# Overview Trado Perpetual offers a powerful and flexible trading environment on the Flow blockchain, enabling users to engage in high-leverage derivatives trading. With a focus on both capital efficiency and risk management, Trado Perpetual ensures a seamless trading experience that caters to both novice and experienced traders. **AMM Mode**\ Trado Perpetual incorporates an Automated Market Making (AMM) system designed for perpetual contracts. This mode provides continuous liquidity, enabling users to execute trades swiftly and efficiently. The AMM model dynamically adjusts based on market conditions, ensuring that liquidity is always available for trading while minimizing slippage. **Order Book Mode**\ For those who prefer precision in their trading strategies, Trado Perpetual also offers an order book mode. This feature allows traders to place orders at specific prices, giving them control over their trades. The order book mode is fully on-chain, maintaining transparency and decentralization while offering a robust trading experience. # Perpetual # Getting Started # What do I need to trade on Trado? ### 1. Login You can log in to trade on Trado by conventional WEB3 wallets. **WEB3 Wallets Supported by** Trado**:** * MetaMask Wallet * OKX Wallet
*(If you haven't installed the above wallets, you can download MetaMask👉*[*https://metamask.io/*](https://metamask.io/) *or OKX Wallet👉* [*https://www.okx.com/*](https://www.okx.com/) *in your browser to create a new wallet)* Note: Your wallet has a secret recovery phrase. Anyone who knows your password or recovery phrase can access your funds. Do not share your private keys with anyone. It is best practice to record your recovery phrase and store it in a secure physical location. ### 2. Fund Preparation Before trading on Trado, you need to prepare $FLOW and $USDT or io$USDC on the FLOW chain. $FLOW is used for gas fees; \ stablecoins $USDT or $USDC are used for exchanging $USDX (Exchange USD) for perpetual contract trading, liquidity purchase, and staking. #### How to Get $FLOW? 1. **Connect Your Wallet**: Visit Trado Exchange website and click on the "Connect Wallet" button.
2. **Purchase $FLOW**: Purchase FLOW on a centralized exchange such as Binance or Gate. 3. **Withdraw from FLOW Mainnet**: Withdraw the FLOW you purchased on CEX to your FLOW mainnet address that you connect to Trado.
#### How to Get $USDT/$USDC on FLOW chain? Ensure that you have successfully transferred $FLOW into your wallet. ### 3. Deposit After successfully connecting your wallet, send the native $USDT or $USDC to your wallet address via the FLOW network. This transaction requires payment of gas fees in $FLOW. Confirm the transaction in your EVM wallet. # How to Trade Perp on Trado? When engaging in perpetual contract trading, you will use USDX (Trado Exchange USD) as margin instead of directly purchasing the digital tokens involved. ### Deposit Before starting trading, ensure you have sufficient balance in your **Exchange Wallet**. Therefore, you need to deposit stablecoins $USDT or $USDC from **Your Wallet** to **Exchange Wallet**. Enter the amount, click "Confirm" button. Once the deposit is completed, your funds are now deposited in the **Exchange Wallet**.
**Note:** The $USDT or $USDC deposited to the **Exchange Wallet** will automatically convert to USDX (Trado Exchange USD). You can use the funds in the Exchange Wallet for contract trading and staking. Additionally, your funds are securely held in Trado's smart contracts, and you can withdraw them to your personal wallet at any time. ### Opening a Position Trado Perp module supports two versions: Pro Mode, which operates on an order book system, and Simple Mode, which uses an AMM model. Users can switch modes in the top right corner of the Perp page.
This tutorial will take Simple Mode as an example. 1. **Select Market** Click on the drop-down menu "**Perp**" in the top left corner to select the token you want to open a position for. Decide whether to open or close a position.
2. **Choose Trading Leverage** Click the multiplier number at the top right corner of the contract interface to select the leverage level. You can choose the leverage by moving the slider, or you can enter the desired leverage value directly. Then click the "Confirm" button.
Note: Higher leverage increases potential profits but also increases the risk of liquidation. 3. **Choose Order Type: Market or Limit** Traders need to choose between limit or market orders: * Limit orders allow you to set price limits for buying or selling assets, while market orders execute immediately at the best price available in the AMM pool. * When selecting a market order, you can adjust slippage, which is the maximum deviation of the order execution price. The default slippage setting is 0.5%. If users need to adjust the slippage, click on the input box of Slippage Limit and enter the desired slippage.
4. **Choose Trading Volume** Use the slider or enter your position size (Position size = Your USDX margin x Your leverage).
5. **Place Order** Decide whether to go long or short (If you expect the token price to rise, you can choose to go long. If you anticipate the token price to fall, you can choose to go short.) Click "Confirm" in the pop-up modal, then confirm the transaction in your wallet.
### Closing a Position View your unclosed contract orders in "Current Positions", click "Close" button. Click "Confirm" in the pop-up modal, then confirm the transaction in your wallet to close the current order. Close All" means to close all unclosed orders.
You can also close your position on the "CLOSE" page
# How to Provide Liquidity? $TLP is the liquidity provider token on Trado Exchange. Purchasing TLP is equivalent to providing liquidity to the platform, while selling TLP means withdrawing liquidity. ### **Purchasing** $TLP 1. Click on "**Token**" to enter the "**Pool**" interface. On the right side, click "Buy $TLP". After entering the USDX amount, you can instantly see the corresponding amount of $TLP.
2. After clicking "Buy", the system will prompt a wallet popup for agreement signature. 3. The user's payment request will be executed at the next epoch opening. 4. After execution, click "Claim" to receive the $TLP you purchased.
### **Selling** $TLP 1. Users can click "**Sell TLP**" on the right side of the "**Tokens**"- "**Pool"** interface. After entering the amount of $TLP to sell, you can instantly see the corresponding USDX balance. 2. After clicking "**Sell**", the system will prompt a wallet popup for agreement signature. 3. The user's payment request will be executed at the next epoch opening. 4. After execution, click "Claim" to receive the USDX obtained from selling your $TLP.
Note: When users interact with $TLP, their assets do not directly interact with the liquidity pool but require waiting until the current epoch ends to truly complete the purchase or sale. #### Risk Warning **Counterparty Risk:** The $TLP pool serves as counterparties to traders, and trader profits will affect the value of the $TLP pool. **Token Risk:** Tokens transferred across chains may depend on the security of the cross-chain bridge, and fixed-value tokens may carry disconnection risks. # How to Stake? Within the Trado exchange, users can stake $TLP and $FLOW. ### **Staking Procedure** 1. Click on "**Token**" to enter the "**Staking"** interface. 2. Enter the quantity of $TLP or $FLOW you wish to stake and the staking period. 3. Click "Stake" to complete the staking process.
**Managing Staked Assets:** Users can view all their staked assets on the right side of the "**Staking**" panel at the bottom of the page. Upon the expiration of the staking period, clicking "**Unlock All**" allows users to unlock the staked assets and withdraw the locked principal
# Perp Info # Introduction ### Perpetual Trado offers perpetual contracts denominated in U, settled in the platform's stablecoin USDX. These digital asset contract products do not have an expiration or delivery date. Instead, they utilize a funding rate mechanism to anchor the contract price to the spot price. Each contract represents a certain quantity of digital assets. Investors can profit from price fluctuations by taking long or short positions on the contracts. The leverage ratio for the contracts ranges from 1 to 100 times, with varying maximum leverage ratios for different contracts. ### Oracle Pricing System Trado employs an oracle price feeding mechanism. Depending on the liquidity of the currency, there are two types of price feeding mechanisms: DEX (decentralized exchange) and CEX (centralized exchange) currencies. Prices are derived from several top exchanges/swap pools, and extreme values are excluded to calculate the median price. Additionally, an exceptional handling logic is implemented to ensure that platform prices remain within normal ranges in the event of significant deviations from exchange prices. ### Isolated Margin Trado adopts isolated margin trading. Isolated margin mode ensures that the margin for each individual position is independent of the user's trading wallet balance and positions in other currencies. This allows users to precisely control position leverage, mitigating the risk of liquidation due to excessive leverage. For instance, if a user simultaneously trades perpetual contracts for BTCUSD and ETHUSD, the margin for these two positions remains separate, and their profits or losses do not interfere with each other. In the event of liquidation of a single position, it does not affect other positions within the user's account. ### # Specifications | **Key Features** | **Specifications** | | ------------------- | -------------------------------------------- | | Underlying Asset | BTC/USDX Index | | Settlement Currency | USDX | | Contract Size | 0.0001 BTC | | Index Price | USDX equivalent for 1 BTC | | Tick Size | 0.01 | | Leverage | 1-100x | | Trading Hours | 24/7 | | Funding Time | Funding fees are collected on 1 hourly basis | | Trading Fee | 0.06% | # Fees ### Trading Fee Trading Fee refer to the costs incurred for opening or closing positions. The standard fee rate on the platform is 0.06%. Fee Calculation Formula: Fee = Position Quantity \* Opening Price \* Opening/Closing Fee Recipient: Treasury The fee rates may vary for each trading pair. For specific details, please refer to the [Specifications](/perpetual/perp-info/specifications). Payment Method: Fees are deducted first from the trading wallet. If the balance in the trading wallet is insufficient, fees are accounted for within the margin through bookkeeping (deducted uniformly upon closing positions). **Case** | | | | ----------- | ------------ | | Fee Rate | 0.06% | | Price | 2500 USD/ETH | | Size | 4 ETH | | Positon | 10000 USD | | Trading Fee | 6 USD | ### Market Impact Fee The market impact fee is utilized to offset the impact of large orders on market depth. Market impact fees are charged during opening and closing positions (no charge for liquidations and maximum profit-taking closing). The specific rules are as follows: Market Impact Fee Rates for Major Currency Pairs: (Quantity \* Price) / (1000 \* 0.1% Order Depth for Buy/Sell Orders); Market Impact Fee Rates for Other Currency Pairs: (Quantity \* Price) / (100 \* 1% Order Depth for Buy/Sell Orders); Recipient: Treasury Market Impact Fee Calculation Formula: Market Impact Fee = Position \* Mark Price \* Market Impact Fee Rate Market Impact Fee Rate: Determined by the size of the position. ### Funding Fee The funding fee mechanism facilitates periodic cash flow exchanges between long and short position holders, or liquidity providers. It involves the exchange of funds between long and short position holders (or liquidity providers), and **the platform does not charge any funding fees.** Payment Method: When the funding rate is positive, long position traders pay short position traders; conversely, when the funding rate is negative, short position traders pay long position traders. Funding fees are settled every 1 hours. Actual settlements are completed within 1 minute, with each individual contract operating at the millisecond level without interruption. Users are only required to pay or receive funding fees if they hold positions at the time of fee collection. If a position is closed before fee collection, no funding fees are required. If contracts are prematurely closed before settlement, no funding fees for the current period are needed. The timing of fee collection may be adjusted in real time based on market conditions. Recipient: Counterparty, LP Collection Time: Closing, Liquidation, Maximum Profit-taking Closing. Fee Calculation (Long) / Daily: * Long Funding Rate = Base Rate + Linear Rate \* Long Position / (Total Liquidity \* Maximum Liquidity Utilization Rate) * Long Funding Fee = Short Position \* Short Funding Rate - Long Position \* Long Funding Rate * Actual Long Funding Rate (Daily) = Long Funding Fee / Long Position Fee Calculation (Short) / Daily: * Short Funding Rate = Base Rate + Linear Rate \* Short Position / (Total Liquidity \* Maximum Liquidity Utilization Rate) * Short Funding Fee = Short Position \* Long Funding Rate - Short Position \* Short Funding Rate * Actual Short Funding Rate = Short Funding Fee / Short Position * Maximum Liquidity Utilization Rates may vary for each trading pair. Please refer to the [Specifications](/perpetual/perp-info/specifications) for each trading pair. Fee Calculation (LP): * LP Earnings (Daily) = Long Position \* Long Funding Rate \* (Long Position - Short Position) / Long Position * Maximum Liquidity Utilization Rates may vary for each trading pair. Please refer to[Specifications](/perpetual/perp-info/specifications) for each trading pair. ### Execution Fee \ The execution fee is charged upon opening a position and is a fixed fee used for on-chain trade matching.
1. Fee Rate: Currently set at 0.005 $FLOW. 2. Recipient: Collected by the Treasury, actually used for on-chain gas payment. 3. Collection Method: Deducted from the trading wallet. 4. This fee is charged when submitting an order, and users can reclaim it by canceling the order. # Order Types Trado supports both limit orders and market orders, while allowing users to pre-set take profit/stop loss orders. ### Limit Orders A limit order is when a user sets the order quantity and specifies the highest buy price or lowest sell price they are willing to accept. When the market price meets the user's expectations, the system executes the trade at the best available price within the limit price range. When placing a limit order, users must ensure that the order value is greater than 10u in order to open a position. Adjustments can be made to leverage, order quantity, or margin amount. ### Market Orders A market order is when a user immediately executes a buy or sell order at the current best market price, aiming for quick execution. Users only need to specify the order quantity or margin amount and can proceed with the trade by clicking the order button. When placing a market order, users still need to ensure that the order value is greater than 10u in order to open a position. Adjustments can be made to leverage, order quantity, or margin amount. ### Take Profit Orders Users can set take profit orders either when submitting an order or after opening a position. ### Stop Loss Orders Users can set stop loss orders either when submitting an order or after opening a position. # Margining Trado supports users to manage positions using isolated margin mode. In isolated margin mode, the position margin is calculated as follows: Position Margin (Isolated Margin Mode) = Initial Margin + Adjusted Margin for the Position
IndexExplanation
Margin RateMargin Rate = (Initial Margin + Unrealized P/L within the position) / (Maintenance Margin Required + Closing Fees)
Maintenance marginMaintenance margin refers to the amount of perpetual contract margin held in an account for a specific asset. There is typically a minimum requirement for maintenance margin, and falling below the minimum maintenance margin will trigger forced liquidation.
### Adjusting Margin Users can choose to withdraw or deposit margin from a specific asset position, thereby altering the actual leverage of the position to balance position risk and achieve the desired level of risk. \ When withdrawing margin, it is necessary to ensure that the remaining margin in the position is greater than the maintenance margin, and after withdrawing the margin, the actual leverage of the position is less than the maximum leverage for that asset. \ When depositing margin, the amount deposited cannot exceed the balance in the trading wallet. Additionally, it must be ensured that after depositing, the actual leverage of the position is not less than 1. \ **Example:** 1. User A opened a position of 100 USDX of ETH when ETH was at 2,500, using 10x leverage, meaning the initial margin was 10 U. When the market fluctuated and the ETH price dropped to 2,400, with an unrealized profit/loss of -4 USDT, the remaining margin is calculated as follows: 100/10 + 100 \* (2,400-2,500)/2,500 = 6 USDX 2. User A has 1,000 USDX in their trading wallet. They use 500 USDX as margin to open a 20x leveraged ETH perpetual short position. However, due to fluctuations in ETH price, User A's position is liquidated. In this case, due to using isolated margin model, User A only loses the 500 USDX used as margin for the ETH position. The additional 500 USDX in their trading wallet remains unaffected. # Force Close On the Trado platform, there are two scenarios that can trigger forced liquidation for users: reaching maximum profit or triggering liquidation due to losses.
### Maximum Profit When a user's position reaches the maximum profit, it triggers maximum profit-taking closing. The platform will close the contract position that has realized the maximum profit at the mark price to protect LP and platform liquidity. The maximum profit is typically 10 times the initial margin (slightly varies for each currency).
1. Maximum Profit = Margin \* Maximum Profit Multiplier 2. For long positions: Maximum Profit Price = Opening Price + Maximum Profit / Quantity 3. For short positions: Maximum Profit Price = Opening Price - Maximum Profit / Quantity \ When maximum profit is triggered, the profit is not related to the leverage of the position but only to the maximum profit multiplier for that currency.More information about max profit rate please link to [Specifications](/perpetual/perp-info/specifications). ### Liquidation When the net position value of a user's position falls below the minimum maintenance margin required for that position, the liquidation mechanism is triggered, leading to forced closure of the position. The current minimum maintenance margin rate on the platform is 0.5%. For more information on margin-related details, please refer to the margin section. 1. Net Value = Margin + Profit after Fees. 2. Minimum Maintenance Margin = Position Quantity \* Mark Price \* Maintenance Margin Rate + Estimated Closing Fees. 3. For long positions: Estimated Liquidation Price = (Margin + Fees - Opening Average Price \* Quantity) / (Quantity \* (Maintenance Margin Rate + Estimated Closing Fee Rate - 1)) For short positions: Estimated Liquidation Price = (Margin + Fees + Opening Average Price \* Quantity) / (Quantity \* (Maintenance Margin Rate + Estimated Closing Fee Rate + 1)) In general, the estimated liquidation fee rate for each currency is equal to its opening and closing fee rate. Forced closure will result in the user losing all the margin associated with that position. The balance in the user's trading wallet will not be affected. # Portfolio # Overview Trado users can access their account details and perform deposits and withdrawals on the "**Portfolio**"-"Overview" page located in the top-left corner of the homepage.
**Total Equity** Equity = Balance + Margin of all positions + Margin occupied by limit orders + Floating PnL This balance represents the overall value of the account, encompassing all funds, including those used as collateral for open positions. It's important to note that the displayed USDX balance is an approximation. Due to the volatility of cryptocurrency prices, this balance may vary slightly from the actual balance. #### Total Unrealized PnL Unrealized profit and loss refer to positions held by users on the exchange that have not yet been closed. Unrealized profit and loss is calculated based on the difference between the average opening price and the mark price, serving as a reference for the position's profit or loss. When the mark price differs from the latest transaction price, unrealized profit and loss may be positive or negative after the order is executed. However, this occurrence does not necessarily indicate a loss. **Simple-Trading/Pro-Trading/Wallet** Users can view the corresponding assets amount and value in the Simple Trading, Pro Trading, and Wallet interface. # VIP Level Trado has introduced a VIP tier system, offering users a premium trading experience akin to centralized exchanges. This system allocates different VIP tiers based on users' perpetual contract trading volume over the past 30 days. Each VIP tier comes with corresponding trading fee discounts and other exclusive services. Users can view their current tier and upgrade progress on the "**VIP Levels**" interface
### Levels Rules
**Upgrade Mechanism:** Automatic upgrades occur once daily, consistently at 00:00 (UTC+0) each day. Users can directly ascend to higher tiers without needing to progress through each intermediate tier. **Downgrade Mechanism:** Automatic downgrades occur once daily, consistently at 00:00 (UTC+0) each day. Downgrades adjust directly based on data to correspond with the current VIP tier. **Example:**
User AUser B
Trading Fee Discount010%
Colleteral($)100100
Leverages10.00x10.00x
Position($)10001000
Anticipated Transaction Fees($)0.60.6
Actual Transaction Fees($)0.60.54
# History The History section provides users with a detailed overview of their past trades and transaction history across different trading interfaces such as Simple Trading, Pro Trading, and Wallet interactions. It serves as a central hub for reviewing trades, realized profits and losses, and any related pool activities. **Trades**\ The Trades tab lists all executed orders, displaying critical details such as the trading pair, order type, executed price, trade size, and margin used. Additionally, users can review associated trading fees, the timestamp of the trade, and the transaction hash (Tx Hash) for blockchain verification. The Status column clearly indicates whether the trade was successfully executed.
**Realized PnL**\ Users can track their realized profits and losses (PnL) for completed trades, offering an insightful summary of performance.
**Pool**\ The Pool section in the Simple-Trading History tab provides a detailed record of users' interactions with liquidity pools. Users can track specific pool-related transactions, including contributions to or withdrawals from the pool.
# Token # Pool A liquidity pool refers to a special type of smart contract used to store and manage the liquidity of asset pairs. Liquidity pools allow users to trade crypto assets without the need for intermediaries. ### Composition of Liquidity Pool Within the Trado exchange, TLP serves as the liquidity provider token. Purchasing TLP is equivalent to providing liquidity to the platform, while selling TLP means withdrawing liquidity. As liquidity providers (LPs), they act as counterparties to all trades on the platform. When traders profit (positive gains), LPs incur losses; when traders incur losses (negative gains), LPs profit. LP profit and loss data, TLP price charts, and other statistical data can be viewed in the "**Portfolio**" - "**Overview**" section. ### How to Provide Liquidity For instructions on providing liquidity, please refer to the [How to Provide Liquidity?](/perpetual/getting-started/how-to-provide-liquidity) # Staking On Trado, users have the option to stake $TLP tokens as staking assets to participate in staking and receive corresponding rewards. The amount of rewards is correlated with the quantity of staked tokens and the staking period. ### Staking Process Please refer to the [How to Stake?](/perpetual/getting-started/how-to-stake) for the staking process. #### Notes: Staking operations may involve gas fees, and users need to ensure that your wallet has sufficient $FLOW balance to cover transaction fees. Staked assets will be locked in smart contracts until the user unstakes or the staking period ends. The reward mechanism may be adjusted according to market conditions and platform policies, and users need to stay updated with the updates and announcements within the exchange. # Stats # Leaderboard Trado provides a trading leaderboard, allowing users to view the trading rankings of various users on the platform. Users can choose to view trading leaderboard data for the past 24 hours, 7 day, 30 days, or 90 days as needed. Users can search for the ranking details of specific addresses and see the trading volume, profit situation, and profit percentage of the address within the selected time period.
# Data Overview The Data Overview page provides two main sections of information:
1. Exchange Current Data Information: * Total trading volume * Total number of trading users * Total number of trading transactions Additionally, it supports viewing the following metrics for the past 24 hours: * 24-hour trading volume * 24-hour trading users * 24-hour trading transactions 2. TLP Related Information: * TLP price * Total supply of TLP * Quantity of TLP staked * TLP price changes # Referrals Referrals are designed to align incentives of both referral and referrer, by rewarding new referrals with a bonus percentage on earnings and referrers with a percentage of their trading rewards. Share a referral link to onboard new users to Trado. All new sign-ups through a referral link who deposit to the Trado will be classed as a referral. By inviting friends, users have the opportunity to receive up to a 15% commission rebate. #### To generate an invitation code and invite friends: 1. Click on the "**Referrals**" tab to access the referral interface. 2. Click on "**Choose another code**" option and select "**Creat Code**"
3. Set your desired commission rebate percentage and add a label.
4. Confirm creation after setting is completed. 5. Share your invitation code with friends to enjoy commission rebates together. #### Binding Referral Code: You can bind a referral code when logging in or by clicking the "Bind" button on the right side of the page. Please note that each account can only be bound to one referral code, and once bound, it cannot be changed.
#### Upgrade and Downgrade Mechanism The rebate level will be upgraded or downgraded based on the number of your active friends. **Upgrade** * Upgrades are updated daily. * When the number of active friends reaches the requirement for the next rank, the rebate level will increase, and the benefits of the rebate code will also increase accordingly. * The additional rebate earnings will be entirely added to the inviter's share. **Downgrade** * Downgrades are updated weekly. * When the number of active friends falls below the current rank requirement for four consecutive weeks, the rebate level will decrease, and the benefits of the rebate code will also decrease accordingly. * The lost rebate earnings will be deducted from the invitees' shares first. **Active Friends** * Users with a weekly trading volume higher than 10,000 USDX. Start inviting and sharing commission rebates together! # Risk ### Smart Contract Risk The on-chain operations of Trado Perp DEX rely on the correctness and security of the FLOW bridging smart contracts. Vulnerabilities or exploits in the smart contracts may result in the loss of user funds. ### Market Risk Derivative markets may experience extreme fluctuations, and price movements can lead to losses of user funds, especially in cases of low liquidity where price slippage may be more severe. ### Liquidity Risk As a relatively new protocol, there may be potential risks of low liquidity in the early stages. This could result in significant price slippage for traders, negatively impacting the overall trading experience and potentially causing substantial losses. ### Oracle Risk Exchanges may rely on external data sources (such as price Oracles) to provide market data. If these data sources are manipulated or attacked, it may result in incorrect trade execution or liquidation. ### Leverage Trading Risk Trading with leverage can amplify gains but also increases the risk of losses. Therefore, users need to be cautious of the high risks and potential losses associated with leverage trading when engaging in trades.