Trading on Bluefin
Placing an Order, Adjust Leverage, Adjust Margin, Closing a Position
After you deposit funds into your Bluefin account, you can start trading.
Market Order. To open a market order, specify the side (buy/long or sell/short), leverage and the size of the trade. Market orders hit the book immediately on the bid or ask side depending on whether you sell or buy, respectively. The execution price is the quantity-weighted average price of the orders filled.
Limit Order. In addition to quantity, limit orders require specifying the limit price. A limit order might not get filled immediately; it will instead be posted to the order book and wait for a taker to fill it at the limit price. There are maximum asset quantities for market and limit orders outlined in Market Specifications.
Position Open. When your order fills, the position will appear. You can view your positions in the 'Positions' tab under the Price Chart.
Bluefin allows adjusting the leverage of a position by adding or removing margin to adjust the
Margin Ratioof the position and change the displayed leverage. Leverage adjustment leads to changes in margin and liquidation price. For example, when increasing leverage, the margin needed will go down, but the liquidation price will move closer to the entry price.
For now, Bluefin supports only isolated margining of positions. The leverage of positions and open orders can be adjusted per market with a single action using the leverage slider. A pop-up modal will appear, asking to confirm the change of leverage. Please note that the adjustment will apply to the respective market, and all open orders in that market will be canceled.
In the positions tab, you will be able to add and remove margin without adjusting the position's leverage. Adding margin locks it into a position and decreases the risk of liquidation. Conversely, removing margin releases it from a position and increases liquidation risk.
Perpetuals contracts do not have an expiry date. A perpetual swap contract stays open until it is closed or liquidated due to adverse price movements.
You can choose to close your positions with a market or a limit order. To close a position, click on the "Market" or “Limit” tab on the right of your open position. Clicking this button will open up a modal, where you can specify exactly how much of your position you would like to close. You can see the expected PnL and fees from closing.
You can also manually close your position by selling a long position or buying a short position. Manually closing your position allows you to use reduce-only orders.