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For the complete documentation index, see llms.txt. This page is also available as Markdown.

Perpetuals User Interface Guide

This page explains the main UI components of the Rails perpetuals trading page.

Additional Guides

For detailed information about the Order Book, Order Types and Placing Orders, visit our Orders & Execution guide.

Definitions and calculations of all terms referenced below are clarified in our Perps Metrics Guide.

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.

Our Chart Settings Guide has more information about how to customize the price chart.

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.

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.

Starring your favorite markets

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.

Explore each metric shown:

  • Index Price: The current asset price in USD pulled from our Index 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 applied to open positions, updated hourly.

  • Next Funding: A countdown to the next funding interval.

Account Summary

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

  • 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 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.

The Account Summary Panel

Want to know how these values are calculated? Check out the math here.

  • 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.

  • Fees: The total amount of fees paid for executed trades.

Additionally, your current dynamic fee tier information, is shown just below your Account Summary

Trade Summary Tabs

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

Each tab contains different information, outlined by each tab below:

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 Modes.

  • Leverage: The leverage 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 or after closing a portion of your original position.

  • Est. Liq Price: The estimated price at which the position will be liquidated 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 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:

Limit closes require a price input, and may not close your position immediately. Learn more about limit orders here.

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.

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.

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.

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.

For your full trading history, visit the Portfolio page.

For more in-depth definitions and calculations of the metrics reported here, view the Perps Metrics Guide.

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