The trading time of the perpetual contract is consistent with the token trading, which is 7*24 hours. There is no delivery or settlement date for the perpetual contracts, so as long as the margin in your account is sufficient, you can hold it indefinitely.
The biggest difference between contract trading and regular trading is that users can conduct two-way trading to long or short a contract.
Buy / long refers to your bullish view of the current contract, at which point you can choose to buy and hold at a certain price, and when the match is successful, you will increase your long position.
Sell / short means that you have a bearish view on the current contract and there may be a downside risk in the future, at which point you can choose to sell / short, which will reduce the long position when the match is successful.
When you close a position, you only need to buy / long or sell / short in the opposite direction (Note: if you close a position by entering more contracts than your current position owns, then the system will open a new position automatically).
How to Place Orders?
Limit price order: you enter the specific order price and quantity. You can also use the limit price order when choosing to close a position.
*Note: the price of an order is subject to the price limit mechanism.
Spot price order: the spot price is calculated according to your opponent's price, you only need to enter the quantity.
If you are buying/ long, your order will be matched with the nearest selling price; if you are selling out / short, your order will be matched with the nearest buying price.
When your order is matched, you can see your position information in Position. Each contract will have only one position.
For example, if you buy / long 100 contracts, and you sell / short 50 contracts, then you have 50 long contracts left in your current position; conversely, if you sell / short 200 contracts, your position information is 100 short contracts.
To avoid malicious price dump, Bibox limits the maximum single order to place at 5,000 BTC contracts, 75,000 ETH contracts,40,000 EOS contracts, 15,000 BCH contracts or 15,000 LTC contracts.
Unrealized profit and loss (USDT): The difference between your average opening positions price and the index price.
Multi-position: denomination * # of contract * (index price - the average price of the positions built)
Short position: denomination * # of contract * (the average price of the positions built - index price).
*Note: There will be a certain basis between the strike price and the index price, which means the unrealized profit and loss will exist as soon as you open a position. Please pay close attention to your use of leverage to avoid unnecessary risk of forced liquidation.