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To open and close trades on Krav you will need:
- 1.A Web3 wallet, like Metamask, connected to Krav.
- 2.ETH for Arbitrum/TBNB for BNB chain testnet in that wallet to pay for transaction fees.
- 3.ERC20 Tokens in your wallet. These tokens serve as collateral, essentially the value you're putting up when opening a trade.
This guide will take you through various segments of the trading user interface.
Market Long on Krav
Opening a trade
- 2.Click "Connect Wallet" in the top right. You might need to refresh the page for the website to detect your wallet, if it wasn't unlocked yet.
- 3.If this is your first trade, you'll need to approve the contract to use the ERC20 token you want. Simply click "Approve" and submit the transaction to either Arbitrum or the BNB chain testnet.
- 4.Now, to select your trading pair, click on the "Add Liquidity" button. You can favorite this pair if you want it handy in your trading interface.Now, you can set your trade parameters:
Please note that stop losses for crypto are guaranteed, and in times of high network congestion your Stop Loss might not immediately trigger. It is important that you don't manually close your order since this will void the guaranteed Stop Loss (at your set price) and count as a Market Close (at the price when it gets triggered).
- 1.Trade Type and whether it is long (buy) or short (sell).
- 1.Market: To be used to open a trade immediately. It will open at the market price (+ spread).
- 2.Limit: To be used when you want to go long at a lower price than present, or to go short if the price reaches a higher price than present. Executes at exact price set if price reaches threshold + spread.
- 2.Collateral: the maximum amount at risk if you get liquidated. Your collateral times your leverage must exceed the minimum position size. In crypto terms, it needs to be above 1,500 ERC20 Tokens. So, you could open a trade with 50 ERC20 Token collateral at 30x leverage, or 300 ERC20 Tokens at 5x leverage, and so on. It's all about maintaining balance and staying above the required minimum.:
- 3.Leverage: multiply the volatility of the price up and down, to increase exposure.
- 4.Max slippage: Cancels your market order if the price quickly moves too far in your trade's direction before it opens. For example, if you want to go long and the price jumps 1% before your trade opens, it'll automatically cancel.
- 5.Your Stop Loss and Take Profit. Your trading parameters involve key elements, namely Stop Loss and Take Profit. While the application of a Stop Loss is not obligatory, it's vital to note that your trade is subject to liquidation if it reaches or falls below -90% profit and loss (PnL). Conversely, the ceiling for profit on a trade is capped at 900% PnL. Absence of a predefined Take Profit will result in the system automatically setting one at the 900% PnL mark.
- 5.You can then click on the order execution button, which displays the order type and direction you will be executing. In our case it says "MARKET LONG". This brings up the Web3 popup to send the transaction to Base and open the order. High gas is automatically suggested to ensure that trades are executed quickly.
- 6.After the transaction is submitted you will see the number of confirmations required to display it on the front end. Once 2 blocks have passed, it is displayed in the section named "Your Open Trades".Order Initiated: This is the moment that your request to execute an order reaches the network.Executed: This is the moment your trade is executed, when our Chainlink DON returns the current price. In the below example the price has just been returned.Viewing the details of an Open Trade & Updating TP/SLNow your trade is open, you can view its details by clicking on it under Your Open Trades. You can also see the liquidation price marked in blue on the chart, and if you have them set you will see TP/SL lines in green/red respectively.By clicking on your trade, you can view its details. If you click on the TP/SL price you will see the prompt to update these - you can input the price desired to TP/SL and it will show you what % that would be in relation to your collateral. If you don't have a TP/SL it will show "None".Closing a trade
I. Click on the X to the right hand side of your trade in Your Open Trades
II. Await Trade Closure Confirmation - This is what you receive to your wallet.