Navigating the world of cryptocurrency derivatives can be complex, but understanding how to use perpetual contracts on a mobile app is a crucial skill for modern traders. This guide provides a clear, step-by-step walkthrough for executing these trades directly from your smartphone, covering everything from account setup to order placement and risk management.
Perpetual contracts are a type of derivative product that allows traders to speculate on the future price of cryptocurrencies without an expiry date. They are a popular instrument for leveraging positions and hedging portfolios. Mastering the mobile app interface is key to managing these positions effectively on the go.
Getting Started with Your Account
Before you can start trading, you need to ensure your account is properly set up and funded.
Downloading the App and Logging In
First, download the official trading application from the official source. Once installed, open the app and log into your account. The main navigation bar at the bottom of the screen will have a dedicated section for "Contracts." Tapping your profile icon in the top left corner of the "Home" screen allows you to view your account UID, access account settings, and find customer support channels.
Activating Your Contract Trading Feature
If you haven't already, you must activate the contract trading feature. Navigate to the "Contract" section from the bottom menu. Here, you may see an option to "Activate Contract Trading." Selecting this will lead you through a process that requires completing identity verification. After successful verification, you must agree to the user service agreement to finalize the activation.
Funding Your Trading Account
To trade, you need to transfer assets into your dedicated contract account.
Transferring Collateral
After activation, tap the "···" in the top right corner of the interface. From the menu that appears, select "Collateral Transfer." You will likely see a prompt explaining the full cross-margin mode; acknowledge it to proceed.
You will then be taken to a transfer screen. Here, you select to transfer from your "Spot Account" to your "Perpetual Contract Account." Choose the cryptocurrency you wish to transfer, enter the amount, and confirm the transaction. It's important to note that transfers are typically only possible between your Spot and Perpetual Contract accounts.
👉 Explore more strategies for funding your account
Placing Your First Trade
With your account funded, you are ready to explore the trading interface and execute orders.
Selecting a Contract and Leverage
Your total account equity is displayed in the top left corner. Tap the menu button nearby to select the type of perpetual contract you want to trade, such as "BTC Perpetual."
Perpetual contracts often support high leverage, sometimes up to 125x. If you choose leverage above 20x, you will usually need to agree to a high-leverage risk agreement. Select your desired leverage level carefully, as it significantly amplifies both potential profits and losses.
Choosing an Order Type
You can open a position using either a limit order or a trigger order. To speculate that the price will rise, you "Buy/Long." To speculate that it will fall, you "Sell/Short."
Limit Order: You specify the exact price at which you want to buy or sell and the quantity. Alternatively, you can use options like "Opponent's Price" or "Best N Price" to let the system fill your order based on the current market, requiring you to only input the quantity. Limit orders can be used for both opening and closing positions.
- Limit orders can have different time-in-force settings: "Post only" (ensuring you remain a maker), "Fill-or-Kill" (execute completely or not at all), or "Immediate-or-Cancel" (fill what is available immediately and cancel the rest). By default, orders are usually "Good-'Til-Cancelled."
- Trigger Order: You set a trigger price and a separate order price and quantity. When the market's last traded price hits your trigger price, the system automatically submits a limit order with your preset parameters.
Managing Your Open Positions
After placing an order, you need to know how to monitor and manage it.
Tracking Orders and History
Successfully filled orders will appear in your "Positions" tab. Orders that have not yet been filled will be listed under "Current Orders," where you can cancel them before they are matched. You can pull down the screen to refresh or tap "All" to view more details. The "History" section allows you to review all transactions from the past three months.
Closing a Position
To close a position and realize your profit or loss, you have two main methods:
- From the trading interface, switch to the close tab. To close a long position, select "Sell/Close Long." To close a short position, select "Buy/Close Short." You can then choose to close with a limit or trigger order.
- From your "Positions" tab, you can often use a "Flash Close" feature for immediate execution at the current market price.
Advanced Settings and Information
For further control and information, explore the advanced menu. Tapping the "···" in the top right corner provides access to "Contract Settings" for customizing your experience and "Contract Information" for detailed rules and data about the product you are trading.
To review your trading performance, go to the "Assets" tab at the bottom right. Select "Perpetual Contract Account" and choose a specific contract type to view its detailed bill and transaction history.
Frequently Asked Questions
What is the difference between a perpetual contract and a futures contract?
The primary difference is the expiry date. Futures contracts have a set settlement and expiration date, while perpetual contracts do not expire. Perpetual contracts use a funding rate mechanism to tether their price to the underlying spot asset indefinitely.
How is leverage used in perpetual contract trading?
Leverage allows you to open a position larger than your initial collateral. For example, 10x leverage lets you control a $10,000 position with a $1,000 investment. It magnifies gains but also significantly increases the risk of liquidation if the market moves against you.
What does liquidation mean?
Liquidation occurs when your position's losses erode your initial margin to a critical level, prompting the system to automatically close your position to prevent further losses. This happens when you can no to longer cover the potential loss of the trade.
Can I transfer funds directly from my bank account to my contract account?
No, typically you cannot. The standard process involves first purchasing cryptocurrency like USDT or BTC in your spot account via a bank transfer or card, and then transferring that crypto from your spot account to your perpetual contract account to serve as collateral.
What are the main order types for closing a position?
The main types are limit orders (closing at a specific target price), market orders (closing immediately at the best available price), and trigger/stop orders (automatically closing a position once a certain price level is hit to lock in profits or limit losses).
How are trading fees calculated?
Fees are usually charged as a percentage of the total order value and are often based on a maker-taker model. Makers (those who provide liquidity by placing limit orders) generally pay lower fees than takers (those who remove liquidity by placing market orders).