excluding fees.
2. **Running time:** This is the length of time you'd like your TWAP order to run. Choose any duration between **5 mins** and **24 hrs.**

</details>

<details>

<summary>Post Only</summary>

A post-only order is a type of limit order that ensures your order adds liquidity to the market instead of taking it. If the price you set would cause the order to be matched with an existing order in the order book (i.e. execute immediately), it will be automatically canceled.

{% hint style="info" %}
The post only order checkbox is only available with market orders.
{% endhint %}

</details>

<details>

<summary>Reduce-Only</summary>

A reduce-only order only *decreases or closes an existing position*. It does not increase your position size. Reduce-only orders are treated as such if checked, and the create order button will be disabled if you enter an order size that exceeds your current position.

Once the order is created, the Reduce Only column in your [open orders tab](/trading/perpetuals/overview#trade-summary-tabs) will show a "Yes." When you modify an open order, the order size is validated against your current position size.

</details>

## Placing Orders

To place a market or limit order, complete the following steps:

1. Select the **Asset** you wish to trade in the top-left-hand corner of your Rails account under *All Markets*.
2. Select **Market** or **Limit** to ensure that you are executing the type of order you want.
3. Select **Buy** or **Sell** depending on whether you want to open a Long or Short position respectively.
4. Choose your **Margin Mode** by selecting either [Cross or Isolated Margin](/trading/perpetuals/margin-modes).
5. Select your preferred **Leverage** amount by clicking on the cross-margin drop-down menu.
   * Note: If you are changing your [leverage](/trading/perpetuals/margin-modes), the change will apply to any open orders for that market only.
6. Input the details of your order or use the **% options** shortcuts to set a percentage of your available balance.
7. Select **Post only** if desired.
8. Click the **Buy** or **Sell** button to place your order.

A green "Order accepted" banner will pop up and you should see your order appear under the [Positions tab](/trading/perpetuals/overview#trade-summary-tabs) if it was successful. See our [troubleshooting tips](/support/troubleshooting-guide#trading) if you need help.

{% hint style="success" %}
You can also copy your order directly from our calculator, allowing you to consider various options before placing your order. Learn more [here](#calculator)!
{% endhint %}

<figure><img src="/files/fMflP1mZ0auRggBZWRFQ" alt=""><figcaption></figcaption></figure>

## Placing Trigger Orders

{% hint style="info" %}
Learn how to use the trigger order shortcut [here](#trigger-order-shortcut).
{% endhint %}

To place a Trigger Limit Order you must follow these steps:

1. Once you have an open position, navigate to your Positions Tab on the main Trading Page.
2. From the Order Panel, click the trigger order drop down menu and select whether you want a **Take Profit Limit Order,** **Stop Loss Limit Order, Take Profit Market Order or a Stop Loss Market Order**
3. Select the **Trigger Price,** which is the price at which you would like the order to execute.
4. Select the **Price** which is the highest you would like to take profit or lowest you would like to stop loss.
5. Input the **Amount** you would like to buy/sell in one of three ways:
   * Use the **% options** shortcuts to set a percentage of your available balance, or
   * Input the **Amount** in either quantity (# of asset) or trade volume ($ in USD) using the arrows to toggle between the two options.
6. Click the **Buy** or **Sell** button to place your trigger limit order.

You should see a success message in the lower left-hand side of your screen if it was successful. See our [troubleshooting tips](/support/troubleshooting-guide#trading) if you need help.

<figure><img src="/files/0gfzFvSPfNgQTFdUDCQJ" alt=""><figcaption></figcaption></figure>

### Trigger Order Shortcut

The easiest way to add a trigger order is using the shortcut directly from your position in your positions tab.

Follow these steps to use the shortcut to place a Trigger Order:

1. Once you have an open position, navigate to your Positions Tab on the main Trading Page.
2. Click **Add -->** on either TP or SL in the Trigger Orders column.

<figure><img src="/files/Izi2Wrg9nzFmKHRipvsp" alt=""><figcaption></figcaption></figure>

3. The default is to set to Market Trigger orders, or select the checkbox to set a Limit Price:

{% hint style="info" %}
Not sure if you want to set a market or limit trigger order? Find out more about each in our [order types](#order-types) guide.
{% endhint %}

<figure><img src="/files/Zh7ykZ1606Pkexg3YsoA" alt=""><figcaption></figcaption></figure>

4. Click **UPDATE TRIGGER(S).**

A success message shows on screen if your trigger orders are placed successfully, and you can navigate to the trigger orders tab to confirm.

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}

## Placing & Managing TWAP Orders

When you place a TWAP order, you are asking the system to execute your order (the parent order) in equal slices (or child orders) over your requested running time.&#x20;

{% columns %}
{% column width="50%" %}
Each slice uses a fixed size, calculated as:

$$
\text{Child Order Size} = \frac{\text{Total Order Size}}{\text{Number of Slices}}
$$

Child orders execute every **30 seconds,** and this interval cannot be changed.
{% endcolumn %}

{% column width="50%" %}
{% hint style="info" %}
**Note:**

* Rails **does not reserve** [**margin**](/trading/perpetuals/margin-modes) when you create the parent order. Each child order must pass margin checks when it executes.
* Each child order has a 2% slippage cap.
  {% endhint %}
  {% endcolumn %}
  {% endcolumns %}

Your TWAP order may not fill completely, as execution is best-effort and individual slices may not fill where margin or liquidity is insufficient; Rails does not retry unfilled slices.

To place your TWAP order:

1. Select the **Asset** you wish to trade in the top-left-hand corner of your Rails account under *All Markets*.
2. Select **TWAP from the Pro Order Types:**

<figure><img src="/files/TzBq2MM7HhJhOeUTa0hL" alt=""><figcaption></figcaption></figure>

3. Select **Buy** or **Sell** depending on whether you want to open a Long or Short position respectively.
4. Choose your **Margin Mode** by selecting either [Cross or Isolated Margin](/trading/perpetuals/margin-modes).
5. Select your preferred **Leverage** amount by clicking on the cross-margin drop-down menu.

* Note: If you are changing your [leverage](/trading/perpetuals/margin-modes), the change will apply to any open orders for that market only.

6. Input the details of your order or use the **% options** shortcuts to set a percentage of your available balance.
7. Choose your **Running Time** (any time between 5mins and 4hrs, including run time like 2hrs 30mins)
8. Click the **Buy** or **Sell** button to place your order to begin the TWAP execution.

### Terminating Your TWAP Order

You can terminate your TWAP Execution at any time, however you cannot pause, restart or delay it, so if you terminate and then want to restart, you'll have to place your order again.

To Terminate your order, find the Terminate button to the right of your TWAP execution in the TWAP tab:

<figure><img src="/files/0rktvgA2ZAT6yAOEDUfy" alt=""><figcaption></figcaption></figure>

{% columns %}
{% column width="66.66666666666666%" %}
Once your order has successfully stopped executing, you'll see it show as terminated in the TWAP tab, as shown on the right.

{% endcolumn %}

{% column width="33.33333333333334%" %}

<figure><img src="/files/Xf1wHdmKOCRCwryLd3IZ" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}


# Funding Mechanism

Learn how Rails calculates hourly funding rates and payments for perpetual markets.

## What is funding?

Funding is a common feature of perpetual trading. It consists of small, regular payments between traders with long and short positions. This mechanism keeps a perpetual contract’s price close to the asset’s spot price.

This encourages positions that bring the perpetual price in line with the index price.

Funding is paid automatically between traders. The funding rate is calculated every hour, and determines who pays and who receives:

* A **positive** funding rate means the perpetual trades above the index price. Traders with long positions pay traders with short positions.
* A **negative** funding rate means the perpetual trades below the index price. Traders with short positions pay traders with long positions.

## Why is funding important?

Perpetual contracts have no expiry date, unlike traditional derivatives. Without expiry, no natural mechanism aligns the contract price with the spot price. Large price divergences can cause instability. This makes the product less useful, trustworthy, and fair. When traders concentrate on either side, funding makes the majority trade more costly. This realigns the contract price with the spot price and prevents significant price deviations.

## How is funding calculated?

Rails calculates funding in three steps.

{% stepper %}
{% step %}

### Premium Calculation

In perpetual trading, premium measures the difference between executable perpetual-market prices and the index price. It uses impact prices, which reflect the average execution price for a fixed impact notional. This reduces the influence of small top-of-book orders. Rails calculates the premium every minute using this formula:

$$
\text{Premium} = \frac{\max\left(0, \text{Impact Bid Price} - \text{Index Price}\right) - \max\left(0, \text{Index Price} - \text{Impact Ask Price}\right)}{\text{Index Price}}
$$

Here, $$\text{Impact Bid Price}$$ is the average price to sell the [impact notional](/trading/perpetuals/perps-metrics-guide#impact-notional) into available bids. $$\text{Impact Ask Price}$$ is the average price to buy the impact notional from available asks. $$\text{Index Price}$$ comes from [Index Price](/trading/index-and-forward-price-sources) source data.

The premium is positive when the Impact Bid Price exceeds the Index Price. This means the perpetual trades above spot. It is negative when the Index Price exceeds the Impact Ask Price. This means the perpetual trades below spot. It is zero when the Index Price sits between the Impact Bid and Impact Ask prices. This is the normal case.
{% endstep %}

{% step %}

### Funding Rate Calculation

Rails calculates the funding rate every hour using the average premium from the previous hour. Rails settles funding payments every hour using that funding rate.

$$
\text{Funding Rate} = \operatorname{clamp}\left(\frac{\text{Average Premium}}{8} + \text{Interest Rate Component}, -0.005, +0.005\right)
$$

The funding rate is capped between minimum and maximum values. This prevents excessive funding payments. The parameters are:

<table><thead><tr><th width="151.77557373046875">Parameter</th><th width="106.2974853515625">Value</th><th>Description</th></tr></thead><tbody><tr><td>Time Factor (in hours)</td><td>8</td><td>Funding is calculated hourly. Dividing the average premium by 8 normalizes the hourly rate.</td></tr><tr><td>Interest Rate Component</td><td>0.00125%</td><td>A fixed hourly value added to the funding rate. It reflects the cost of holding a leveraged position, similar to interest on borrowed capital. It is added after the previous hour’s average premium is divided by 8.</td></tr><tr><td>Minimum Funding Rate</td><td>-0.5%</td><td>The lower bound on the funding rate.</td></tr><tr><td>Maximum Funding Rate</td><td>0.5%</td><td>The upper bound on the funding rate.</td></tr></tbody></table>
{% endstep %}

{% step %}

### Funding Value Calculation

Rails calculates and pays the funding value every hour. Funding payments are automatically credited or debited from your account. A positive Position Size represents a long position. A negative Position Size represents a short position.

$$
\text{Funding Payment} = \text{-Position Size} \times \text{Index Price} \times \text{Funding Rate}
$$

Funding rates use decimal fractions. For example, `0.0001` equals `0.01%`.

{% hint style="success" %}

#### Where to see funding on Rails

Rails shows your position's current funding in the [Trade Summary tab](/trading/perpetuals/overview#trade-summary-tabs) on the Perpetuals Trade page, and in your Perps Portfolio Overview, in the [Funding Tab](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#funding-tab-perpetuals-only).
{% endhint %}
{% endstep %}
{% endstepper %}

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide#trading).
{% endhint %}


# Margin Modes

This section explains all margin management mechanisms on Rails in detail.

{% hint style="info" %}
All calculations are located in our [Perps Metrics guide](/trading/perpetuals/perps-metrics-guide). Try our [Risk Engine Simulator](https://rails.xyz/demos) to further understand how Margin & Liquidation work on Rails.
{% endhint %}

Rails supports two margin modes: **Cross-Margin** (default) and **Isolated Margin**, each with its own collateral pool and [liquidation](/trading/perpetuals/liquidation) mechanics:

{% tabs %}
{% tab title="Cross Margin Mode (Default)" %}
In **cross-margin mode**, your entire cross-margin equity acts as shared collateral across all cross margin positions. Unrealized profits from one position can help support another, but deterioration in any position affects the entire account’s health.

Because unrealized P\&L updates as the mark price moves, your cross-margin equity and liquidation buffer update continuously. Additionally, any positions in isolated margin mode are excluded from the cross-margin pool.

<figure><img src="/files/0pKyMSNzxFJ0dZBwic6O" alt="" width="375"><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Isolated Margin Mode" %}
In **isolated margin mode**, each position has its own dedicated margin pool. The collateral allocated to an isolated position is used exclusively for that position and has no effect on cross margin positions or other isolated positions.

* When creating or increasing an isolated position, the order margin is added to the Isolated Position Margin and is therefore **excluded from your Cross-Margin balance**.
* When partially closing an isolated position, the same proportion of margin is **released back to your Cross-Margin Balance**, and the realized P\&L from the closed portion is also added to Cross-Margin Balance.

<figure><img src="/files/FfpPkidYriTKeMx2YjWs" alt="" width="375"><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}

{% hint style="info" %}
Increasing leverage increases risk by scaling down your Initial margin requirement (freeing up order margin in cross-margin and reducing upfront capital allocation in isolated margin) but directly compresses your risk buffer by amplifying both your potential returns and your sensitivity to adverse price movements.
{% endhint %}

## Adjusting Isolated Position Margin:

Once a position is open in isolated margin mode, you can manually add or remove margin to tune the position’s risk profile.

### Adding Margin

To add additional margin to your open isolated position, first find the pen icon ![](/files/NYYycb7lPYSOnJEIGhME) as shown below.

<figure><img src="/files/inyUAONQ9HsLd5V3MTCx" alt=""><figcaption></figcaption></figure>

{% columns %}
{% column width="41.66666666666667%" %}
You'll be defaulted to the **Increase** margin modal. Entering an amount will display summary information about how your position margin, account margin, and more importantly your liquidation price, will change.

Select the **Increase Margin** button when you're ready to proceed.
{% endcolumn %}

{% column width="58.33333333333333%" %}

<figure><img src="/files/H5zDRAWJgfkGuIorlOXb" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

Once completed, your position will update accordingly:

<figure><img src="/files/Id1l3jDvOUZcduUyRs1R" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
Available margin changes as the market moves. If you select 100%, you may need to adjust the amount or select 100% again if the market moves against you.
{% endhint %}

{% hint style="warning" %}
Increasing margin on an isolated-margin position decreases its risk of liquidation, but may increase the risk of liquidation on any cross-margin positions. This is because the margin is taken from your [cross-margin equity](/trading/perpetuals/perps-metrics-guide#cross-margin-equity) which impacts your [cross-margin ratio](/trading/perpetuals/perps-metrics-guide#cross-margin-ratio).
{% endhint %}

### Removing Margin

{% columns %}
{% column width="41.66666666666667%" %}
When decreasing additional margin from a position, the modal will show you any margin amount that is available to remove from your isolated position.

Select the **Decrease Margin** button when you're ready to proceed, and your position will be updated accordingly.

The [required margin](/trading/perpetuals/perps-metrics-guide#maintenance-margin) floor ensures the position retains enough collateral to remain open at its current leverage.
{% endcolumn %}

{% column width="58.33333333333333%" %}

<figure><img src="/files/2LpGl8qWzeQQM327PiAZ" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

{% hint style="warning" %}
Removing margin decreases [isolated position equity](/trading/perpetuals/perps-metrics-guide#isolated-position-equity) and reduces the buffer between the liquidation price and the mark price. Always verify the updated liquidation price before confirming changes, and use with caution.
{% endhint %}

## Adjusting Leverage

Leverage allows you to control larger notional positions with less upfront capital. Increasing leverage scales down your initial margin requirements across both margin modes, amplifying both your potential returns and your sensitivity to adverse price movements.

On Rails, leverage is selectable up to 5x and is configured per market:

<figure><img src="/files/wy74n6Q6fLW8FNDr10bK" alt=""><figcaption></figcaption></figure>

To adjust your leverage multiplier for a specific market, use the leverage selector located within the order panel:

{% columns %}
{% column width="66.66666666666666%" %}

<figure><img src="/files/gS9odeW7C5bz4fS1IfDr" alt=""><figcaption></figcaption></figure>
{% endcolumn %}

{% column width="33.33333333333334%" %}
{% hint style="info" %}
Adjusting the leverage multiplier is only available through the order panel, and only for that specific market.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

Increasing leverage on an isolated position lowers your [required margin](/trading/perpetuals/perps-metrics-guide#maintenance-margin), which increases [excess margin](/trading/perpetuals/perps-metrics-guide#excess-margin). The released margin is **not** automatically returned to [cross-margin balance](/trading/perpetuals/perps-metrics-guide#cross-margin-balance); it remains in isolated position margin until you explicitly remove it. Decreasing leverage has the opposite effect — it raises your required margin.

{% hint style="warning" %}
Increasing leverage reduces the buffer between the liquidation price and the mark price. Always verify the updated liquidation price before confirming changes, and use with caution.
{% endhint %}


# Liquidation

Learn how liquidation is triggered, and how to manage risk in your Rails account.

{% hint style="info" %}
All calculations are located in our [Perps Metrics guide](/trading/perpetuals/perps-metrics-guide). Try our [Risk Engine Simulator](https://rails.xyz/demos) to further understand how Margin & Liquidation work on Rails.
{% endhint %}

Liquidation is triggered when an account (in cross-margin mode) or position (in isolated margin mode) can no longer meet the minimum margin requirement. Rails evaluates liquidation using the mark price. Mark-price movements change unrealized P\&L, equity, and margin health. Liquidation works differently in each margin mode. Explore all concepts below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Isolated Margin Liquidation</strong></td><td><a href="/pages/6gsaeh5xe1xgf3xAwgrk#isolated-margin-liquidation">/pages/6gsaeh5xe1xgf3xAwgrk#isolated-margin-liquidation</a></td></tr><tr><td align="center"><strong>Cross-Margin Liquidation</strong></td><td><a href="/pages/6gsaeh5xe1xgf3xAwgrk#cross-margin-liquidation">/pages/6gsaeh5xe1xgf3xAwgrk#cross-margin-liquidation</a></td></tr><tr><td align="center"><strong>Avoiding Liquidation</strong></td><td><a href="/pages/6gsaeh5xe1xgf3xAwgrk#avoiding-liquidation">/pages/6gsaeh5xe1xgf3xAwgrk#avoiding-liquidation</a></td></tr></tbody></table>

{% hint style="info" %}
Liquidation fees may apply; see [Pricing & Fees](/trading/perpetuals/pricing-and-fees) for more information.
{% endhint %}

## Isolated Margin Liquidation <a href="#isolated-margin-liquidation" id="isolated-margin-liquidation"></a>

Isolated margin liquidation occurs when your [isolated position equity](/trading/perpetuals/perps-metrics-guide#isolated-position-equity) falls below the [minimum maintenance margin](/trading/perpetuals/perps-metrics-guide#maintenance-margin) required to support your position. At that point:

1. The affected isolated position is immediately closed.
2. Any remaining margin after covering losses is returned to your cross-margin balance.

{% hint style="success" %}
**All other positions are unaffected**, including other cross-margin and isolated margin positions.
{% endhint %}

<details>

<summary>Isolated Margin Liquidation Price Note</summary>

In isolated margin, the [liquidation price](/trading/perpetuals/perps-metrics-guide#liquidation-price) shown is more predictable because isolated position equity is self-contained. It can still change if you [add or remove margin](/trading/perpetuals/margin-modes#adjusting-isolated-position-margin) from the position.

</details>

## Cross-Margin Liquidation <a href="#cross-margin-liquidation" id="cross-margin-liquidation"></a>

Cross-margin liquidation is triggered when your cross-margin ratio reaches 100%. Rails also uses Proactive Order Cancellation and Partial Liquidation to limit worsening outcomes and protect your capital:

<table><thead><tr><th width="161.618896484375">Liquidation Stage</th><th width="187.55194091796875">Cross-Margin Ratio</th><th>Account Status</th></tr></thead><tbody><tr><td>Healthy</td><td>&#x3C; 90%</td><td>All orders remain active</td></tr><tr><td>Approaching liquidation</td><td>≥ 90% (simulated)</td><td><a href="#proactive-order-cancellation">Proactive Order Cancellation</a> is triggered</td></tr><tr><td>Liquidation Triggered</td><td>≥ 100%</td><td><p>Full Liquidation is triggered for small positions;</p><p><a href="#partial-liquidation">Partial Liquidation</a> triggered for large positions</p></td></tr></tbody></table>

<details>

<summary>Cross-Margin Liquidation Price Note</summary>

In **cross-margin** mode, the [liquidation price](/trading/perpetuals/perps-metrics-guide#liquidation-price) shown for any individual position is an **estimate** and will change dynamically because:

* Opening, closing, or modifying **any** cross-margin position affects [Total Cross Maintenance Margin](/trading/perpetuals/perps-metrics-guide#total-maintenance-margin).
* Mark-price movements of **any** held asset affect unrealized P\&L and therefore [Cross-Margin Equity](/trading/perpetuals/perps-metrics-guide#cross-margin-equity).
* [**Funding rate payments**](/trading/perpetuals/funding) accrue to or from your balance over time.
* Changes to **isolated positions** (e.g. adding margin or partial closes) affect your [Cross-Margin Balance](/trading/perpetuals/perps-metrics-guide#cross-margin-balance).

</details>

### Proactive Order Cancellation <a href="#proactive-order-cancellation" id="proactive-order-cancellation"></a>

To reduce the risk of immediate liquidation after an order fills, Rails uses a safety feature called **Proactive Order Cancellation** when your [Simulated Cross-Margin Ratio](/trading/perpetuals/perps-metrics-guide#simulated-cross-margin-ratio) reaches 90%**.** By canceling any orders that would increase your position size, Rails *<mark style="color:$info;">protects your account</mark> from the risk of immediate post-fill liquidation*.

* Orders that fully offset or reduce an existing position, including reduce-only orders, are not canceled by this mechanism.
* If you have multiple open orders to offset an open position, and their total quantity exceeds that of your open position, only the excess quantity is included in the order cancellation process.
* Open orders on isolated margin positions that increase exposure are included, as that margin would be moved from the cross-margin balance into isolated position margin upon order execution, and may trigger liquidation.

{% hint style="success" %}
Proactively canceled orders remain visible in the [Canceled Orders tab](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#canceled-orders-tab) in your Portfolio Dashboard for 7 days after cancellation.
{% endhint %}

### Partial Liquidation

Once your cross-margin ratio reaches 100%, liquidation is triggered. Closing a large position with one market order can push execution into worse prices as the order moves through the order book. At Rails, large position thresholds are used to trigger liquidations in 20% increments to reduce the impact of [slippage](/support/troubleshooting-guide#what-is-slippage-and-why-does-it-happen).

Partial liquidation lowers the total maintenance margin required because the position becomes smaller. It does not change the maintenance margin rate, which stays fixed at 5%.

**Cross-Margin Liquidation Process:**

1. The liquidation engine starts closing each cross-margin position below the [partial liquidation thresholds](#large-position-thresholds) at the best available market price.
2. For positions above the partial liquidation thresholds, the engine closes **20% of the position**.
3. After each step, the system re-calculates your cross-margin ratio.
4. If your cross-margin ratio drops below 100%, liquidation stops and the rest of the position stays open.
5. If your cross-margin ratio stays at 100% or higher, the engine closes another 20%.
6. After each partial close, the engine waits a short time — currently **30 seconds** — before taking the next step. This gives the order book time to recover.
7. If your account enters liquidation again during that window, the market is moving too quickly for staged liquidation to help. In that case, the engine **immediately closes the rest of the position** instead of continuing in 20% steps.
8. Any remaining funds after covering losses are returned to your balance.

{% hint style="info" %}
**Isolated positions are always liquidated in full.** An isolated position uses its own dedicated margin. Closing part of it does not improve the margin health of the remaining positions.
{% endhint %}

#### **Large Position Thresholds**

The large-position threshold is set **per market** because order book depth differs across markets. More liquid markets such as BTC can support a higher threshold than thinner markets.

{% columns %}
{% column width="33.33333333333333%" %}
All markets use the default large-position threshold unless individually stated.

Thresholds are calibrated against live order book depth and may be adjusted over time.
{% endcolumn %}

{% column width="66.66666666666667%" %}

<table><thead><tr><th width="199.5859375">Market</th><th width="206.98828125">Large Position Threshold</th></tr></thead><tbody><tr><td>Default</td><td>25,000 USDT</td></tr><tr><td>BTC</td><td>37,500 USDT</td></tr></tbody></table>
{% endcolumn %}
{% endcolumns %}

## Avoiding Liquidation

Use the guidance below to help reduce liquidation risk in each margin mode.

{% tabs %}
{% tab title="Isolated Margin Mode" %}
To reduce liquidation risk in isolated margin mode:

* add margin to increase isolated position equity.
* reduce position size to lower the position’s maintenance margin requirement.
* set a stop-loss trigger order to close the position before liquidation.
  {% endtab %}

{% tab title="Cross-Margin Mode" %}
To reduce liquidation risk in cross-margin mode:

* deposit funds to increase your Total Balance and cross-margin equity.
* reduce position size to lower your Total Maintenance Margin.
* switch a position to isolated margin to free up cross-margin collateral.
* set a stop-loss trigger order to close positions automatically if the market moves against you.
  {% endtab %}
  {% endtabs %}


# Perps Metrics Guide

This guide explains the main metrics on Rails and how they are calculated.

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Definitions</strong></td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY#definitions">/pages/mrhZMXf6H54XlRMJrXhY#definitions</a></td></tr><tr><td align="center"><strong>Calculations: Price &#x26; Value</strong></td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY#price-and-value">/pages/mrhZMXf6H54XlRMJrXhY#price-and-value</a></td></tr><tr><td align="center"><strong>Calculations: Balance &#x26; P&#x26;L</strong></td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY#balance-and-p-and-l">/pages/mrhZMXf6H54XlRMJrXhY#balance-and-p-and-l</a></td></tr><tr><td align="center"><strong>Calculations: Equity &#x26; Margin</strong></td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY#equity-and-margin">/pages/mrhZMXf6H54XlRMJrXhY#equity-and-margin</a></td></tr><tr><td align="center"><strong>Calculations: Liquidation</strong></td><td><a href="/pages/mrhZMXf6H54XlRMJrXhY#liquidation">/pages/mrhZMXf6H54XlRMJrXhY#liquidation</a></td></tr></tbody></table>

## Definitions

<table><thead><tr><th width="100.6488037109375" align="center">Symbol</th><th>Meaning</th></tr></thead><tbody><tr><td align="center"><span class="math">P</span></td><td><p><strong>Price:</strong> The price in USDT, where:</p><ul><li><span class="math">P_{index} = \text{Index Price}</span> = the external spot price from our <a href="/pages/QLMYpTm831YuVLgLZnGI">Index Price sources</a>.</li><li><span class="math">P_{mark} = \text{Mark Price}</span> = the risk reference for perpetuals. It determines unrealized P&#x26;L, margin requirements, and liquidations.</li><li><span class="math">P_{impact} = \text{Impact Price}</span> = The impact price for a bid/ask is the average execution price for a fixed impact notional, not the top-of-book quote.</li><li><span class="math">P_{rails\ median}</span> = the median of Rails’ best bid, best ask, and last trade.</li><li><span class="math">P_{adjusted\ index}</span> = The index price plus the exponential moving average (EMA) of the adjustment.</li><li><span class="math">P_{entry} = \text{Entry Price}</span></li><li><span class="math">P_{avg} = \text{Average Entry Price}</span></li><li><span class="math">P_{exit} = \text{Exit Price}</span></li></ul></td></tr><tr><td align="center"><span class="math">P\&#x26;L</span></td><td><p><strong>Profit &#x26; Loss:</strong> How much in USDT gained (profit) or lost (loss) compared to the entry price and position size, where:</p><ul><li><span class="math">P\&#x26;L_{u}</span> = Unrealized P&#x26;L</li><li><span class="math">P\&#x26;L_{r}</span> = Realized P&#x26;L</li></ul></td></tr><tr><td align="center"><span class="math">S</span></td><td><p><strong>Position Side</strong>: The side of your position, where:</p><ul><li><span class="math">S_{long}=1</span></li><li><span class="math">S_{short}=-1</span></li></ul></td></tr><tr><td align="center"><span class="math">Q</span></td><td><strong>Position Quantity:</strong> The position size in units of the asset (e.g. 0.01 BTC).</td></tr><tr><td align="center"><span class="math">Fees</span></td><td><strong>Trading Fees:</strong> Total entry and exit fees in USDT.</td></tr><tr><td align="center"><span class="math">F</span></td><td><strong>Funding Payments:</strong> Can be positive or negative, and are transferred between traders. Funding uses the index price. Funding payments are not fees charged by Rails. Learn about the funding mechanism in perpetuals <a href="/pages/Pax0Kc9HJbgr25Tj3p2b">here</a>.</td></tr><tr><td align="center"><span class="math">D</span></td><td><strong>Deposits</strong>: Amount of USDT deposited to your account</td></tr><tr><td align="center"><span class="math">W</span></td><td><strong>Withdrawals</strong>: Total USDT withdrawal volume</td></tr><tr><td align="center"><span class="math">L</span></td><td><strong>Leverage:</strong> The per-market leverage used, between 1x - 5x; therefore <span class="math">L_{max} = 5</span></td></tr><tr><td align="center"><span class="math">V</span></td><td><strong>Notional Position Value</strong></td></tr><tr><td align="center"><span class="math">M</span></td><td><p><strong>Margin:</strong> the portion of your funds set aside to support a trade. It acts as collateral for open positions and open orders, where:</p><ul><li><span class="math">M_{p,cross} = \text{Cross Position Margin}</span> = margin locked by your open cross margin positions</li><li><span class="math">M_{p,iso} = \text{Isolated Position Margin}</span> = margin already allocated to all isolated positions</li><li><span class="math">M_{total,open orders} = \text{Total Open Order Margin}</span> = margin reserved for all open, unfilled orders</li><li><span class="math">M_{req} = \text{Margin Required}</span> = Margin Required to keep your positions open</li><li><span class="math">M_{excess} = \text{Excess Margin}</span> = Margin available to place orders. Only excess margin is withdrawable.</li></ul></td></tr></tbody></table>

## Calculations

### Price & Value

<details>

<summary>Index Price</summary>

The **Index Price** is the external spot-price anchor, from our [Index Price Sources](/trading/index-and-forward-price-sources).

Rails uses the Index Price to calculate [funding](/trading/perpetuals/funding), and to keep the [mark price](#mark-price) aligned with the broader market.

</details>

<details>

<summary>Exponential Moving Average (EMA)</summary>

Rails’ market can trade slightly above or below the index price. This difference is the **adjustment**:

$$\text{Adjustment Sample} = \frac{\text{Best Bid} + \text{Best Ask}}{2} - P\_{index}$$

The adjusted index uses an EMA of this adjustment. The EMA has a 2.5-minute time constant. Recent samples carry more weight, while older samples fade smoothly.

This smoothing limits the effect of brief order-book changes. A one-second spike barely affects the EMA. A persistent adjustment shifts it over several minutes.

**EMA calculation**

Rails updates the EMA on every tick. Let `t` be the seconds since the prior update:

$$\text{numerator} = \operatorname{round}(\text{prevNumerator} \times e^{-t / 150} + \text{adjustment sample} \times t,\ 12)$$

$$\text{denominator} = \operatorname{round}(\text{prevDenominator} \times e^{-t / 150} + t,\ 12)$$

$$\text{EMA} = \frac{\text{numerator}}{\text{denominator}}$$

Each sample is weighted by how long it remained in effect. Rails rounds the numerator and denominator to 12 decimal places after each update.

The adjusted index price is:

$$P\_{adjusted\ index} = P\_{index} + \text{EMA}$$

</details>

<details>

<summary>Mark Price</summary>

The **Mark Price** is Rails’ risk reference for a perpetual market. It determines unrealized P\&L, margin requirements, liquidation prices, and liquidation triggers.

The mark price uses the median of three values:

$$P\_{mark} = \operatorname{median}(P\_{adjusted\ index}, P\_{rails\ median}, P\_{index})$$

This approach limits the impact of short-lived order-book moves. A sustained difference between Rails’ market and the index can influence the mark price gradually.

Market orders, take-profit and stop-loss triggers, and limit-price safety checks use the mark price as their reference.

{% hint style="info" %}

#### **Availability and updates**

Rails publishes mark-price updates on each index-price tick, at most once every 250 milliseconds per market. Rails uses exact decimal arithmetic and rounds each published price to the `0.0000001` price increment.

If a market is missing a required Rails input, the mark price falls back to the index price:

* **No Rails quotes:** the order book is empty.
* **Quotes but no trades:** the adjustment EMA continues warming from quotes.
* **Quotes and trades:** Rails uses the full mark-price formula.
  {% endhint %}

</details>

<details>

<summary>Entry Price/Exit Price</summary>

The Entry Price is the price at which your order was filled to open a position. The Exit Price is the price at which your order was filled to close your position.

</details>

<details>

<summary>Average Price</summary>

The **Average Price** shown in your account is the *adjusted weighted average entry price* of your open position, calculated as:

$$P\_{avg} = \frac{\text{Position Value}}{Q}$$

When you add to a position, every new trade that increases its size is added to the weighted average. This gives you one entry price that reflects the full open position.

When you partially close a position:

1. The system realizes profit or loss on the part you closed.
2. It subtracts any trading fees and, if applicable, funding charges.
3. It then recalculates the average entry price for the remaining position.

This keeps your unrealized P\&L aligned with the position still open.

Because realized PnL and fees are included, your displayed average price can change slightly after a partial close. This does not mean your trade executed at a different price. It means the platform adjusted the remaining position to account for PnL already realized.

</details>

<details>

<summary>Notional Value</summary>

**Notional Value** is the current market value of your position based on the index price:

$$\text{Notional Value} = P\_{index} \times Q$$

</details>

<details>

<summary>Position Value</summary>

**Position Value** is the total notional value, or exposure, of your trade based on the entry price used to open the position:

$$\text{Position Value} = P\_{entry} \times Q$$

</details>

<details>

<summary>Impact Price (Impact Bid/Mid/Ask)</summary>

**Impact bid/ask** is the average execution price for trading a fixed [impact notional](#impact-notional) against the order book.

* **Impact Ask** is the average price to buy that notional from asks.
* **Impact Bid** is the average price to sell it into bids.
* **Impact Mid** is their midpoint.

Unlike the best bid/ask, impact prices reflect liquidity at meaningful size. They diverge from top-of-book quotes when available depth is limited.  Impact Price is used in [funding calculations](/trading/perpetuals/funding) for Perps.

</details>

<details>

<summary>Impact Notional</summary>

$$\text{Impact Notional} = 100 \text{ USDT} \times L\_{max}$$

</details>

### Balance and P\&L

<details>

<summary>Available Balance</summary>

**Available Balance** is the amount you have available to place new trades, and fluctuates as the market moves. Margin calculations can be found [here](#equity-and-margin).

$$\text{Available Balance} = \text{Cross Margin Equity} - \text{Cross Position Margin} - \text{Total Open Order Margin}$$

</details>

<details>

<summary>Total Balance</summary>

Total Balance is the settled cash value of your account. It reflects completed events, but does not include unrealized P\&L from open positions:

$$\text{Total Balance} = D\_{total} - W\_{total} + P\&L\_{r,total} -Fees\_{total} +F\_{total}$$

</details>

<details>

<summary>Withdrawable Balance</summary>

**Withdrawable Balance** represents the portion of your account balance that can be withdrawn. Margin for open positions and orders reduces this amount. Unrealized losses, based on mark price, also reduce it. To increase your withdrawable balance, you should partially or fully close an open position with positive unrealized P\&L to realize profits.

$$\text{Withdrawable Balance} = \text{Total Balance} + \sum (min(0,(P\_{mark}-P\_{entry})\times Q \times S)) - \sum (P\_{mark} \times \frac{Q}{L}) - \text{Open Order Margin}$$

</details>

<details>

<summary>Cross-Margin Balance</summary>

**Cross-Margin Balance** is the base balance available for your cross-margin pool. It equals your settled total balance minus collateral locked in isolated margin positions.

$$\text{Cross-Margin Balance} = \text{Total Balance} - \text{Isolated Position Margin}$$

</details>

<details>

<summary>Unrealized P&#x26;L</summary>

**Unrealized P\&L** reflects the profit or loss if a position were closed at the current mark price. The account summary displays the total unrealized P\&L for all positions.

$$P\&L\_{u} = (P\_{mark} - P\_{avg}) \times S \times Q$$

{% hint style="warning" %}
Unrealized P\&L uses the mark price, not the order-book price.
{% endhint %}

</details>

<details>

<summary>Realized P&#x26;L</summary>

**Realized P\&L** reflects the profit or loss realized through closed positions. Once a position is closed, the realized P\&L is computed and added to the Account Summary.

$$P\&L\_{r} = (P\_{exit} - P\_{entry}) \times S \times Q - Fees + F$$

</details>

### Equity & Margin

{% hint style="info" %}
Visit our [Margin Modes Guide](/trading/perpetuals/margin-modes) for more information.
{% endhint %}

<details>

<summary>Account Equity</summary>

**Account Equity** is the current live balance of your account. It changes as mark-price movements affect unrealized P\&L.

$$\text{Account Equity} = \text{Total Balance} +P\&L\_{u,total}$$

</details>

<details>

<summary>Cross-Margin Equity</summary>

**Cross-Margin Equity** is the total value of your shared collateral pool. It changes with the unrealized P\&L of your open cross-margin positions.

$$\text{Cross-Margin Equity} = \text{Cross-Margin Balance} + P\&L\_{u,total}$$

{% hint style="info" %}
Unrealized P\&L is aggregated across all open cross-margin positions. As the market moves, your cross-margin equity updates continuously.
{% endhint %}

</details>

<details>

<summary>Isolated Position Equity</summary>

In **Isolated Margin** Mode, each position has its own dedicated margin pool and is excluded from the cross-margin pool. **Isolated Position Equity** is calculated as:

$$\text{Isolated Position Equity}=\text{Isolated Position Margin }+P\&L\_{u,position}$$

</details>

<details>

<summary>Maintenance Margin Ratio (or MMR)</summary>

**Maintenance Margin Ratio (or MMR)** is a fixed 5% buffer added to all positions for market volatility and [slippage](https://help.rails.xyz/rails/trading/leverage-and-liquidation#what-is-slippage-and-why-does-it-happen).

$$\text{MMR} = 0.05$$

</details>

<details>

<summary>Maintenance Margin</summary>

Each open position requires a minimum amount of equity to remain open, referred to as **Maintenance Margin**. The maintenance margin uses the current mark price:

$$\text{Maintenance Margin}*\text{position} = P*{mark} \times Q \times \text{MMR}$$

</details>

<details>

<summary>Total Maintenance Margin</summary>

In cross-margin, the **Total Maintenance Margin** is the sum of maintenance margins across all open positions.

$$\text{Total Maintenance Margin} = \sum \text{Maintenance Margin}\_{\text{position}}$$

</details>

<details>

<summary>Available Margin</summary>

**Available Margin** is the amount of funds available to support your open positions after required margin is accounted for. It shows the remaining buffer before liquidation risk increases.

$$\text{Margin Available = Account Equity - }\sum(\text{Maintenance Margin})$$

</details>

<details>

<summary>Position Margin &#x26; Open Order Margin</summary>

**Position Margin** is the margin calculated per open position based on the current mark price. Your selected leverage also affects it. **Open Order Margin** uses the same reference price and affects your available collateral.

$$\text{Position Margin} = P\_{mark} \times \frac{Q}{{L}}$$

</details>

<details>

<summary>Excess Margin</summary>

**Excess Margin** is the extra collateral above the required margin that you can remove (isolated) or withdraw (cross) without immediately breaking the minimum margin needed to keep the position open.

$$M\_{excess} = M\_{p,iso} - M\_{req}$$

</details>

<details>

<summary>Effective Leverage</summary>

**Effective Leverage** is the actual leverage applied to an open position. It may differ from the leverage you initially selected due to price movements, fees, or margin adjustments between order placement and trade execution.

$$\text{Effective Leverage} = \frac{\text{Total Position Value}}{\text{Total Available Balance}}$$

</details>

<details>

<summary>Cross Leverage</summary>

**Cross Leverage** reflects the total size of your open positions relative to your margin available, showing how much risk you are taking across all trades combined. It aggregates the effective leverage from all open positions into a single number, showing your total risk exposure.

$$\text{Cross Leverage} = \frac{\text{Total Positions}}{\text{Account Balance}}$$

</details>

### Liquidation

{% hint style="info" %}
Visit the [Liquidation](/trading/perpetuals/liquidation) page for a more in-depth explanation of liquidation triggers and mechanics.
{% endhint %}

<details>

<summary>Cross-Margin Ratio</summary>

**Cross-Margin Ratio** measures overall account health. It shows what percentage of account equity is consumed by minimum margin requirements across all open positions.

$$\text{Cross-Margin Ratio} = \frac{\text{Total Maintenance Margin}}{\text{Account Equity}}$$

<table><thead><tr><th width="183.03515625">Cross-Margin Ratio</th><th>Status</th></tr></thead><tbody><tr><td>&#x3C; 100%</td><td>Healthy</td></tr><tr><td>≥ 100%</td><td>Liquidation triggered - all positions closed</td></tr></tbody></table>

</details>

<details>

<summary>Simulated Cross-Margin Ratio</summary>

Simulated Cross-Margin Ratio checks whether your open orders would make your account too risky. If the ratio reaches 90%, the system *cancels any qualifying orders before they execute*. Instead of waiting until after an order fills, the platform estimates risk as the order book changes. This *protects your account from the risk of an immediate post-fill liquidation*.

**Simulated Cross-Margin Ratio** is calculated by assuming all eligible open orders are filled:

<p align="center"><span class="math">\text{Simulated Cross-Margin Ratio} = \frac {\text{Simulated Maintenance Margin}}{\text{Cross Margin Equity}}</span></p>

and

<p align="center"><span class="math">\text{Simulated Maintenance Margin} = \text{Position Maintenance Margin } + (\text{Selected Order Value} \times MMR)</span></p>

Where:

* $$\text{Position Maintenance Margin}$$ = the maintenance margin required for your current open positions.
* $$\text{Selected Order Value}$$ = the notional value of open orders that would *increase* your net position exposure.

</details>

<details>

<summary>Liquidation Price</summary>

**Liquidation Price** is the mark price at which liquidation may occur:

$$\text{Liquidation Price} = P\_{index} - \frac{{S} \times \text{Available Margin}}{\left|\text{Q}\right| \times \left(1 - \text{MMR} \times S\right)}$$

Where $$\text{Available Margin}$$ is dependent on Margin Mode Used:

* In Cross-Margin, $$\text{Available Margin} = \text{Cross Margin Balance} - \text{Total Cross Maintenance Margin}$$
* In Isolated Margin: $$\text{Available Margin} = \text{Isolated Position Equity} - \text{Maintenance Margin}\_{position}$$

{% hint style="info" %}
Note: If the liquidation price of your position is less than or equal to zero, no liquidation price is displayed.
{% endhint %}

</details>


# Chart Settings Guide

Customize your TradingView price charts to match how you analyze the market. Use these settings to set up your favorites, review charts more easily, and make informed trading decisions.

{% hint style="info" icon="arrow-up-right-from-square" %}
This simplified guide helps you get started quickly. For detailed instructions on configuring TradingView charts, visit the [TradingView help center](https://www.tradingview.com/support/).
{% endhint %}

## Basic Settings

These controls help you navigate the timeframe, appearance, and snapshots of your chart.

**Time Intervals**: Choose the size of each bar/candle—from 1 min up through 1 week—to zoom in or out on price action. The interval length reflects your trading time horizon, with day traders typically using minutes and swing or position traders using hours and days/weeks respectively.

**Chart Range**: Set how much history you see at once (e.g. 1 day, 1 month, up to 5 years).

**Chart Settings:** There are four different menus found by clicking the hexagonal icon <img src="/files/tmkoD5kkpY4xNoI6KvYf" alt="" data-size="line"> in the top right corner of the chart. For more details, visit TradingView's article [here](https://www.tradingview.com/support/solutions/43000748166/).

* **Symbol**: This menu automatically adjusts based on the chart type you've selected. Adjust the price source, chart colors, precision and timezone further as desired.
* **Status line**: The status line is always displayed at the top of your chart. Here you can toggle on-screen elements like symbol name, current timeframe and OHLC (Open, High, Low, Close) values.
* **Scales & lines**: Adjust the labels and values that will be displayed on the price and time scales.
* **Canvas**: Change the style of your chart by configuring things like text size, margins and background colors.

**Screenshot**: Click the camera icon in the top right corner of the chart to capture, download, or share your current view with one click

## Advanced Settings

**Chart type:** Select your preferred chart type (e.g. candles, bars, area) in the top left corner of the chart. Please refer to TradingView's help center on [various chart types](https://www.tradingview.com/support/folders/43000547460/) for more detailed information.

**Indicators**: A chart indicator is a math-based tool that draws extra lines or bars on your price chart to highlight patterns or trends you can’t easily see from the raw candles alone. This setting allows users to overlay functions and customize their inputs & styles. Please refer to TradingView's [Indicator How-To's](https://www.tradingview.com/support/folders/43000547458-how-to-s-and-faq-on-indicators/) for more information.

**Autoscale**: Click **auto** in the bottom right corner of the chart to automatically adjust vertical scale to fit all data—toggle on/off for manual zoom control.

**Log Scale**: Click **log** in the bottom right corner to switch between linear and logarithmic price axes for proportional percentage moves

**Percentage Scale**: Click **%** in the bottom right corner to measure price changes in % rather than absolute values.

**Save Layout**: Save your favorite customized chart layouts by clicking **Save** (or **^** then **Save layout**) for repeated future use. See TradingView's [Layout Guide](https://www.tradingview.com/support/solutions/43000746975-what-are-tradingview-layouts-a-quick-guide/) for more information.


# Pricing & Fees

Perpetuals at Rails use a straightforward and transparent pricing model, detailed below:

<table><thead><tr><th width="147.87890625">Category</th><th width="134.34375">Rails Fee</th><th width="135.30859375">Network Cost*</th><th>Details</th></tr></thead><tbody><tr><td>Platform Access</td><td>$0</td><td>N/A</td><td>There is no cost to create or hold a Rails account.</td></tr><tr><td>Deposits</td><td>$0</td><td><a href="/pages/dZLBuhKOpAwCJ78bnaJ6">Varies based on source network</a></td><td>Deposits from some networks involve bridging and gas fees paid directly from your wallet. Exact fees are shown before confirming.</td></tr><tr><td>Withdrawals</td><td>$0</td><td>0.1% (max $1)</td><td>The cost to cover gas fees is deducted from your withdrawal amount.</td></tr><tr><td>Trading</td><td>See <a href="#dynamic-fee-tiers">Dynamic Fee Tiers</a></td><td>N/A</td><td>A dynamic fee is applied to each executed trade (open and close), depending on the execution type and according to your 30D Rolling Volume.</td></tr><tr><td>Liquidation</td><td>1.0%</td><td>N/A</td><td>In addition to trading fees, a 1% fee is charged on all liquidated positions.</td></tr></tbody></table>

{% hint style="info" icon="asterisk" %}
**Network Costs:** On-chain transactions (deposits and withdrawals) may include network fees that users pay directly to the blockchain network. Rails does not receive these fees.
{% endhint %}

<details>

<summary>Execution Type: what are "maker" vs. "taker" orders?</summary>

* **Maker order:** Your order *adds* liquidity to the order book. Maker orders “make” the market.
  * Example: you place a limit order that doesn’t fill right away.
  * These orders have a 0.02% fee applied.
* **Taker order:** Your order *removes* liquidity from the order book. This happens when your order matches instantly against an existing order. Taker orders “take” from the market.
  * Example: a market order or a limit order priced to fill immediately.
  * These orders have a 0.05% fee applied.

Maker orders have lower fees because they add liquidity to the market, helping create deeper order books and tighter spreads. By rewarding makers, everyone benefits from better prices and smoother trading.

You can check if your order is a maker or taker order via the Execution Type field in the [Recent Trades section](/trading/perpetuals/overview#recent-trades) in the Trade Summary tab.

</details>

## Dynamic Fee Tiers

Our trading fees adapt based on your rolling 30-day trading volume. The more you trade, the lower your fees. Your current tier is recalculated daily based on the last 30 days of trades, and your new fee rate takes effect immediately:

* As your volume **increases**, you’ll automatically move into more favorable fee tiers so high-activity traders benefit from better pricing without any extra steps.
* If your volume **decreases**, you’ll be automatically shifted to the corresponding lower tier.

<table data-search="false"><thead><tr><th width="77.40234375" align="center">Fee Tier</th><th width="306.77734375" align="center">Cumulative 30 Day Rolling Trade Volume</th><th align="center">Taker Fees</th><th align="center">Maker Fees</th></tr></thead><tbody><tr><td align="center">1</td><td align="center">$0 - $1,000,000</td><td align="center">0.050% (5.0 bps)</td><td align="center">0.020% (2.0 bps)</td></tr><tr><td align="center">2</td><td align="center">$1,000,001 - $5,000,000</td><td align="center">0.042% (4.2 bps)</td><td align="center">0.015% (1.5 bps)</td></tr><tr><td align="center">3</td><td align="center">$5,000,001 - $25,000,000</td><td align="center">0.035% (3.5 bps)</td><td align="center">0.010% (1.0 bps)</td></tr><tr><td align="center">4</td><td align="center">$25,000,001 - $100,000,000</td><td align="center">0.030% (3.0 bps)</td><td align="center">0.005% (0.5 bps)</td></tr><tr><td align="center">5</td><td align="center">$100,000,001 - $250,000,000</td><td align="center">0.025% (2.5 bps)</td><td align="center">0.000% (0.0 bps)</td></tr><tr><td align="center">6</td><td align="center">$250,000,001 - $1,000,000,000</td><td align="center">0.022% (2.2 bps)</td><td align="center">0.000% (0.0 bps)</td></tr><tr><td align="center">7</td><td align="center">$1,000,000,001 - $2,500,000,000</td><td align="center">0.020% (2.0 bps)</td><td align="center">0.000% (0.0 bps)</td></tr></tbody></table>

{% hint style="info" %}
You can check your current Fee Tier at any time in the [Account Summary panel](/trading/perpetuals/overview#account-summary) on the Trading page, using the tooltip next to "Fees". Fees per order and rate are viewable in the Portfolio Page's [Trade History](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#trade-history-tab-p-and-l-history-tab) tab.
{% endhint %}


# Options

Coming Soon to Rails: Options Trading

Options are derivative contracts that give you the right, but not the obligation, to buy or sell an asset at a set price on or before expiration. You can use them to express a bullish or bearish view, hedge an existing position, or define risk more precisely than with spot or perpetual trading.

There are two core option types:

* **Calls** are typically used when you expect the price to rise.
* **Puts** are typically used when you expect the price to fall or when you want downside protection.

Unlike [perpetuals](/trading/perpetuals), options have a premium and an expiration date, and their value depends on time, volatility, and the relationship between the strike price and market price.

Find out more about options in the sections below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Options Page Guide</strong><br>Learn the main parts of the options trading page.</td><td><a href="/pages/tQwPNolQzOA9vn2cgJQo">/pages/tQwPNolQzOA9vn2cgJQo</a></td></tr><tr><td align="center"><strong>Placing Orders</strong><br>Learn how to place options orders on Rails.</td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm">/pages/bLGN9bGsA3cLiuyEo0cm</a></td></tr><tr><td align="center"><strong>Expiry &#x26; Settlement</strong><br>Learn how options expire and settle on Rails.</td><td><a href="/pages/ejb45H1pb4szoDjlKwrY">/pages/ejb45H1pb4szoDjlKwrY</a></td></tr><tr><td align="center"><strong>Margin &#x26; Liquidation</strong><br>Learn how margin and liquidation work for options.</td><td><a href="/pages/Kvfb97usyK6KoNrwQfER">/pages/Kvfb97usyK6KoNrwQfER</a></td></tr><tr><td align="center"><strong>Options Metrics Guide</strong><br>Understand option premium, payoff, and margin metrics.</td><td><a href="/pages/sWbZHQU8UthIBBab35kM">/pages/sWbZHQU8UthIBBab35kM</a></td></tr><tr><td align="center"><strong>Intro to Options</strong><br>Learn the core terms and mechanics of options.</td><td><a href="/pages/IUbBXlCaPRQF6h25WLT4">/pages/IUbBXlCaPRQF6h25WLT4</a></td></tr><tr><td align="center"><strong>Black-76 &#x26; the Greeks</strong><br>Learn how Rails calculates option prices and Greeks.</td><td><a href="/pages/rFy02RjAy9r2qkWRiWkK">/pages/rFy02RjAy9r2qkWRiWkK</a></td></tr><tr><td align="center"><strong>Pricing &#x26; Fees</strong><br>Review pricing and fee details for options.</td><td><a href="/pages/06qx6M3I7EFPAgVuOFMf">/pages/06qx6M3I7EFPAgVuOFMf</a></td></tr></tbody></table>

{% hint style="success" %}

#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options) article before proceeding through this section.
{% endhint %}


# Options Page Guide

This page explains the main components of the Rails options trading page, including contract selection, the option chain, and post-trade views.

Use the sections below to jump directly to contract selection, chain filters, the option chain, and your post-trade views.

{% hint style="success" %}

#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options) article before proceeding through this section.
{% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Market Selector</strong><br>Choose the underlying asset and expiry you want to trade.</td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#contract-selector-and-expiries">/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#contract-selector-and-expiries</a></td></tr><tr><td align="center"><strong>Chain Filters</strong><br>Narrow the visible strikes around the contracts you care about.</td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#chain-filters">/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#chain-filters</a></td></tr><tr><td align="center"><strong>Option Chain</strong><br>Compare calls, puts, strikes, prices, and contract activity.</td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#option-chain">/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#option-chain</a></td></tr><tr><td align="center"><strong>Trade Summary Tabs</strong><br>Track your open positions and order activity.</td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#trade-summary-tabs">/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#trade-summary-tabs</a></td></tr><tr><td align="center"><strong>Account Summary</strong><br>Monitor balances and account-level P&#x26;L while you trade.</td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#account-summary">/spaces/voJ4s2ha99AB453yyXn5/pages/tQwPNolQzOA9vn2cgJQo#account-summary</a></td></tr></tbody></table>

## Market selector and expiries

The Options screen starts with two key choices: the **underlying asset** and the **expiry date**.

Pick the asset first. Then choose the expiry you want to analyze or trade. The chain updates to show only the contracts for that expiry.

<figure><img src="/files/KfpXHTCUZitzrUwaFu3J" alt="" width="563"><figcaption></figcaption></figure>

The top row helps you orient quickly:

* **Underlying market selector:** Chooses the asset for the options chain — BTC or ETH.
* **Expiry buttons:** Switch between listed expiries for that asset. Contracts are listed on weekly and monthly schedules, and all contracts expire at 08:00 UTC on their expiry date.
* **Selected expiry:** Controls the contracts shown in the chain below.

## Chain filters

Rails includes quick filters above the chain to reduce noise and focus on the most relevant strikes.

<figure><img src="/files/5LeHq7aUkojjXSjEzpKL" alt="" width="563"><figcaption></figcaption></figure>

These filters help in different ways:

* **Approximately ATM:** Centers the chain around strikes that are closest to the current underlying price, so you can focus on contracts that are near at-the-money (ATM).
* **Strike Range:** Controls how many strikes Rails shows above and below the current market area, so you can widen or narrow the visible section of the chain.

Use these filters when you want a faster view of the most active or most relevant contracts around the market.

## Option chain

The option chain is the core market view for options trading on Rails. It shows calls on the left, puts on the right, and the strike ladder in the center.

<figure><img src="/files/jolzfLzBFCkfX5w6YtOL" alt="" width="563"><figcaption></figcaption></figure>

Above the chain, Rails displays the current **Underlying Price**, the selected **expiry date**, and the **time until expiration** for that contract set.

The chain columns help you compare contracts quickly:

* **Calls / Puts:** Calls appear on the left. Puts appear on the right.
* **Strike:** The central strike price for each contract pair.

{% columns %}
{% column width="50%" %}

* **Bid / Ask:** The best available buy and sell prices for that contract.
* **Mark:** The platform's model-based fair value, used for margin, unrealized P\&L, and liquidations. It is a reference price and is not necessarily the same as the last traded price.
* **Bid Size / Ask Size:** The visible size available at the best bid or ask.
  {% endcolumn %}

{% column width="50%" %}
{% hint style="info" icon="chalkboard-user" %}
The **Ask** is what you pay to buy now.

The **Bid** is what you receive to sell now.

The **Mark** is the reference price used by the platform for risk and valuation.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

* **Delta:** The contract's delta, which estimates how much the option price tends to change when the underlying moves.
* **Position:** Your current size in that exact contract. A dash means you do not hold that contract.
* **Open:** Open interest for that contract.
* **24H Vol.:** The contract's trading volume over the last 24 hours.

The active strike row is highlighted to make the current area of interest easier to scan:

<figure><img src="/files/lhmfd9eHwOkXgG9FdIqF" alt="" width="563"><figcaption></figcaption></figure>

{% hint style="info" %}
For a deeper explanation of moneyness, premiums, and delta, see [Intro to Options](/trading/options/intro-to-options) and [Black-76 & the Greeks](/trading/options/black-76-and-the-greeks).
{% endhint %}

## Trade summary tabs

Below the chain, Rails groups your contract activity into tabs so you can monitor positions and orders without leaving the trading screen.

{% tabs %}
{% tab title="Positions" %}
The **Positions** tab shows your currently open option contracts.

It helps you confirm what you hold and how the contract is performing in real time.

The visible fields include:

* **Instrument:** The contract you hold, including its expiry, strike, and call or put type.
* **Side:** Whether your position is long or short.
* **Value / Size:** The current contract value and contract count.
* **Avg. Price:** Your average entry price for that contract.
* **Mark Price:** The current reference price used for valuation.
* **RSPL:** Realized profit or loss already locked in on the position.
* **USPL:** Unrealized profit or loss based on the current mark price.
* **P\&L:** The total profit or loss view for that position.
* **Close by:** Quick actions to close with a **Limit** or **Market** order.

<figure><img src="/files/Regot62Gr7y4nvJ039Np" alt="" width="563"><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Open Orders" %}
The **Open Orders** tab lists working orders that have been submitted but not fully filled yet.

Use it to review active orders, remaining size, and any orders that are still waiting in the market.

The visible fields include:

* **Instrument:** The contract you are awaiting fills, including its expiry, strike, and call or put type.
* **Price / Quantity:** The premium paid or received and the number of contracts involved.
* **Type/ID:** The order type (either Limit or Market), and the Order ID.
* **Filled:** The % of your order that has been filled.
* **Created At:** The order creation timestamp.

<figure><img src="/files/F63X8T1xazOiHM7Cfj38" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Recent Trades" %}
The **Recent Trades** tab shows your latest options order activity.

Use it to review recent submissions, fills, partial fills, and cancellations in one place, capped at the last 50 trades executed.

<figure><img src="/files/r1wKG7ws4YxFjCgQ9Q3m" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
This tab is similar to **Open Orders**, but only shows the most recent filled orders. For full order execution history, visit the [Portfolio](/manage-account/portfolio-statements-and-exports/portfolio-dashboard) dashboard.
{% endhint %}
{% endtab %}

{% tab title="Settlements" %}
The **Settlements** tab shows option contracts that have already settled.

Use it to review the final outcome of expired contracts, including the settlement price, final P\&L, and whether the contract expired in or out of the money.

The visible fields include:

* **Instrument:** The settled option contract, including its expiry, strike, and call or put type.
* **Price / Quantity:** The premium paid or received and the number of contracts involved.
* **Settlement Price:** The underlying reference price used at settlement.
* **P\&L:** The final profit or loss for that settled contract.
* **Moneyness:** Whether the option settled **ITM** or **OTM**.
* **Settlement Time:** The timestamp when the contract settled.

<figure><img src="/files/lKLA3sd3SCWClHNAvX2o" alt=""><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}

## Account summary

The **Account Summary** panel (bottom right of your screen) keeps your key account figures visible while you trade.

{% columns %}
{% column width="50%" %}
The panel shown here includes:

* **Available Balance:** Funds currently available to support new orders.
* **Account Balance:** The current total balance of the account you are trading from.
* **P\&L:** Your account-level profit and loss.
* **Fees:** Your total all-time account fees charged.
* **Volume:** Your all-time options trading volume.
* **Unrealized P\&L:** The P\&L of your open positions.
  {% endcolumn %}

{% column width="50%" %}

<figure><img src="/files/vaJJ5XAARB4NTr3tNYLr" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
The Margin Ratio bar shows you how close you are to liquidation.
{% endhint %}
{% endcolumn %}
{% endcolumns %}

Keep this panel in view when you write options or manage multiple open contracts, since available collateral directly affects what you can open and maintain.

{% hint style="info" %}
To learn how balances, margin usage, and liquidation risk work on options, see [Margin & Liquidation](/trading/options/margin-and-liquidation) and the [Options Metrics Guide](/trading/options/options-metrics-guide).
{% endhint %}


# Placing Orders

This article explains how to place the different order types available for options trading on Rails.

{% hint style="success" %}

#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options) article before proceeding through this section.
{% endhint %}

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Order Types</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#order-types">/pages/bLGN9bGsA3cLiuyEo0cm#order-types</a></td></tr><tr><td align="center"><strong>Placing Orders</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#placing-orders">/pages/bLGN9bGsA3cLiuyEo0cm#placing-orders</a></td></tr><tr><td align="center"><strong>Closing a Position</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#closing-a-position">/pages/bLGN9bGsA3cLiuyEo0cm#closing-a-position</a></td></tr></tbody></table>

{% hint style="info" %}

#### Before you continue:

* There is a minimum order size of $1 USD for all trades.
* There is no maximum order value.
  {% endhint %}

### Order Types

Read below to understand the various order types available for options trading:

Only Market and Limit orders are available. Trigger-style orders such as stop-loss and take-profit are not supported.

<details>

<summary><strong>Market Order</strong></summary>

A market order is an order to buy or sell an option contract immediately at the best available price. This makes it the fastest and simplest order type to execute, as it prioritises speed over price. Market orders are filled against existing liquidity in the order book and may be subject to slippage in fast-moving markets.

**What's Required:**

Two pieces of information are required to place a market order:

1. **Order Side:** Specify Buy or Sell.
2. **Amount:** Enter the number of contracts you wish to trade.
   * Use the **% shortcuts** (10%, 25%, 50%, 75%, 100%) to set a proportion of your available balance.

</details>

<details>

<summary><strong>Limit Order</strong></summary>

A limit order enables you to buy or sell an option contract at a specified price or better. When placing a limit order to buy, it will only be executed at the limit price or lower. Conversely, a limit order to sell will only be executed at the limit price or higher. Limit orders may not be filled if the market does not reach your specified price.

**What's Required:**

Three pieces of information are required to place a limit order:

1. **Order Side:** Specify Buy or Sell.
2. **Price:** Enter the limit price in USDT at which you wish the order to execute.
3. **Amount:** Enter the number of contracts you wish to trade.
   * Use the **% shortcuts** (10%, 25%, 50%, 75%, 100%) to set a proportion of your available balance.

</details>

{% hint style="warning" %}

#### Single-leg only

Rails is launching options with single-leg strategies only, in supported markets. Multi-leg strategies are not available at launch.
{% endhint %}

### Placing Orders

To place a market or limit order, complete the following steps:

1. Select the **Asset** and **Expiry** you wish to trade from [the options chain](/trading/options/overview#option-chain).
2. Click on the **Strike** row for the contract you want — this will open the order panel on the right-hand side.
3. Select **Buy** or **Sell** depending on whether you want to go long or short on the contract.
4. Select **Market** or **Limit** to choose the type of order you want to execute.
   1. If placing a **Limit** order, enter your desired **Price** in USDT. For Limit orders, you can optionally enable Post Only, which ensures your order only adds liquidity and is rejected if it would fill immediately.
5. Input the number of **Contracts** you wish to trade, or use the **% shortcuts** to set a proportion of your available balance.
6. Click the **Buy** or **Sell** button to place your order.

A success message will appear if your order is placed successfully, and you should see it reflected under the **Open Orders** tab. See our troubleshooting tips if you need help.

### Closing a Position

You can close an existing options position directly from the **Positions** tab at the bottom of the trading page.

1. Navigate to the **Positions** tab on the main trading page.
2. Locate the position you wish to close in the table.
3. In the **Close by** column, click either **Limit** or **Market** depending on how you want to exit.
   * **Limit** — closes the position at a price you specify. Note: limit orders may never fill.
   * **Market** — closes the position immediately at the best available price. When closing, orders are Reduce Only — they can only reduce or close your existing position and will never open or increase a position.
4. Confirm the details in the order panel and click **Sell** to submit.

{% hint style="info" %}
**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide).
{% endhint %}


# Expiry & Settlement

{% hint style="success" %}

#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options) article before proceeding through this section.
{% endhint %}

Options on Rails settle automatically at expiry using the Settlement Price (the published mark price at expiry.) All weekly and monthly contracts settle automatically at 08:00 UTC on their expiry date. Rails options are [cash-settled](/trading/options/intro-to-options#what-is-an-option), so settlement does not require delivery of the underlying asset. Instead, the final contract value is applied as cash P\&L.

### Contract Expiry

At the contract’s expiry time, Rails evaluates each option against the Settlement Price and applies the settlement outcome automatically:

* [**In-the-money**](/trading/options/intro-to-options#intrinsic-value-time-value-and-moneyness) contracts pay out their intrinsic value automatically — a call pays the settlement price minus the strike, and a put pays the strike minus the settlement price.
* [**Out-of-the-money**](/trading/options/intro-to-options#intrinsic-value-time-value-and-moneyness) contracts expire worthless.

If a contract finishes in the money, Rails credits or debits the resulting cash-settled P\&L to the account as part of the settlement process.

{% hint style="success" %}
You **do not need to manually exercise** eligible contracts.
{% endhint %}

### Settlement

Settlement is processed as a single account update that includes:

* Settlement P\&L
* Premium & Payoff Reconciliation
* Delivery Fees
* Margin release

Each step is described in detail below:

{% stepper %}
{% step %}

### Settlement P\&L Applied

Your Realized P\&L is calculated at expiry, *before* fees, using the formulas below:

* **Long call:** $$P\&L = \max(F - K,0) - p\_{paid}$$
* **Long put:** $$P\&L = \max(K - F,0) - p\_{paid}$$
* **Short call:** $$P\&L = p\_{rcvd} - \max(F - K,0)$$
* **Short put:** $$P\&L = p\_{rcvd} - \max(K - F,0)$$

Where:

* $$p$$ = Premium
* $$K$$= Strike Price
* $$F$$ = Forward Price

The amounts calculated are applied to your account immediately.
{% endstep %}

{% step %}

### Premium & Payoff Reconciliation

At settlement, if the contract is ITM, the contract seller pays the [intrinsic value](/trading/options/options-metrics-guide#intrinsic-value) to the buyer, else the contract expires worthless.

**For calls:** $$PO = Q \times \max(F - K,\ 0)$$

**For puts:** $$PO = Q \times \max(K - F,\ 0)$$

Where $$PO = \text{Payoff}$$

{% hint style="info" %}
An out-of-the-money contract settles for zero. Long holders receive the payoff and short holders pay it.
{% endhint %}

The amounts calculated are applied to your account immediately.
{% endstep %}

{% step %}

### Delivery Fee

At settlement, the contract may be subject to a delivery fee. The delivery fee rate is **0.015%** of the Index Price per contract., calculated as:

$$Fee\_{del} = (0.00015 × P\_{index}) × Q$$

Where:

* $$P\_{index}$$ = the Index Price
* $$Q$$ = the contract quantity

**Long positions may pay the delivery fee. Short positions do not.**

This applies to both long calls and long puts. The fee scales with contract quantity and Index Price. Larger positions and higher prices result in a larger fee.

{% hint style="info" %}
The delivery fee differs from the [transaction fee](/trading/options/options-metrics-guide#transaction-fee), which applies to trades placed before expiry, not to settlement.

If you were short an option through expiry, a delivery fee of 0.00 is expected and correct.
{% endhint %}

If the Delivery Fee applies to you, this amount will be deducted from your account immediately.
{% endstep %}

{% step %}

### Margin Release

Any margin supporting the expired position is released to your available balance when settlement completes.
{% endstep %}
{% endstepper %}


# Margin & Liquidation

{% hint style="info" %}
You can find all calculations in our [Options Metrics Guide](/trading/options/options-metrics-guide).
{% endhint %}

## Margin

Margin treatment on Rails depends on whether you are **long** or **short** an option contract. Long options are paid for upfront, so your maximum loss is known when the trade opens. Short options can become riskier after the trade opens, so they stay subject to ongoing margin checks.

Because the risk profiles differ, long and short options use different margin models:

<table><thead><tr><th width="130.64453125">Position type</th><th width="190.8828125">Margin model</th><th width="180.8984375">Ongoing monitoring</th><th>Liquidation treatment</th></tr></thead><tbody><tr><td>Long Calls &#x26; Long Puts</td><td>Premium plus buffer, locked at entry</td><td>No maintenance threshold</td><td>Maximum loss is fixed at the premium paid</td></tr><tr><td>Short Calls &#x26; Short Puts</td><td>Initial Margin and Maintenance Margin</td><td>Continuously monitored</td><td>New short exposure can be restricted, and the position can be liquidated, as the margin ratio rises</td></tr></tbody></table>

### Long options

When you buy a call or a put, your maximum loss is known at entry: it is limited to the **premium paid**. For that reason, long options do not use a maintenance threshold.

Rails locks the premium plus a small buffer as margin. The buffer covers costs that may apply if the position must be closed — a liquidation fee, an insurance fee, and slippage. This margin is returned to your account at expiry or when you close the position.

{% hint style="info" %}
See the long-option margin formulas in the [Metrics Guide](/trading/options/options-metrics-guide).
{% endhint %}

### Short options

Short calls and short puts can lose **more than the premium received**, so collateral is monitored continuously after the trade opens. Short options use two margin thresholds:

<table><thead><tr><th width="180">Threshold</th><th>What it means</th></tr></thead><tbody><tr><td><strong>Initial Margin (IM)</strong></td><td>The margin required to open the position. (roughly 15% of the index price, with floors and an out-of-the-money discount).</td></tr><tr><td><strong>Maintenance Margin (MM)</strong></td><td>The minimum margin required to keep the position open. (roughly 5% of the index price, with floors and an out-of-the-money discount).</td></tr></tbody></table>

Short-option margin is based on the market value that drives the risk:

* **Short calls** are margined against the **index price**, because a rising market has no ceiling — losses can keep growing as the underlying climbs.
* **Short puts** are margined against the **strike price**, because the underlying can only fall to zero, so the strike bounds the maximum risk.

As a result, short margin is **not fixed**. Required margin moves with the market because it depends on the current price and premium. As the market moves against you, a short position can require more margin and move closer to liquidation.

{% hint style="info" %}
IM and MM apply only to short options. See [Initial Margin (Short Call or Short Put)](/trading/options/options-metrics-guide#initial-margin-short-call-or-short-put) and [Maintenance Margin (Short Call or Short Put)](/trading/options/options-metrics-guide#maintenance-margin-short-call-or-short-put) for the exact formulas.
{% endhint %}

#### Risks of short options

{% tabs %}
{% tab title="Short Calls" %}
Short calls carry **unlimited risk**. If the underlying rises sharply, losses can keep expanding with no ceiling.

For that reason, Rails checks that the position has enough collateral both at entry and throughout the life of the trade. Liquidation is assessed at the account level, based on your total equity (your balance plus unrealized P\&L) compared with your maintenance margin — not position by position. If your account falls below the maintenance requirement, Rails reduces or closes at-risk short positions to bring the account back within limits.
{% endtab %}

{% tab title="Short Puts" %}
Short puts carry **large, bounded risk**. The underlying can only fall to zero, but the distance between the current price and zero can still be significant.

For that reason, margin is measured against the strike price and checked at entry and throughout the trade. Liquidation is assessed at the account level, based on your total equity (your balance plus unrealized P\&L) compared with your maintenance margin — not position by position. If your account falls below the maintenance requirement, Rails reduces or closes at-risk short positions to bring the account back within limits.
{% endtab %}
{% endtabs %}

<details>

<summary>Why the strike for short puts, but the index price for short calls?</summary>

For a **short put**, the seller's maximum risk is bounded by the strike — the asset can only fall to zero. For a **short call**, there is no ceiling, so risk scales with the current market price. Each side is margined against the value that captures its worst case.

</details>

#### OTM Discounts on short positions

When a short option is out of the money, it is less likely to be exercised against you, so Rails applies an **out-of-the-money (OTM) discount** that reduces the required margin. The further out of the money the option is, the larger the discount. As the market moves toward the strike, the discount shrinks and the required margin rises back toward its full risk-based level.

The OTM discount lowers short-option margin when the strike is further from the index price. As the option moves closer to the money, the discount gets smaller and required margin increases.

{% columns %}
{% column width="41.66666666666667%" %}
Calls and puts use different OTM discount formulas because OTM is measured in different directions for each option type.

The discount is applied inside both short-option margin formulas, but the mark-price floor still sets a minimum margin requirement.
{% endcolumn %}

{% column width="58.33333333333333%" %}
{% hint style="info" %}
See the exact formulas in the [Options Metrics Guide](/trading/options/options-metrics-guide):

* [Initial Margin (Short Call or Short Put)](/trading/options/options-metrics-guide#initial-margin-short-call-or-short-put)
* [Maintenance Margin (Short Call or Short Put)](/trading/options/options-metrics-guide#maintenance-margin-short-call-or-short-put)
* [OTM Discount (Call)](/trading/options/options-metrics-guide#otm-discount-short-calls-puts)
* [OTM Discount (Put)](/trading/options/options-metrics-guide#otm-discount-short-calls-puts)
  {% endhint %}
  {% endcolumn %}
  {% endcolumns %}

## Liquidation

Rails continuously monitors open short-option positions and their effect on your margin ratio. The goal is to stop unrealized losses from eroding your collateral too far. Long options do not use a maintenance threshold, so this monitoring applies only to short exposure.

Two points on the **margin ratio** (used margin ÷ total equity) matter most:

<table><thead><tr><th width="146.984375">Margin Ratio</th><th>Account Status</th></tr></thead><tbody><tr><td>85% – 90%</td><td>Approaching liquidation; new short positions cannot be created. Long trades that fit within your available margin are still allowed.</td></tr><tr><td>≥ 98%</td><td>Liquidation triggered; positions are liquidated immediately.</td></tr></tbody></table>

{% hint style="info" %}
A liquidation fee may apply. See [Pricing & Fees](/trading/options/pricing-and-fees) for more information.
{% endhint %}

#### How positions are liquidated

When an account reaches the liquidation threshold, Rails closes positions in a defined order designed to relieve risk as efficiently as possible, using [the Greeks](/trading/options/black-76-and-the-greeks#the-greeks) to sequence liquidation priority. **Short positions are liquidated first**, starting with short calls, because reducing short exposure lowers risk faster than closing long positions.

Within short positions, Rails sequences liquidation by risk:

<table><thead><tr><th width="86.828125">Order</th><th width="212.03515625">Measure</th><th>Why</th></tr></thead><tbody><tr><td>1st</td><td>Largest <a href="/pages/rFy02RjAy9r2qkWRiWkK#the-greeks">Delta</a></td><td>Biggest directional exposure.</td></tr><tr><td>2nd</td><td>Highest <a href="/pages/rFy02RjAy9r2qkWRiWkK#the-greeks">Gamma</a></td><td>Most unstable; risk accelerates fastest.</td></tr><tr><td>3rd</td><td>Nearest Expiry</td><td>Decay is fastest and gamma is highest.</td></tr><tr><td>4th</td><td>Remaining positions</td><td>Residual clean-up, including long positions only if still required.</td></tr></tbody></table>

After each position is closed, Rails recalculates your margin ratio. If closing a position brings you back below the threshold, liquidation stops there and your remaining positions stay open.

{% hint style="success" %}
**Long positions are a last resort.** They carry limited risk and can help offset exposure, so they are only closed as emergency clean-up if liquidating your short positions has not restored your account.
{% endhint %}

#### Avoiding liquidation

To reduce liquidation risk on short positions:

* Deposit funds to increase your available balance and lower your margin ratio.
* Reduce or close short exposure to lower the margin required.
* Monitor positions closely when the underlying is moving toward your strikes, since required margin can rise quickly when the market moves against you.


# Intro to Options

Learn the terms, contract mechanics, and pricing language used in Rails options.

{% hint style="danger" %}

#### Disclaimer

Options trading is risky and may not be suitable for everyone. This guide is educational only. It is not financial, legal, or investment advice.
{% endhint %}

### What is an option?

An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a fixed price on a specific expiry date.

That fixed price is the **strike**. The upfront cost of the contract is the **premium**.

On Rails, options are:

* **European-style:** meaning they can be exercised at expiry only.
* **Cash-settled:** settlement is paid in cash (USDT) against the underlying's settlement price at expiry (08:00 UTC). There is no manual exercise step and no delivery of the underlying asset.

### Calls and puts

There are two option types:

* **Call** — generally gains value when the underlying rises.
* **Put** — generally gains value when the underlying falls.

Calls express bullish exposure. Puts express bearish exposure.

### Key terms

<table data-search="false"><thead><tr><th width="275.64453125">Term</th><th>Meaning</th></tr></thead><tbody><tr><td>Underlying Forward Price (<span class="math">F</span>)</td><td>The reference price used for pricing and risk.</td></tr><tr><td>Strike price (<span class="math">K</span>)</td><td>The price that defines the option's payoff at expiry.</td></tr><tr><td>Expiry (<span class="math">T</span>)</td><td>The time remaining until the contract expires, in years.</td></tr><tr><td>Premium (<span class="math">p</span>)</td><td>The price paid by the buyer and received by the seller.</td></tr><tr><td>Mark price (<span class="math">P_\text{mark}</span>)</td><td><p>The platform fair value used for margin, unrealized P&#x26;L, liquidation, and risk.</p><p><em>Note: Mark price is a model-based reference. It is not always the same as the last traded price.</em></p></td></tr><tr><td>Implied volatility (<span class="math">\text{IV}</span> or <span class="math">\sigma</span>)</td><td>The market's annualized expectation of future volatility.</td></tr><tr><td>Intrinsic value</td><td>The amount the option would be worth if it expired now.</td></tr><tr><td>Time value</td><td>The portion of premium above intrinsic value.</td></tr></tbody></table>

{% hint style="info" %}
On Rails, 1 contract = 1 unit of underlying exposure. For example, 1 BTC option contract = 1 BTC of exposure.
{% endhint %}

### Intrinsic value, time value, and moneyness

Intrinsic value depends on the relationship between the index price and the strike:

$$
\text{Call intrinsic value} = \max(F - K, 0)
$$

$$
\text{Put intrinsic value} = \max(K - F, 0)
$$

Time value is the remaining part of the premium:

$$
\text{Time value} = \text{Option premium} - \text{Intrinsic value}
$$

This leads to three common moneyness terms:

<table><thead><tr><th width="312.8515625">Moneyness</th><th width="107.015625">For Calls</th><th width="107.14453125">For Puts</th></tr></thead><tbody><tr><td><strong>In the money (ITM);</strong> the option has intrinsic value.</td><td><span class="math">F > K</span></td><td><span class="math">F &#x3C; K</span></td></tr><tr><td><strong>At the money (ATM);</strong> the strike is near the current index price.</td><td><span class="math">F \approx K</span></td><td><span class="math">F \approx K</span></td></tr><tr><td><strong>Out of the money (OTM);</strong> the option has no intrinsic value.</td><td><span class="math">F &#x3C; K</span></td><td><span class="math">F > K</span></td></tr></tbody></table>

An OTM option can still trade at a premium because it still has time value.

### Buyers and sellers

Every option has a buyer and a seller.

* The **buyer** pays premium upfront and has defined downside equal to that premium.
* The **seller** receives premium upfront and takes on the obligation opposite the buyer's right.
* Short options require collateral, and losses can exceed premium received.

Time usually works against buyers and in favor of sellers.

### Why option prices move before expiry

Option prices can move even when the contract is far from expiry.

The main drivers are:

1. **Index price changes** — calls and puts respond differently as the underlying moves.
2. **Implied volatility changes** — higher implied volatility usually makes options more expensive.
3. **Time passing** — time value usually decays as expiry approaches.

These sensitivities are summarized by the Greeks. For formulas and calculations, see [Black-76 & the Greeks](/trading/options/black-76-and-the-greeks).

### Reading the option chain

The option chain lists every available contract, grouped by expiry date. Most options chains follow these conventions:

* Calls to the left (1)
* Strike Price at the center (2)
* Puts on the right (3)

<figure><img src="/files/L2hgXTFA0JmmqmcXM72l" alt=""><figcaption><p>Options Chain View on Rails</p></figcaption></figure>

* **Ask price:** what you pay to buy an option now
* **Bid price:** what you receive to sell an option now
* **Mark price:** the reference price used for margin and unrealized P\&L. It is not always the price you can trade at immediately.
* **IV:** implied volatility, or the market's expectation of future price swings
* **Volume:** how many contracts traded during the selected period
* **Open interest:** how many contracts remain open

### Where to go next

* [Black-76 & the Greeks](/trading/options/black-76-and-the-greeks) — how Rails calculates option marks and Greeks.
* [Expiry & Settlement](/trading/options/expiry-and-settlement) — how contracts settle at expiry.
* [Metrics Guide](/trading/options/options-metrics-guide) — contract, premium, and payoff formulas.


# Black-76 & the Greeks

Learn how Rails calculates option mark prices and Greeks with Black-76.

Rails uses the **Black-76** model to calculate option mark prices and the Greeks. Black-76 is a standard model for European options priced from a forward-style reference price.

The mark price is the reference value Rails assigns to each option for unrealized P\&L, margin, and liquidations. It is derived from the model rather than the last traded price, which keeps it resistant to manipulation and thin-book noise.

### Inputs

The model uses these inputs:

* $$F$$ — pricing reference for the underlying forward price.
* $$K$$ — strike price
* $$T$$ — time to expiry, in years
* $$\sigma$$ — annualized implied volatility (the mark volatility)
* $$r$$ — risk-free rate
* $$N(x)$$ — cumulative distribution function of the standard normal
* $$n(x)$$ — standard normal density

### Black-76 pricing formulas

For a call:

$$
C = e^{-rT}\left\[F N(d\_1) - K N(d\_2)\right]
$$

For a put:

$$
P = e^{-rT}\left\[K N(-d\_2) - F N(-d\_1)\right]
$$

Where:

$$
d\_1 = \frac{\ln(F/K) + \frac{1}{2}\sigma^2 T}{\sigma \sqrt{T}}
$$

$$
d\_2 = d\_1 - \sigma \sqrt{T}
$$

{% hint style="info" %}
These formulas convert the forward reference price, strike, time to expiry, and implied volatility into a theoretical option value.
{% endhint %}

### Pricing conventions on Rails

#### Rate convention

The Black-76 formulas above include a discount factor $$e^{-rT}$$.

Rails sets $$r=0$$, so this simplifies to 1 and the formulas are not discounted.

#### Put-call parity

Black-76 implies a consistency relationship between calls and puts at the same strike and expiry:

$$
C - P = e^{-rT}(F - K)
$$

With the Rails rate convention $$r = 0$$, this becomes:

$$
C - P = F - K
$$

#### Intrinsic value floor

Rails does not let option marks fall below intrinsic value.

{% columns %}
{% column %}
For **calls**:

$$
\text{Mark}\_{\text{call}} \geq \max(F - K, 0)
$$
{% endcolumn %}

{% column %}
For **puts**:

$$
\text{Mark}\_{\text{put}} \geq \max(K - F, 0)
$$
{% endcolumn %}
{% endcolumns %}

### What moves the mark price?

Option marks can update for three main reasons:

1. **The forward price changes**.
2. **Implied volatility changes**.
3. **Time passes**.

In practice:

* a higher $$F$$ usually helps calls and hurts puts
* a higher $$\sigma$$ usually increases both call and put values
* a lower $$T$$ usually reduces time value

### The Greeks

The Greeks measure how sensitive the theoretical option value is to changes in the model inputs.

Unless stated otherwise, the Greeks below are sensitivities of the Black-76 option premium. Delta and Gamma are shown with respect to $$F$$.

{% tabs %}
{% tab title="Delta" %}
**Delta (**$$\Delta$$**)** measures how much the option value changes for a small move in the underlying reference price.

For a call: $$\Delta\_{\text{call}} = e^{-rT} N(d\_1)$$

For a put: $$\Delta\_{\text{put}} = -e^{-rT} N(-d\_1)$$
{% endtab %}

{% tab title="Gamma" %}
**Gamma (**$$\Gamma$$**)** measures how quickly delta changes as the underlying moves.

For both calls and puts:

$$
\Gamma = \frac{e^{-rT} n(d\_1)}{F \sigma \sqrt{T}}
$$
{% endtab %}

{% tab title="Vega" %}
**Vega (**$$v$$**)** measures sensitivity to implied volatility.

For both calls and puts:

$$
v = F e^{-rT} n(d\_1)\sqrt{T}
$$
{% endtab %}

{% tab title="Theta" %}
**Theta (**$$\Theta$$**)** measures sensitivity to the passage of time.

For a call:

$$
\Theta\_{\text{call}} = -\frac{F e^{-rT} n(d\_1)\sigma}{2\sqrt{T}} + r e^{-rT}\left\[F N(d\_1) - K N(d\_2)\right]
$$

For a put:

$$
\Theta\_{\text{put}} = -\frac{F e^{-rT} n(d\_1)\sigma}{2\sqrt{T}} + r e^{-rT}\left\[K N(-d\_2) - F N(-d\_1)\right]
$$

Theta is usually negative for long options because time value tends to decay as expiry approaches.
{% endtab %}

{% tab title="Rho" %}
**Rho (**$$\rho$$**)** measures sensitivity to interest rates.

For a call:

$$
\rho\_{\text{call}} = -T e^{-rT}\left\[F N(d\_1) - K N(d\_2)\right]
$$

For a put:

$$
\rho\_{\text{put}} = -T e^{-rT}\left\[K N(-d\_2) - F N(-d\_1)\right]
$$

Rho is usually less important in crypto options because Rails uses the convention $$r = 0$$.
{% endtab %}
{% endtabs %}

{% hint style="info" %}
Use [Intro to Options](/trading/options/intro-to-options) for definitions and contract terminology. Use [Metrics Guide](/trading/options/options-metrics-guide) for payoff, premium, and margin formulas.
{% endhint %}


# Options Metrics Guide

Learn how Rails calculates option premium, payoff, and margin.

This guide explains the main options metrics on Rails and how they are calculated. Explore them below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center">Definitions</td><td><a href="/pages/sWbZHQU8UthIBBab35kM#definitions">/pages/sWbZHQU8UthIBBab35kM#definitions</a></td></tr><tr><td align="center">General Calculations</td><td><a href="/pages/sWbZHQU8UthIBBab35kM#general">/pages/sWbZHQU8UthIBBab35kM#general</a></td></tr><tr><td align="center">Margin Calculations</td><td><a href="/pages/sWbZHQU8UthIBBab35kM#margin">/pages/sWbZHQU8UthIBBab35kM#margin</a></td></tr><tr><td align="center">Pricing, Fees &#x26; Settlement Calculations</td><td><a href="/pages/sWbZHQU8UthIBBab35kM#pricing-fees-and-settlement">/pages/sWbZHQU8UthIBBab35kM#pricing-fees-and-settlement</a></td></tr></tbody></table>

{% hint style="info" %}
See [Black-76 & the Greeks](/trading/options/black-76-and-the-greeks) for pricing inputs and [Margin & Liquidation](/trading/options/margin-and-liquidation) for liquidation mechanics.
{% endhint %}

## Definitions

<table><thead><tr><th width="117.8828125" align="center">Symbol</th><th>Meaning</th></tr></thead><tbody><tr><td align="center"><span class="math">F</span></td><td><strong>Forward price:</strong> the underlying reference price used to value the option.<br><br>At Rails, we use <a href="/pages/QLMYpTm831YuVLgLZnGI#forward-price-source">Deribit's forward price feed</a>.</td></tr><tr><td align="center"><span class="math">K</span></td><td><strong>Strike price:</strong> the price at which the option settles at expiry.</td></tr><tr><td align="center"><span class="math">P</span></td><td><p><strong>Price</strong>, where:</p><ul><li><span class="math">P_{index}</span> is the Index Price, or current fair-market price of the underlying asset. It is used in margin calculations.</li><li><span class="math">P_{call}</span> is the <strong>call model price</strong> from <a href="/pages/rFy02RjAy9r2qkWRiWkK">Black-76</a>, before the intrinsic floor.</li><li><span class="math">P_{put}</span> is the <strong>put model price</strong> from <a href="/pages/rFy02RjAy9r2qkWRiWkK">Black-76</a>, before the intrinsic floor.</li><li><span class="math">P_{mark}</span> is the Mark Price.</li></ul></td></tr><tr><td align="center"><span class="math">Q</span></td><td><strong>Contracts:</strong> the number of option contracts in the position.</td></tr><tr><td align="center"><span class="math">S</span></td><td><p>Side: direction of the position, where:</p><ul><li>Long = 1</li><li>Short = -1</li></ul></td></tr><tr><td align="center"><span class="math">T</span></td><td><strong>Time to expiry:</strong> the remaining life of the option, expressed in years.</td></tr><tr><td align="center"><span class="math">p</span></td><td><p><strong>Premium:</strong> the per-contract amount paid by the buyer or received by the seller.</p><ul><li><span class="math">p_{paid}</span> is the Premium Paid.</li><li><span class="math">p_{rcvd}</span> is the Premium Received.</li></ul></td></tr><tr><td align="center"><span class="math">M</span></td><td><p><strong>Margin,</strong> where:</p><ul><li><span class="math">IM</span> is <strong>Initial Margin,</strong> or collateral required to open or maintain a short option position.</li><li><span class="math">MM</span> is <strong>Maintenance Margin,</strong> or the minimum collateral required to avoid liquidation on a short option position.</li><li><span class="math">M_{used}</span> is <strong>Used Margin,</strong> or collateral locked to cover open orders and positions.</li></ul></td></tr><tr><td align="center"><span class="math">D</span></td><td><strong>Deposits:</strong> Amount of USDT deposited into your account.<br><br><em>Note:</em> <a href="/pages/G2bk5zSYFdeZivCGO0N7"><em>Transferring</em></a> <em>cash balances from Perps to Options Account are considered a deposit.</em></td></tr><tr><td align="center"><span class="math">W</span>​</td><td><strong>Withdrawals:</strong> Total USDT withdrawal volume.<br><br><em>Note:</em> <a href="/pages/G2bk5zSYFdeZivCGO0N7"><em>Transferring</em></a> <em>cash balances from Options to Perps are considered a withdrawal.</em></td></tr><tr><td align="center"><span class="math">P\&#x26;L</span>​</td><td><p><strong>Profit &#x26; Loss:</strong> the USDT profit or loss relative to entry and position size, where:</p><ul><li><span class="math">P\&#x26;L_u</span>​ = Unrealized P&#x26;L</li><li><span class="math">P\&#x26;L_r</span>​​ = Realized P&#x26;L</li></ul></td></tr><tr><td align="center"><span class="math">Fee</span>​</td><td><p><strong>Fees:</strong> Total fees charged in USDT, where:</p><ul><li><span class="math">Fee_{del}</span> is the Delivery Fee (only at expiry)</li><li><span class="math">Fee_{txn}</span> is the Transaction Fee (except at expiry)</li></ul></td></tr><tr><td align="center"><span class="math">PO</span></td><td><strong>Payoff</strong>: the USDT amount settled at expiry, equal to the option's intrinsic value if in-the-money and zero otherwise. The seller pays the payoff to the buyer at settlement.</td></tr></tbody></table>

## Calculations

### General

<details>

<summary>Total Balance</summary>

Total Balance is the settled cash value of your account. It reflects completed events, but does not include unrealized P\&L from open positions:

$$\text{Total Balance} = D\_{total} + p\_{total} + PO -W\_{total} -Fees\_{total}$$

</details>

<details>

<summary>Available Balance</summary>

**Available Balance:** funds available for new trades or withdrawals.

$$\text{Available Balance} = \text{Total Balance} - M\_{used}$$

</details>

<details>

<summary>Account Balance</summary>

Your **Account Balance** is your total cash (collateral), and is equivalent to your Total Balance when you have no positions open.

$$\text {Account Balance} = \text{Available Balance} + M\_{used}$$&#x20;

</details>

<details>

<summary>Account Equity</summary>

Account Equity is the real-time value of the account, combining settled cash with the current mark-to-market value of all open positions:

$$\text{Account Equity} = \text{Total Balance} + \sum\_{i} \left( P\_{mark,i} \times (Q\_i \times S\_{i} \right)$$

where:

* $$\sum\_{i} \left( P\_{mark,i} \times Q\_i \right)$$ is the combined mark-to-market value of all open positions, using each position's Mark Price ($$P\_{mark,i}$$) and quantity

For short positions, the position mark value is negative, so Account Equity can be above or below Total Balance depending on how open positions are marked.

</details>

### Margin

<details>

<summary>Margin Ratio</summary>

Margin Ratio measures how close a short position account is to liquidation. It is the account's total maintenance requirement relative to its equity.

$$\text{Margin Ratio} = \frac{MM\_{total}}{\text{Account Equity}}$$

where:

* $$MM\_{total} = \sum\_{i} MM\_i$$
  * Note: the sum of the Maintenance Margin for each open position ($$i$$) (see [Maintenance Margin (Short Call/Put)](#maintenance-margin-short-call-put)).
* $$\text{Account Equity} = \text{Total Balance} + \text{Positions Mark Value}$$

A higher Margin Ratio indicates greater liquidation risk; liquidation is triggered when the ratio reaches 100%.

</details>

<details>

<summary>Margin (Long Call/Put)</summary>

For **long calls or puts**, the maximum loss is the premium paid for the contract and adds a buffer rate of 16.5%, therefore:\
\
Required initial margin is calculated:  $$IM = (p \times 1.165) \times Q$$

Once the premium is paid upon fills, the maintenance margin required becomes: $$MM = (p \times 0.165) \times Q$$

{% hint style="info" %}
The 16.5% **buffer rate** covers a 12.5% liquidation fee, 1% insurance fee, and 3% slippage.
{% endhint %}

</details>

<details>

<summary>Initial Margin (Short Call/Put)</summary>

For **short calls or short puts**, potential losses can be large. Short calls have no upside loss ceiling, and short puts can still lose significantly if the underlying falls to zero. Therefore, margin is the greater of $$IM'$$ and Maintenance Margin:

$$M = \max(IM',\ MM)$$

Where:

$$IM' = \max!\left(0.15 \times P\_{index} - \text{OTM Discount},\ 0.10 \times P\_{mark}\right) \times Q$$

{% hint style="info" %}
This uses 15% index-based risk, with a 10% mark-price floor, plus mark price. It also ensures Initial Margin never falls below Maintenance Margin.
{% endhint %}

</details>

<details>

<summary>Maintenance Margin (Short Call/Put)</summary>

In Short Calls or Short Puts, Maintenance Margin is used for [liquidation monitoring](/trading/options/margin-and-liquidation):

$$MM = \max!\left(0.05 \times P\_{index} - \text{OTM Discount},\ 0.05 \times P\_{mark}\right) \times Q$$

{% hint style="info" %}
This uses 5% index-based risk, or 5% mark-price floor.
{% endhint %}

</details>

<details>

<summary>Mark Price Floor (Calls &#x26; Puts)</summary>

Rails prices options using [Black-76](/trading/options/black-76-and-the-greeks) and applies an intrinsic value floor to prevent a mark price below [intrinsic value](#intrinsic-value).

**For calls:** $$P\_{mark} = \max!\left(P\_{call},\ \max(F - K,0)\right)$$

**For puts:** $$P\_{mark}= \max!\left(P\_{put},\ \max(K - F,0)\right)$$

</details>

<details>

<summary>OTM Discount (Short Calls/Puts)</summary>

For **short calls,** the OTM discount reduces short-call margin when the call is out of the money:

* $$\text{OTM Discount} = \max(0,\ K - F)$$

For short puts, the OTM discount reduces short-put margin when the put is out of the money:

* $$\text{OTM Discount} = \max(0,\ F - K)$$

</details>

<details>

<summary>Position Mark Value</summary>

Positions Mark Value is the mark-to-market value of all open positions:

$$\text{Positions Mark Value} = \sum\_{i} \left( P\_{mark,i} \times Q\_i \right)$$

</details>

### Pricing, Fees & Settlement

<details>

<summary>Premium</summary>

Option premiums are calculated using the Black-76 formula. Given the complexity, the formula and details are explained in our article on [Black-76 and the Greeks](/trading/options/black-76-and-the-greeks).

</details>

<details>

<summary>Intrinsic Value</summary>

Intrinsic value is the option's immediate exercise value — what it would be worth if exercised right now.

**For calls:** $$\text{Intrinsic Value} = \max(F - K,\ 0)$$

**For puts:** $$\text{Intrinsic Value}= \max(K - F,\ 0)$$

</details>

<details>

<summary>Payoff</summary>

At settlement, if the contract is ITM, the contract seller pays the [intrinsic value](/trading/options/options-metrics-guide#intrinsic-value) to the buyer, else the contract expires worthless.

**For calls:** $$PO = Q \times \max(F - K,\ 0)$$

**For puts:** $$PO = Q \times \max(K - F,\ 0)$$

</details>

<details>

<summary>Transaction Fee</summary>

The transaction fee applied to each options trade (other than at expiry) is calculated as:

$$Fee\_{txn} = min(0.0003 × P\_{index}, 0.125 × p) × Q$$

The 12.5% cap on the option price prevents the fee from ever exceeding a fair proportion of the premium. Deep out-of-the-money contracts can have a premium close to zero, so charging on the index price alone would be disproportionate; the MIN function ensures the fee stays reasonable relative to the premium.

</details>

<details>

<summary>Delivery Fee</summary>

Long Options Positions that expire profitably (ITM) are settled with a delivery fee, calculated as:

$$Fee\_{del} = (0.00015 × P\_{index}) × Q$$

</details>

<details>

<summary>Settlement P&#x26;L</summary>

Your Realized P\&L is calculated at expiry, *before* fees, using the formulas below:

* **Long call:** $$P\&L = \max(F - K,0) - p\_{paid}$$
* **Long put:** $$P\&L = \max(K - F,0) - p\_{paid}$$
* **Short call:** $$P\&L = p\_{rcvd} - \max(F - K,0)$$
* **Short put:** $$P\&L = p\_{rcvd} - \max(K - F,0)$$

</details>


# Pricing & Fees

Options at Rails use a straightforward and transparent pricing model, detailed below:

<table><thead><tr><th width="127.87109375">Category</th><th width="181.1953125">Rails Fee</th><th width="131.33984375">Network Cost*</th><th>Details</th></tr></thead><tbody><tr><td>Platform Access</td><td>$0</td><td>N/A</td><td>There is no cost to create or hold a Rails account.</td></tr><tr><td><a href="/pages/dZLBuhKOpAwCJ78bnaJ6">Deposits</a></td><td>$0</td><td>Varies based on source network</td><td>Deposits from some networks involve bridging and gas fees paid directly from your wallet. Exact fees are shown before confirming.</td></tr><tr><td>Withdrawals</td><td>$0</td><td>0.1% (max $1)</td><td>The cost to cover gas fees is deducted from your withdrawal amount.</td></tr><tr><td>Transaction Fees</td><td>0.03% of the Index Price, capped at 12.5% of the Option Price. See <a href="/pages/sWbZHQU8UthIBBab35kM#transaction-fee">Transaction Fee calculation</a>.</td><td>N/A</td><td>The 12.5% cap on the option price prevents the fee from ever exceeding a fair proportion of the premium.</td></tr><tr><td>Delivery Fee</td><td>See <a href="/pages/sWbZHQU8UthIBBab35kM#delivery-fee">Delivery Fee Calculation</a>.</td><td>N/A</td><td>A delivery fee applies to profitable (in-the-money) long positions at settlement.</td></tr><tr><td>Liquidation</td><td>1.0%</td><td>N/A</td><td>In addition to trading fees, a 1% fee is charged on all liquidated positions.</td></tr></tbody></table>


# Index & Forward Price Sources

## Index Price Source

Accurate and reliable index prices are crucial to our platform. We source index price data from multiple reputable APIs to ensure robustness, reduce the risk of price manipulation, and maintain availability. These prices underpin Rails' core services such as [funding](https://help.rails.xyz/trading/funding) and [trading metrics](https://help.rails.xyz/getting-started/trading-metrics-guide) calculations.

To ensure reliability and availability, our system uses a multi-sourced cascading fallback approach for index pricing, detailed below:

|                                                                     Primary Source                                                                    |
| :---------------------------------------------------------------------------------------------------------------------------------------------------: |
| [CoinDesk Aggregate Index API - CCIX](https://developers.coindesk.com/documentation/data-streamer/index_cc_v1_latest_tick_direct_trading_methodology) |
|                                                            Our main source of index prices.                                                           |

<table><thead><tr><th align="center" valign="middle">Backup Source 1</th><th align="center" valign="middle">Backup Source 2</th><th align="center">Backup Source 3</th></tr></thead><tbody><tr><td align="center" valign="middle"><a href="https://developers.coindesk.com/documentation/legacy-websockets/AggregateIndex">CoinDesk Aggregate Index API - CCCAGG</a></td><td align="center" valign="middle"><a href="https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/websocket/subscriptions">Hyperliquid Subscriptions API - Hyperliquid</a></td><td align="center"><a href="https://docs.kraken.com/api/docs/websocket-v2/ticker/">Kraken's Ticker (Level 1) API</a></td></tr><tr><td align="center" valign="middle">Used if the primary source becomes unavailable.</td><td align="center" valign="middle">Acts as a secondary fallback to maintain price availability.</td><td align="center">Acts as the last fallback to maintain price availability.</td></tr></tbody></table>

## Forward Price Source

Accurate and reliable forward prices are crucial to options valuation. We source forward price data from [Deribit’s Get Book Summary by Currency Public API](https://docs.deribit.com/api-reference/market-data/public-get_book_summary_by_currency) endpoint.

This data supports contract-level mark price and implied volatility calculations. For each live options contract, `underlying_price` provides the forward-derived price used for valuation. Options use a forward reference price in [Black-76](/trading/options/black-76-and-the-greeks), so this price reflects the futures curve for that expiry rather than the current spot price.


# Troubleshooting Guide

We've got tips to help you troubleshoot the most common issues. Select a topic to learn more:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Sign Up</strong></td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/27VKBSmFFZLyVmSiat9V#sign-up">/spaces/voJ4s2ha99AB453yyXn5/pages/27VKBSmFFZLyVmSiat9V#sign-up</a></td></tr><tr><td align="center"><strong>Manage Account</strong></td><td><a href="/spaces/voJ4s2ha99AB453yyXn5/pages/27VKBSmFFZLyVmSiat9V#account-funding">/spaces/voJ4s2ha99AB453yyXn5/pages/27VKBSmFFZLyVmSiat9V#account-funding</a></td></tr><tr><td align="center"><strong>Trading</strong></td><td><a href="/pages/27VKBSmFFZLyVmSiat9V#trading">/pages/27VKBSmFFZLyVmSiat9V#trading</a></td></tr><tr><td align="center"><strong>Platform &#x26; Technical Issues</strong></td><td><a href="/pages/27VKBSmFFZLyVmSiat9V#platform-and-technical-issues">/pages/27VKBSmFFZLyVmSiat9V#platform-and-technical-issues</a></td></tr></tbody></table>

{% hint style="info" %}

#### Need more help?

Should you have additional questions not covered in this troubleshooting guide, please reach out to a support team member by [sending us an email](/support/contactus#get-help).
{% endhint %}

### Sign Up

<details>

<summary>ID Document Verification</summary>

If you're having issues verifying your government-issued driver's license, passport, or ID card:

* Ensure your browser is up to date (whether you’re on a computer or mobile device).
* Complete the verification process on your mobile device by clicking **Continue on phone**. Your phone’s camera typically produces the clearest photo.

<div align="center"><figure><img src="/files/pM9g8ahIPK9TJkgfozkb" alt="" width="375"><figcaption><p>This option is found at the bottom of each screen in this process.</p></figcaption></figure></div>

* If you must use a webcam, try setting the ID flat down and move the webcam instead of moving the ID.
* Use indirect light to capture your ID to avoid glare.
* Use a plain background for the photo.
* Ensure all corners of the ID are visible, and there are no objects in the way.

</details>

<details>

<summary>Facial Recognition Issues</summary>

* Make sure your area is well-lit (natural light works best).
* Keep your face centered and fully visible in the frame.
* Avoid unnecessary accessories or obstructions — If you have glasses on in your ID photo, keep them on, but take off your hat.
* If you're using a webcam, it works best if you are eye-level with the camera.

</details>

### Manage Account

#### General

<details>

<summary>Sign-In Issues</summary>

**Invalid Credentials:** If you're receiving this error message when attempting to sign in, it could be due to the following reasons:

* **Incorrect Sign-In Page**: Make sure you're using the [correct URL](https://trade.rails.xyz/) to log in to your account.
* **Incorrect Email:** Confirm you're entering the correct email associated with your account.
* **Incorrect Password:** If you're certain you're using the correct email and sign-in page, try [resetting your password](/manage-account/account-security#password-reset) or [signing in with Google](/manage-account/account-security#single-sign-on-sso-with-google) if you're using Gmail.

**MFA Issues:** If your [One-Time-Passcode (OTP)](/manage-account/account-security#multi-factor-authentication-mfa) or [passkey](/manage-account/account-security#multi-factor-authentication-mfa) is not working, try the following:

* **Try Another Method**: If you have multiple authentication methods configured on your account (i.e. at least 2 of OTP, passkeys or [Sign in with Google](/manage-account/account-security#single-sign-on-sso-with-google)), try again with a different method.
* **Troubleshoot**: View the tips below to help if you're not receiving the email for OTP, or if your passkey isn't working.

</details>

<details>

<summary>Email Not Received</summary>

If you're not receiving password reset or OTP emails, this could be a bug that we'll need to investigate. Try these steps to debug any potential problems or issues.

1. Ensure you are using the correct email associated with your account.
2. Check all available Spam or Junk folders and any tabs (Promotions, Updates, etc).
3. Search your email inbox for any emails from <no-reply@rails.xyz>.
4. Add <no-reply@rails.xyz> to your contacts list to whitelist the emails from our end.
5. Clear your browser cache as a last and final step.

* Try to use the reset password link again.

If the email is still not being received, please submit a [support request](https://railsxyz.zendesk.com/hc/en-us/requests/new) and our team will contact you as soon as possible. Any further error messages or screenshots of what you're experiencing, and confirmation that you've tried to troubleshoot the above can be added to your request, and will help us expedite a resolution for you.

</details>

<details>

<summary>Passkey Issues</summary>

If you're having issues setting up or logging in with a passkey, it may be due to the following common issues:

**Wrong account**

Make sure you are signed into the correct account associated with the passkey service you set up. For example, if you set up your iCloud passkey with your personal iCloud account (e.g. @gmail.com), but are trying to verify the passkey on a work device with a separate iCloud account (e.g. @workdomain.org) it will fail.

**Device or browser not up to date**

Passkey functionality relies on up-to-date operating systems and browsers. Outdated software may lack necessary features or security updates.

* Ensure your device’s OS is updated to the latest version.
* Use the latest version of Chrome or other browsers like Safari, Edge or Firefox.
* Ensure your settings related to security and privacy don't block passkey functionality.

**Expired or invalid session**

Sessions can expire due to inactivity, network issues, or security policies, leading to failed authentication attempts.

* Reload the sign-in page and attempt to sign in again.
* Clear cookies and cache to remove any corrupted session data.

</details>

#### Wallet Connection

<details>

<summary>Common Wallet Connection Issues</summary>

Here are some common issues that may impact your ability to connect your wallet.

**Unsupported wallet:**

* Some wallets are not Ink-compatible (e.g. Uniswap) and may be difficult to connect.

**Network mismatch:**

* Try connecting your wallet to the Ink network. If it's not natively supported, you may need to add the network manually using the information [here](https://docs.inkonchain.com/general/connect-wallet).

**Permissions not completed:**

* You need to accept permissions and sign the request in your wallet. If the approval is pending or not completed, you cannot proceed.

**"Please connect to your linked wallet"**

* One wallet address is linked or fixed to each account at a time. [Changes](/manage-account/wallet-connection#changing-your-wallet) can only be made with an account balance of $0.00. If you forgot which wallet you have connected, open **Settings → Wallet**.

**Attempting on mobile:**

* Wallet connection, deposit and withdrawal functions are only available on desktop for now.

</details>

<details>

<summary>Common Wallet Unlinking Issues</summary>

Here are the key reasons you may not be permitted to unlink your wallet.

**Account Balance:**

* Your account balance must be $0 to unlink your wallet. All open positions must be closed and funds withdrawn to the wallet connected.

**Attempting on mobile:**

* Wallet connection, deposit and withdrawal functions are only available on desktop for now.

</details>

<details>

<summary>What wallets are supported?</summary>

Most wallets are supported, but some may make it difficult for you to view the bridging or deposit transactions in your wallet. This is because not all natively support the Ink network.

If you can't see the transaction in your wallet, you can verify if it was successful using [Layer Zero Scan](https://layerzeroscan.com/) or the blockchain transaction verification site of your choosing, and try importing the Ink network to your wallet manually.

The table below lists all wallets that we have confirmed support the Ink network:

<table><thead><tr><th width="203.09552001953125">Wallet</th><th width="263.18499755859375">Ink Network Support</th></tr></thead><tbody><tr><td>Kraken</td><td><mark style="background-color:green;">Natively supported</mark></td></tr><tr><td>Rainbow</td><td><mark style="background-color:green;">Natively Supported</mark></td></tr><tr><td>MetaMask</td><td><mark style="background-color:green;">Supported</mark></td></tr><tr><td>Coinbase</td><td><mark style="background-color:green;">Supported</mark></td></tr><tr><td>OKX</td><td><mark style="background-color:green;">Supported</mark></td></tr><tr><td>Brave</td><td><mark style="background-color:green;">Supported</mark></td></tr></tbody></table>

{% hint style="info" %}
If your preferred wallet isn't listed, it may still support Ink. We recommend verifying compatibility with Ink before proceeding.
{% endhint %}

</details>

<details>

<summary>What is a connected vs. linked wallet?</summary>

Since Rails uses on-chain custody, a digital wallet is required to be **connected** and **linked** to your account to deposit or withdraw funds.

* **Connected**: Provide authorization for the Rails platform to interact with your wallet by verifying the connection in your wallet.
* **Linked**: One wallet address is linked or fixed to each account at a time. Wallets are automatically linked to your account at time of first connection. [Changes](/manage-account/wallet-connection#changing-your-wallet) can only be made by unlinking your wallet which requires an account balance of $0.00.

</details>

<details>

<summary>What if I forgot which wallet address is linked to my account?</summary>

To find the public address of your linked wallet, do the following:

1. [Sign in](https://trade.rails.xyz/trade/BTC-USD) to your Rails account.
2. Click on the **Options button** (Username) on the top right corner and then select **Settings**.
3. Click **Wallet** in the left-hand navigation bar.
4. Your public address is listed under <kbd>Wallet Address</kbd>. If you don't see this section, you do not have a linked wallet and may connect a new one.

</details>

<details>

<summary>What if I've lost access to my linked wallet address?</summary>

As an onchain custody platform, if you lose access to your wallet we are not able to help you reclaim access to it or any tokens it may have held.

If you've lost access to your linked wallet and your account balance is greater than 0, you will not be permitted to change it. You will need to open a new account to connect a new wallet, or wait until your balance is 0.

{% hint style="danger" %}
Not your keys, not your coins! Never share your private keys with ANYONE. Rails will never ask for these.
{% endhint %}

</details>

<details>

<summary>Why can't I change my wallet when I have an available balance?</summary>

Rails restricts or limits wallet changes intentionally to increase security and reduce risk on the platform.

This means that all open positions must be closed and funds withdrawn to an already connected wallet. Users are only permitted to change their wallet address if their account balance is 0.

Rails users must take proactive steps to secure their private keys or secret recovery codes.

</details>

#### Account Funding

<details>

<summary>Common Deposit Issues</summary>

Here are some common issues that may impact your ability to deposit funds.

**Insufficient Funds**

* You must have enough USDT in your wallet to cover your deposit amount.
* You must have enough ETH in your wallet to cover gas and network fees.

If you don't have sufficient USDT or ETH, you must obtain some from the exchange of your preference, or swap other tokens.

{% hint style="info" %}
If there are wallet syncing issues (e.g. your balances are displayed incorrectly), refresh your browser, clear your cache or try reconnecting your wallet.
{% endhint %}

**Transaction approval not completed:**

* You need to approve and “sign” the transaction in your wallet before you bridge or swap tokens. If the approval is pending or not completed, the transaction cannot proceed.

**Network mismatch:**

* Make sure you are using a compatible wallet and that it's connected to the Ink network.

**Bridging transaction failed:**

* This may happen in rare instances, such as if the gas or network costs change during the time the transaction takes to process and you no longer have sufficient funds, or if there is a network error. Click **Try Deposit Again** when prompted.

**Long transaction times:**

* Depositing USDT from ETH Mainnet (Layer 1), as opposed to directly from Ink or another Layer 2 blockchain, may take longer (and cost more in gas fees) due to network congestion on Layer 1. Depositing USDT from a Layer 2 network or waiting until ETH Mainnet is less busy can shorten wait times.

{% hint style="info" %}
Learn more about Layer 1 and Layer 2 networks in our [Deposit guide](/manage-account/manage-funds/deposit).
{% endhint %}

**High gas fees or other network costs:**

* Gas fees may increase with network activity. Wait until the network congestion decreases and try again to save on fees.

**Attempting on mobile:**

* Wallet connection, deposit and withdrawal functions are only available on desktop for now.

**Under review:**

* Due to our commitment to fighting illicit activity and meeting regulatory requirements, all wallet addresses are screened against international sanctions lists. This is done using an automated service which may trigger a manual review of your account. Deposits are not permitted until this review is complete. Our team will contact you within 1 business day to confirm when your deposits are enabled.

</details>

<details>

<summary>Why are deposits restricted to USDT/USDT0?</summary>

We've chosen to leverage [Tether's](https://tether.to/en/) USDT token as our required collateral for the Rails platform. USDT is the most widely accepted stablecoin in the world and has a [cross-chain transfer service](https://usdt0.to/transfer) which makes it easy, fast and low cost to bridge other USDT tokens other networks.

Leveraging a single token enables clearer and more transparent tracking and auditing of funds.

</details>

<details>

<summary>Why does my wallet ask me to confirm switching to Ink</summary>

Ink is a new Layer 2 blockchain developed by the team at Kraken. Since it’s still early in its rollout, some wallets—like Coinbase Wallet—may show a warning when connecting or switching to the Ink network. This is a standard precaution many wallets take with newer or less widely recognized networks. Despite the warning, Ink is a legitimate network backed by a trusted exchange, and the message should become less common as broader wallet support is rolled out.

</details>

<details>

<summary>What is a spending cap?</summary>

The spending cap is the maximum amount of USDT that you authorize Rails to access from your wallet for deposit transactions. It's a standard part of the transaction approval process for most wallets, which help users set limits for future deposits.

Rails will automatically set your spending cap to *`unlimited`* during your first deposit to expedite future deposits, but you can change this limit during that step in the [Deposit guide](/manage-account/manage-funds/deposit).

{% hint style="info" %}
An unlimited spending cap doesn’t give Rails direct access to your tokens. You must initiate each deposit, and the cap only controls when your wallet asks for additional approvals.
{% endhint %}

To edit your spending cap, click on the pencil icon to edit your spending cap, enter your preferred spending cap and click **Save** as shown below.

<figure><img src="/files/Jii1MB1ugIJ2Na4JFW7t" alt="" width="362"><figcaption></figcaption></figure>

<figure><img src="/files/fvxcWMl9t1FPXbniIw9q" alt="" width="342"><figcaption></figcaption></figure>

</details>

<details>

<summary>What are gas and network costs?</summary>

Rails does not charge any fees for deposits, but there are some gas and network costs associated with processing transactions on the blockchain which are passed on to end users.

{% hint style="success" %}
Deposit USDT directly from the Ink network to avoid gas and network fees associated with bridging.
{% endhint %}

<table><thead><tr><th width="205.7265625">Network Cost</th><th width="481.4368896484375">What is it?</th></tr></thead><tbody><tr><td>Gas on Destination (Ink)</td><td>This in itself is not actually a fee, but a transfer of ETH from the source network (where you're depositing from) to Ink. If you already have ETH on Ink, this will be 0.</td></tr><tr><td>Bridging Cost</td><td>This covers the messaging costs (i.e. delivery and gas costs) for moving tokens between blockchain networks (e.g. Ethereum to Ink).</td></tr><tr><td>Estimated Source Gas</td><td>This is the cost of gas charged by the network you're depositing from to initiate the transaction.</td></tr></tbody></table>

</details>

<details>

<summary>What is bridging and why is it needed?</summary>

Bridging is the process of moving assets (like USDT) or data between blockchains. Since networks like Ethereum and Ink operate independently and can’t communicate directly, a bridge enables them to transfer tokens or information across chains.

To deposit on Rails, you need USDT0 on Ink. If you hold USDT on another network, it must first be bridged to Ink. We’ve built a seamless bridging experience for supported networks directly into the platform. If your network isn’t supported, you’re welcome to use an external bridge of your choice.

{% hint style="info" %}
Bridging USDT from Layer 2 networks to Ink is the most efficient with speed and fees.\
\
Bridging from busy Layer 1 networks like ETH Mainnet costs more and takes longer to process.
{% endhint %}

</details>

<details>

<summary>What networks are supported for deposits?</summary>

Blockchain networks using [LayerZero's OFT (omnichain Fungible Token) standard](https://layerzero.network/blog/explaining-the-oft-standard?utm_source=chatgpt.com) are supported. This list will grow as support for this new technology expands:

{% hint style="info" %}
Deposits from Layer 2 networks will have lower gas and network fees. If you need to deposit from popular Layer 1 networks like Ethereum, you can avoid high fees by waiting until network congestion is lower.
{% endhint %}

If you don't already have USDT on one of these networks, you will need to bridge and/or swap existing tokens to one of these networks.

| Supported Layer 1 Networks | Supported Layer 2 Networks |
| -------------------------- | -------------------------- |
| Ethereum                   | Arbitrum                   |
| Berachain                  | Optimisim                  |
| Sei                        | Ink                        |
| Flare                      | Unichain                   |
|                            | Corn                       |
|                            |                            |

</details>

<details>

<summary>What is a Layer 1 vs Layer 2 network?</summary>

Layer 1 is the main blockchain network, like Ethereum or Bitcoin, where transactions and data are stored directly on the chain. Layer 1 is secure and decentralized but can be slower and more expensive as more people use it.

Layer 2 is built on top of Layer 1 to make things faster and cheaper. It processes transactions off the main chain and then sends a summary back to Layer 1. This helps reduce fees and speeds up transactions while still using the security of the main blockchain.

These benefits are why deposits and withdrawals leverage USDT0 on Ink, a Layer 2 blockchain.

</details>

<details>

<summary>Common Withdrawal Issues</summary>

Here are some common withdrawal issues and tips to resolve them.

**My withdrawal was successful but I don't see it in my wallet:**

* Some wallets won't auto-import tokens so you need to import them manually for them to be displayed. MetaMask, for example, has steps to do so [here](https://support.metamask.io/manage-crypto/portfolio/how-to-import-a-token-in-metamask-portfolio/). Make sure to import the correct token by specifying its address.

{% hint style="info" %}
The token address for all Rails withdrawals is USDT0: `0x0200C29006150606B650577BBE7B6248F58470c1`
{% endhint %}

**Wallet not connected:**

* Make sure you are logged into your wallet extension and the wallet address associated with your Rails account is connected. Not sure what wallet is connected? [Visit your settings](/manage-account/wallet-connection#what-if-i-forgot-which-wallet-address-is-linked-to-my-account).
* Try restarting your browser and/or wallet extension if Rails is telling you the wallet is not connected but your wallet suggests that it is. This may indicate a caching issue.

**Wrong wallet connected (caching issue):**

* Sometimes browsers cache older wallet states, causing discrepancies between what’s displayed in the wallet extension and what Rails sees. If you encounter a "wrong wallet" error message, try clearing your browser’s cache or disconnecting and reconnecting your wallet in the extension.

**Network mismatch:**

* Ensure you’ve connected your wallet to the Ink network. You may need to [add it manually](https://docs.inkonchain.com/general/connect-wallet).

**Withdrawal limit not met:**

* There is a $10 minimum for all withdrawals.

**Permissions not completed:**

* You need to accept permissions and sign the request in your wallet. If the approval is pending or not completed, you cannot proceed.

**Attempting on mobile:**

* Wallet connection, deposit and withdrawal functions are only available on desktop for now.

</details>

### Trading

#### General

<details>

<summary>What is slippage and why does it happen?</summary>

**What is slippage?**

Slippage happens when the price at which your order is executed is different from the price you expected when you placed the order.

Slippage usually occurs with market orders because they are filled instantly at the best available prices in the order book. If there isn’t enough liquidity at your expected price level, the system continues filling your order at the next best available price until the full order is matched.

**Why does slippage happen?**

* Low Liquidity: If the order book doesn’t have enough buy/sell orders close to your requested price.
* Large Orders: Bigger trades may move through multiple price levels in the book.
* Fast Markets: During volatile price swings, prices can change between the moment you place your order and when it is filled.

{% hint style="success" %}
To avoid slippage and ensure your trade is executed at your chosen price, use a [limit order](https://help.rails.xyz/trading/order-types#limit-order) instead of a market order, or use [TWAP](/trading/perpetuals/placing-orders#placing-and-managing-twap-orders) orders.
{% endhint %}

</details>

<details>

<summary>Why did I see lower profit than I expected?</summary>

If your realized profit was lower than you expected, it's likely due to slippage.

Additionally, one discrepancy may be because the unrealized P\&L displayed in your open position reflects the [index price](/trading/perpetuals/placing-orders#order-book-price-vs-index-price), but order execution uses the order book price.

To avoid slippage and ensure your trade is executed at your chosen price, use a [limit order](https://help.rails.xyz/trading/order-types#limit-order) instead of a market order. This applies to [trigger orders](/trading/perpetuals/placing-orders#how-to-place-a-trigger-limit-order) as well.

</details>

#### Perpetuals

<details>

<summary>Common Order Placement Issues</summary>

There are a few reasons why your order may have failed or not closed. The following questions will help you troubleshoot the issue.

**Insufficient funds in your Available Balance:**

* Ensure that the balance available to trade in your account is sufficient to execute your trade, including all fees.
* If you recently [changed your leverage multiplier](/trading/perpetuals/margin-modes#adjusting-leverage) by selecting a different leverage in the order panel, this would have impacted your buying power.

**Insufficient equity to reach your margin minimum:**

* If you are using leverage, you can’t place an order that will cause your maintenance or minimum balance to drop lower than the required amounts.

**Order reached its** [**limit price**](/trading/perpetuals/placing-orders#how-to-select-the-right-limit-price)**:**

* If the minimum price that you’re willing to pay for a buy order or receive for a sell order has not been reached, your order will remain pending.

**Multiple pending orders impacting trades:**

* If you have pending orders in other markets for which your available balance has been allocated. A new order will not execute due to a lack of sufficient funds.

**Account restricted from trading:**

* There may be restrictions imposed on a user account that could prevent them from executing certain orders. You will be notified via email anytime restrictions are added to your account.

**Scheduled maintenance:**

* Maintenance of the Rails platform is always scheduled and users are notified either on the site or app along with estimated duration. Depending on the type of maintenance, orders may or may not execute. We will let you know in advance if this is the case.

**Asset is scheduled for delisting:**

* When assets are scheduled for delisting, new orders, open orders and open positions may be restricted. Find out more [here](#asset-delisting).

</details>

<details>

<summary>How to select the right limit price</summary>

Selecting the best price when you are trading an asset involves setting a specific price at which you are willing to buy or sell it. The goal is to get the desired price, but it requires careful consideration of market conditions and your own trading strategy. Further, failure to select an appropriate price may result in your order not closing if there is no buyer or seller willing to accept your trade.

Steps to Select the Best Price for a Limit Order

**Analyze the Market:**

* **Current Price:** Check the current market price (also known as the index price) of the asset you want to trade. This gives you a baseline.
* **Order Book:** Examine the order book, which shows the prices and quantities of buy and sell orders currently placed on Rails. This can help you understand where most traders are placing their orders.

**Set Your Desired Price:**

* **For Buying:** Choose a price below the current market price. This means you are waiting for the price to drop to your set level before your order executes.
* **For Selling:** Choose a price above the current market price. Your order will only execute if the price rises to your set level.

</details>

<details>

<summary>Order book price vs index price</summary>

**Order Book Price**

Also known as the oracle price, the order book price for perps is located above the chart at the top left corner of the trading page, is the midpoint between the best bid (highest price someone is willing to buy) and the best ask (lowest price someone is willing to sell).

This is a “fair” reference price in the middle of the current buy and sell offers. It’s often used to give traders a quick view of the market’s balance, and on Rails, it’s also the baseline for how market orders are priced for the fastest execution.

**Index Price**

The current asset price in USD pulled from our [Index Price Sources](https://help.rails.xyz/index-price-sources). It smooths out sudden spikes or drops that might occur on any one exchange, giving you a more stable and reliable benchmark.

* Positions are opened or closed based on the **order book price**.
* Unrealized P\&L is calculated using the **index price**.
* Liquidation is triggered using the **index price**.
* Market Orders are placed using the **index price, but executed using the order book price**, sometimes causing slippage.

</details>

<details>

<summary>Are funding payments a fee Rails is charging me?</summary>

No. Funding payments are not fees. Funding is a balancing mechanism to ensure the perpetual futures contract price stays near the index price. Payments are made between traders only.

</details>

<details>

<summary>How frequently does funding occur?</summary>

Funding payments take place every hour. You can see the last funding rate calculation as well as when the next funding event will take place in the [Market Data section](/trading/perpetuals/overview#market-data) of the main trading page.

Most platforms employ 8-hour funding windows, but there are key benefits to shortening that window. The main benefit is that it allows funding rates to react more quickly to real-time market conditions. This helps keep perpetual contract prices better aligned with spot prices, making trading more fair, stable, and accurate for users.

</details>

<details>

<summary>Where can I find my funding payment history?</summary>

Users can view their funding payments in one of three ways:

1. **Open Positions**: For active trades in the [Trade Summary Tabs](/trading/perpetuals/overview#trade-summary-tabs), the realized P\&L column reflects funding payments for that trade.
2. [**Account Summary**](/trading/perpetuals/overview#account-summary)**:** The funding row in the account summary contains the sum of all lifetime funding payments for each user.
3. **Historical Payments**: Individual funding payments for all historical trades can be found on the Portfolio page in the [Funding tab](/manage-account/portfolio-statements-and-exports/portfolio-dashboard#funding).

</details>

<details>

<summary>How did you land on an interest rate component of 0.00125%</summary>

Most CEXs have 8-hour funding windows and use a standard interest rate of 0.01%. Since Rails does hourly funding, we apply a 0.00125% interest rate component to the funding value calculation to remain in line with industry standards.

</details>

#### Options

<details>

<summary>Is the mark price the same as the last traded price?</summary>

Not necessarily. The mark price is a model-based fair value used for platform calculations. The last traded price depends on recent trades and may deviate due to liquidity, spreads, and short-term imbalances.

</details>

<details>

<summary>Why can my option price change even if the underlying price is flat?</summary>

Because IV can change, and because time is passing (time decay). Either can move the theoretical value.

</details>

<details>

<summary>Why do call and put prices “move together” sometimes?</summary>

If the main driver is a change in IV, both calls and puts can increase or decrease together (especially at-the-money options).

</details>

#### Asset Delisting

Rails periodically reviews available assets and markets. Occasionally, this leads to delisting, which involves removing the asset from trading and preventing new positions.

{% columns %}
{% column %}
Here's how delisting might affect you:

* New orders will be blocked or removed to prevent trading the delisted asset.
* Open orders may be deleted or canceled without execution.
* Users with open positions in the soon-to-be-delisted asset will be emailed, and be advised to close your position by a specified date, or the system will automatically close your positions.
  {% endcolumn %}

{% column %}
{% hint style="warning" %}
Sufficient notice in all cases to ensure users are not unduly affected before an asset is delisted.
{% endhint %}

<details>

<summary>What happens if I do nothing?</summary>

On the day the asset is delisted, any open positions will be closed by the system if you do not close your position yourself.

</details>

<details>

<summary>Will Rails ever ask for my private keys during an asset delisting?</summary>

No. Rails will never request your private keys - ever.

Always use official channels and be cautious of impersonators. Refer to our safety notice [here](broken://spaces/rd0J8Ie4dN9uolpgtRaM/pages/fOSgEyoHikgVRHwe2m2e).

</details>
{% endcolumn %}
{% endcolumns %}

### Platform & Technical Issues

<details>

<summary>Supported Browsers</summary>

While Rails does support major browsers such as Safari, Edge and Firefox. We recommend Chrome for the best user experience with its support for wallet extensions.

Make sure you always maintain the most up to date version of your browser, no matter which one you're using.

</details>

<details>

<summary>Page not Loading or Frozen</summary>

If you are experiencing issues such as your page/chart not loading:

**Clear Cache** and reload the page.

* For Mac Users: <mark style="color:orange;">**`Click CMD + Shift + R`**</mark>
* For Windows Users: <mark style="color:orange;">**`Click Ctrl + F5`**</mark>

</details>


# FAQs

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Why is My Application Not Approved?</strong></td><td><a href="/pages/AoKWny0NOi3JZojx8A1T">/pages/AoKWny0NOi3JZojx8A1T</a></td></tr><tr><td align="center"><strong>Rails 2.0 Migration</strong></td><td><a href="/pages/EYN8XMeM9eM9gpXh3UrN">/pages/EYN8XMeM9eM9gpXh3UrN</a></td></tr><tr><td align="center"><strong>Airdrop FAQ</strong></td><td><a href="/pages/peQnvbxWzEV1pnWAbotm">/pages/peQnvbxWzEV1pnWAbotm</a></td></tr></tbody></table>


# How Do I Get Help With the Platform?

Get the support you need by connecting with us using these options:

1. [Help Center](https://help.rails.xyz): These articles are designed to be a comprehensive resource, offering answers to many common questions. You can Ask or Search in the top-right-hand corner of the help center to find the most relevant article for your issue.
2. [Discord](https://discord.com/invite/rails): Join our community to connect with other users, share insights, and get peer-to-peer support. Create a private support ticket by using the command /help in any channel.
3. [Submit an Email Request](https://railsxyz.zendesk.com/hc/en-us/requests/new): Our support team will respond as soon as possible. Our hours are Monday to Friday, 9 AM EST – 5 PM EST.

Thank you for being a valued part of the Rails community—we’re here to support you every step of the way!


# Why is My Application Not Approved?

There are several [verification requirements](/getting-started/verification) and [eligibility restrictions](/getting-started/eligibility) which may result in some applications to trade on Rails being denied. If you are not eligible for Rails, you will be notified automatically during the application process or by email from a member of our team.

Click the expandable sections below to understand possible reasons why your application hasn't been approved.

<details>

<summary>Duplicate account detected</summary>

Users are only allowed to have one individual account. Duplicates will be automatically declined. If you have not applied previously for a Rails account, please reach out to us [by email](https://railsxyz.zendesk.com/hc/en-us/requests/new).

</details>

<details>

<summary>You're not eligible</summary>

Rails Pro has eligibility restrictions which we've aimed to make as transparent as possible in the [User Eligibility](/getting-started/eligibility) article, but here is a quick summary:

* **Prohibited Jurisdictions:** Applicants who are citizens of, residents of, or whose business is registered in certain restricted countries are not permitted.
* **Insufficient Experience:** Rails Pro applicants must have sufficient investment knowledge, trading experience, and risk tolerance.
* **Unsupported Business Types:** Some business types, like charities, non-profits, foundations and sole proprietorships, are not eligible.
* **Failed or Incomplete Verification**: Rails Pro requires both [Know Your Customer (KYC)](https://help.rails.xyz/getting-started/rails-pro-requirements/know-your-customer-kyc) and [Know Your Business (KYB) verifications](https://help.rails.xyz/getting-started/rails-pro-requirements/know-your-business-kyb), where applicable, to be completed before you can trade on the platform. It is possible that there wasn't sufficient documentation to verify your business, or verify your identity.

If you are not eligible, you would have received a screen like this when submitting your application, or received an email from our support team stating your application has been declined.

<figure><img src="/files/atzcWvDKT6XxgwsujaaN" alt=""><figcaption></figcaption></figure>

</details>

<details>

<summary>Your application is still pending</summary>

If one or more of the verification steps (e.g. ID scan, proof of address document upload, etc.) were unsuccessful, your application may still be pending.

</details>

<details>

<summary>Your application is under review</summary>

To maintain the integrity and security of our platform, some applications may require a manual review before they can be approved. This step ensures that all necessary information is accurately verified and that the application meets our compliance standards. Manual reviews help us protect against potential fraud, confirm user identities, and provide a safer experience for all users.

We aim to complete all reviews within **one business day**.

You will be contacted via email once you're approved, or if we require more information. Check your spam folder if you don't receive the email.

</details>

<details>

<summary>Your application is too high risk</summary>

To comply with regulatory requirements and maintain a safe platform for all users, we conduct risk assessments during the onboarding process. In some cases, applications may be declined if certain risk indicators are identified.

These indicators can include factors such as incomplete or inconsistent information, activity patterns, or information found during standard background checks. While we can’t share specific details for security and compliance reasons, we evaluate each application carefully and apply a consistent review process.

</details>

If you are unsure about the status of your application, please [contact us by email](https://railsxyz.zendesk.com/hc/en-us/requests/new).


# Rails 2.0 Migration Guide

### Why are we migrating?

We're preparing to migrate our platform to support the Stellar network, enabling the launch of institutional-grade vaults, offering greater liquidity, tighter spreads, and reduced slippage for users.

### What does this mean for you?

* We need to wind down the existing platform before migration. Key dates will be listed [here](#key-dates) as soon as we can share them.
* The migration will be as easy as possible: we'll let you know if and when you need to take action.
* You will not need to re-KYC.

### Key dates

<table><thead><tr><th width="450.93359375">What's happening?</th><th width="160.66796875">When</th></tr></thead><tbody><tr><td>Delisting XRP-USD, PUMP-USD, HYPE-USD</td><td>April 28th, 2026</td></tr><tr><td>Delisting BTC-USD, ETH-USD, SOL-USD, and XLM-USD</td><td>May 12th, 2026</td></tr><tr><td>Platform Inaccessible (Balances must be withdrawn before this date)</td><td>May 29th, 2026</td></tr><tr><td>User Migration Period</td><td>TBC</td></tr><tr><td>Platform Reopens</td><td>TBC</td></tr><tr><td>New Product Launch: Options Trading!</td><td>TBC</td></tr></tbody></table>

{% hint style="info" %}

#### What happens when assets are delisted?

New orders for the delisted asset will be blocked or removed to prevent trading. Open orders may be deleted or canceled without execution. Users with open positions in the soon-to-be-delisted asset will receive separate email notifications to close their positions by a given date. If not closed by the specified date, the system will automatically close these positions at the best available market price.
{% endhint %}


# Airdrop FAQ

## Airdrop FAQ:

<details>

<summary>What was the eligibility criteria?</summary>

Eligible users must fall into at least one of the following groups:

* [Rails Play V1](broken://spaces/rd0J8Ie4dN9uolpgtRaM/pages/zxZP6QGsd9SkVJpIFrj7) participants who were notified of their eligibility in summer 2025
* Any user who earned points on Rails or Rails Play prior to Feb 1st, 2026 00:00 UTC
* Quest users who have claimed at least one Quest Evaluation successfully prior to Feb 1st, 2026 00:00 UTC

Eligible users must connect their preferred wallet on either Rails (instructions shown [here](https://help.rails.xyz/rails/deposits-and-withdrawals/wallet-connection)) or Rails Play (instructions shown [here](https://help.rails.xyz/play/getting-started/navigating-rails-play#wallet-connection-and-switching)) **prior to Feb 1st, 2026 00:00 UTC**.

* Quest users and Discord community members were advised to open a Rails Play account to connect their wallet.&#x20;
* Discord community members were notified of their eligibility and instructions prior to Feb 1st, 2026 00:00 UTC.

If you did not meet the eligibility criteria by February 1st, you are not eligible for the airdrop.

</details>

<details>

<summary>I received an email saying I'm not eligible.  Why?</summary>

Rails retains final authority over all aspects of point eligibility and token issuance. After a thorough review, some users may be deemed ineligible for the token airdrop. We cannot provide reasons for this decision, which is final. This decision affects only a small number of users.

As a regulated company, and as part of sign-up for Rails & Rails Play, we advise that users must not reside in any prohibited jurisdiction, or falsify their applications or sign-ups if applying from prohibited jurisdictions. Users from prohibited jurisdictions are not be eligible for the airdrop.

</details>

<details>

<summary>Are points converted 1:1?  Can you provide my conversion details?</summary>

No.  Points are **not converted 1:1** to tokens.

We are unable to confirm or respond to each inquiry about how your points were converted.

</details>

<details>

<summary>Can you explain how the 12-month vesting works?</summary>

All eligible users who've earned eligible Rails Points prior to the launch will be part of the airdrop. Those individuals who qualify to receive tokens will receive an airdrop of 25% of their allocation at launch, and the remaining amount will be vested and airdropped to the same wallet address over the next 11 months, on the 4th of each month, as outlined in our [Token Prospectus](https://rails.xyz/tokenomics/).

{% hint style="info" %}
Cookie rewards are an exception, as users received their tokens without a vesting period. This was due to the lack of a disclosed vesting period, and therefore, as a gesture of goodwill, Cookie rewards are exempt from any vesting requirements.
{% endhint %}

</details>

<details>

<summary>Who is Autonomous?  Are emails from them legitimate?</summary>

Autonomous is our airdrop partner, and they are helping to airdrop the tokens directly to the connected wallet addresses you provided.  In some cases, users may be required to KYC with Autonomous directly, or follow instructions for a test transation.

Emails you receive from [Autonomousprojects.co](http://Autonomousprojects.co) are legitimate and some users will have to complete KYC, but they **will never ask for private keys.**

</details>

<details>

<summary>I can't see the token in my wallet address. What should I do?</summary>

**Step 1:** Confirm you have the tokens by going to [Etherscan](https://etherscan.io/) and searching your wallet address.  Go to "Token transfers" to see your tokens.  If you have tokens, they will show here, even if they aren't showing in your wallet.

<figure><img src="/spaces/rd0J8Ie4dN9uolpgtRaM/files/9Y6N1HnblgpAEmJloWKj" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
If you don't have tokens listed in your wallet on Etherscan, then you were not eligible for the airdrop.  See [here](#why-didnt-i-get-tokens) for more information.
{% endhint %}

**Step 2:** Some wallets don't automatically show tokens; use the contract address `0x19645c760aFfdD9caC0b805A80De227cbe506538` to add the token manually to your wallet.

</details>

<details>

<summary>Why didn't I get tokens?</summary>

If your points were eligible, they have been dropped to your connected wallet address.  All points were checked and confirmed and then again verified for additional eligibility criteria like Sybil activity, bot activity, or other ineligible practices.  We notified user via email, and community posts in the weeks leading up to launch.  If you did not get tokens, you were not eligible for the airdrop.

We are unable to amend airdrop details after February 1st, 2026, at 00:00 UTC for mistakes, omissions, or incorrectly connected wallet.

</details>


# Contact Us

{% hint style="warning" icon="shield-exclamation" %}

#### **Rails employees will never ask you for your private keys or secret recovery phrase.**

Never share this information with anyone. Assume anyone or any website asking for this information is a scam. Check links and [social accounts](https://app.gitbook.com/o/QHxiZmAG0U822WuXdCGG/s/XEZNg2I2JoMhemXvRGaV/#official-social-links) to ensure they are official Rails accounts.
{% endhint %}

**Interested in integrating with Rails?** Talk to our team about API access, licensing, and partnership opportunities by email [here](mailto:partnerships@rails.xyz).

### Get Help: <a href="#get-help" id="get-help"></a>

{% columns %}
{% column %}
**Help Center**

{% hint style="success" %}
Available 24/7
{% endhint %}

Our [Help Center](https://help.rails.xyz/) is designed to be a comprehensive self-serve resource, offering answers to common questions as well as providing step-by-step resources to help you use Rails.
{% endcolumn %}

{% column %}
**Email Requests**

{% hint style="success" %}
Available Mon-Fri, 9am EST - 5pm EST
{% endhint %}

When [sending an email](https://railsxyz.zendesk.com/hc/en-us/requests/new) request, please fill in as much detail as possible so that we can investigate your concern thoroughly.

We aim to respond within 1 business day (EST).
{% endcolumn %}
{% endcolumns %}

**Recommendations:**

* Search our [Help Center](https://help.rails.xyz/) for your concern.
* Try our [troubleshooting guides](https://help.rails.xyz/support/troubleshooting-tips) or FAQs in each section.
* If you still can't find an answer to your question, [send us an email](https://railsxyz.zendesk.com/hc/en-us/requests/new).
* Please note: Our support team currently only offers support in English.

### Official Websites & Links <a href="#official-websites-and-links" id="official-websites-and-links"></a>

{% columns %}
{% column width="41.66666666666667%" %}

* Rails Website: <https://rails.xyz/>​
* API Docs: <https://docs.rails.xyz/>​
* Rails: <https://trade.rails.xyz/>​
* Follow Rails on X: [@rails\_xyz](https://x.com/rails_xyz)​
  {% endcolumn %}

{% column width="58.33333333333333%" %}
{% hint style="warning" icon="shield-exclamation" %}

#### Rails Mods and Staff never discuss account-specific issues publicly.

To protect yourself and your privacy, never post any account information or personally identifiable information on social platforms, and [contact support](https://app.gitbook.com/o/QHxiZmAG0U822WuXdCGG/s/XEZNg2I2JoMhemXvRGaV/#support) directly.
{% endhint %}
{% endcolumn %}
{% endcolumns %}