BloFin perpetual futures is a contract product settled with digital assets. Investors can buy long or sell short to obtain profits from the increase or decrease in the price of digital assets. The perpetual contract has no expiration or delivery date.
-
Fund Transfer
BloFin perpetual futures is a USDT-based contract.
USDT contract: also called forward contract, the pricing unit is USDT, and the currency used as a margin for calculating profit and loss is USDT. As long as you hold USDT, you can conduct perpetual contract transactions in multiple currencies, and the profit and loss will be settled in USDT.
Therefore, before trading perpetual contracts, you need to transfer funds first and transfer the corresponding currency you want to open a position to your Futures account.
Open the BloFin APP, tap on [Wallet] - [Transfer], select [USDT] - Transfer from [Funding Account] - to [Futures Account] - enter the transfer [Amount], and tap [Confirm]. USDT is transferred to the Futures account successfully.
-
Bullish: Open Long And Close Long
When you predict that the market will rise, you can choose to open a long position. Here we take the BTCUSDT perpetual contract as an example to introduce [Buy] to open a long position and [Sell] to close it.
A) Buy And Open Long
Enter the [Futures] page, and search the currency pair box [BTCUSDT] in the upper left corner.
On the new page, tap to switch the trading mode - [USDT Contract] (here you can also switch between USDT contracts and currency-based contracts) - Select [BTCUSDT].
Select [Cross Margin / Isolated Margin], [Leverage Multiple], [Limit Order]. Enter [Price], [Amount], then tap [Buy (Long)] - [Confirm] your order. After that, the order is placed successfully.
Note:
-
- The difference between cross margin and isolated margin: In the cross margin mode, all available balances in the futures account will be used as position margin. However, in the isolated margin mode, the margin locked when the initial order is placed is the maximum loss of this position.
- Leverage multiple: The BTCUSDT perpetual contract supports a maximum leverage of 150 times. The greater the leverage multiple, the higher the possible returns and the greater the risk.
- If the amount of USDT is too small, there will be insufficient balance to place an order. Users can complete the order by adjusting the leverage multiple or increasing the amount of available USDT.
- Because contract trading adds leverage, it not only expands profits but also increases risks. If the price of BTC fluctuates greatly, your position is likely to be forced to be liquidated, so you must pay attention to market fluctuations in a timely manner and do a good job of taking profits and stopping losses.
B) Sell And Close Long
BloFin Perpetual Contract can perform position closing operations in two places: the [Futures] page and the specific position page. Users can choose according to their own situation.
To close a long order on the [Futures] page: select [Limit Order] - enter [Price], [Amount] - tap [Sell (Short)].
To close long orders on the specific position page: tap [Position] - select the specific position to be closed and tap on [Close] - enter [Price] and [Amount] - tap [Confirm] or tap [Close All] - tap on [Confirm].
Close: You can close your position using a limit order or market order. Additionally, you have the option to partially close the position using this feature.
Close All: This feature allows you to close your entire position with a market order, resulting in an immediate closure at the market price. Note: If the market fluctuates violently, the order may not be executed.
Warm reminder: Users can also choose the [Take Profit/Stop Loss] (that is, TP/SL) method to close positions to stop losses in time to reduce losses, or take profit in time to lock in profits. There are two methods to set TP/SL to close positions.
1. Partial Position TP/SL. Select the specific position to be closed, then tap [TP/SL] - choose [Partial Position] - enter [TP Trigger Price], [TP Order Price], [SL Trigger Price], [SL Order Price], [Amount] - tap [Confirm].
Note: you can set TP/SL according to the Price / Estimated Profit / Estimated Profit Rate.
2. Entire Position TP/SL. Select the specific position to be closed, tap [TP/SL] - choose [Entire Position] - enter [TP Trigger Price], [TP Order Price] and [SL Trigger Price], [SL Order Price] - tap [Confirm]. A market order or limit order will be placed when the trigger price is reached. You can only place one entire position TP/SL order targeted at one position.
Note: you can set TP/SL according to the Price / Estimated Profit / Estimated Profit Rate.
C) Position View
After the position is successfully opened, the user can see the relevant data of his position in the [Position] list: average opening price, estimated liquidation price, initial margin, etc., as well as the rate of return and how much USDT was earned (lost), etc.
Glossary:
Qty (token): the position size.
Qty (token): the position size.
Average opening price: the average opening price of the current position.
Mark price: The latest mark price of the contract, this price is used to calculate profit and loss and margin. BloFin introduces mark prices to effectively avoid abnormal transactions.
Margin:In futures trading, you need to use margin to open or maintain positions. The minimum amount required for opening a position is called Initial Margin, while the margin needed to maintain positions is Maintenance Margin.
Margin:In futures trading, you need to use margin to open or maintain positions. The minimum amount required for opening a position is called Initial Margin, while the margin needed to maintain positions is Maintenance Margin.
PnL and PnL (%): PnL here is unrealized PnL, the formula is:
PnL for long = (the latest mark price - average entry price)*the position size (token quantity).
PnL for short =(average entry price - the latest mark price)*the positions size (token quantity).
PnL% = PnL/the actual margin of this position
Liquidation price and margin rate: Under a unified account, if a user opens multiple contract positions, the estimated liquidation price may differ from the actual liquidation price. At this time, the estimated liquidation price can be used as a reference, and it is recommended that the margin rate prevail. When the margin ratio of a contract position is ≤100%, position reduction or liquidation will be triggered.
D) Open Order View
At the [Futures] page, tap [Open Orders] - select the order method to view the open order, or tap [Cancel] to cancel the open order.
3. Bearish: Open Short And Close Short
A) Sell And Open Short
Enter the [Futures] page, - tap on the currency pair box [BTCUSDT] in the upper left corner, and tap to switch the trading mode on the new page - [USDT Contract] - select [BTCUSDT].
Select [Cross Margin/Isolated Margin], [Leverage Multiple], [Limit Price Order] - enter [Price], [Amount] - tap [Sell (Short)] - [Confirm].
B) Buy And Close Short
To close a short order on the trading page: tap [Close] - select [Limit Order] - enter [Price], [Amount] - and tap [Buy(Long)].
To close long orders on the specific position page: tap [Position] - select the specific position to be closed and tap on [Close] - enter [Price] and [Amount] - tap [Confirm] or tap [Close All] - tap on [Confirm].
Close: You can close your position using a limit order or market order. Additionally, you have the option to partially close the position using this feature.
Close All: This feature allows you to close your entire position with a market order, resulting in an immediate closure at the market price. Note: If the market fluctuates violently, the order may not be executed.
Warm reminder: Users can also choose the [Stop Profit and Stop Loss] (that is TP/SL) method to close positions, so as to stop losses in time to reduce losses, or take profit in time to lock in profits. There are two methods to set TP/SL to close positions.
1. Partial Position TP/SL. Select the specific position to be closed, then tap [TP/SL] - choose [Partial] - enter [TP Trigger Price], [TP Order Price], [SL Trigger Price], [SL Order Price], [Amount] - tap [Confirm].
Note: you can set TP/SL according to the Price / Estimated Profit / Estimated Profit Rate.
2. Entire Position TP/SL. Select the specific position to be closed, tap [TP/SL] - choose [Entire Position] - enter [TP Trigger Price], [TP Order Price] and [SL Trigger Price], [SL Order Price] - tap [Confirm]. A market order will be placed when the trigger price is reached. You can only place one entire position TP/SL order targeted at one position.
Note: you can set TP/SL according to the Price / Estimated Profit / Estimated Profit Rate.
Reverse: A reverse order involves simultaneously closing an existing open position and opening a position of equal size in the opposite direction. It is executed through market orders.
Reverse orders allow you to quickly react to market shifts by effectively “reversing” your current market stance.
For example, if you hold a long (buy) position on a futures contract, when you tap on [Reverse], the current long position will be closed as market order, at the same time, the system will open a short position with the same leverage and position size as market order.Note: If your balance can't cover an equal opposite position, a smaller one will be opened based on available funds. The reversed position size is capped by market order limits. Please be aware that market conditions, margin, and risk may prevent reversal.