Connect your web3 wallet to the exchange and make sure it's connected to the official Polynomial trade website:( link)
Make sure you are connected to the Optimism mainnet if not, add the network from here: https://chainlist.org/.
Polynomial trade uses smart contract wallets to access the exchange. Click on create an account and create a Polynomial smart account. Read more on smart contract wallets here.
After creating the smart wallet, the trader needs to deposit sUSD to the smart wallet. Complete the transaction and the deposit will be added to the SC wallet.
Polynomial trade is built on top of Synthetix derivatives and uses sUSD as a deposit asset. Traders can get the sUSD from Polynomial swap, and if you don't have funds in Optimism, then follow the steps,
- 1.Bridge your assets through your fav bridges to OptimismThe transfer of assets will take a few minutes and get deposited onto your Optimism network.
After adding funds to the smart wallet, traders can add margin to the respective markets. The minimum margin to start trading is $50, and no max limit exists.
Click on adjust the margin and add your sUSD to the margin to start trading. You can always add a margin later by clicking adjust margin.
Use Long or Short according to your market view and open a position by entering the margin you want to use. Polynomial trade has two types of orders which are standard orders and Limit orders. Select the convenient type order depending on your strategy.
If you are still confused about how Long and short works, you can read the Basics. After deciding the direction of the trade, the user can enter the trading amount and choose leverage. The fees and keeper deposit would be shown, and the user can check the fees before opening the position. Clicking on Long/Short will open the position and will be available in the position tab.
After opening the position, the trade comes on orders, and the trader can view the position status after the transaction is completed. All the unfilled orders will be kept in the orders tab until they get filled.
After opening the position, the trade comes on positions, and the trader can manage the trades on this tab. The trader can view their position size, open price, Liquidation price, and PnL on this tab.
If the trader opens another trade, then the exchange automatically averages both orders, recalculates the PnL and shows it in the position tab.
Also, the history tab will allow the traders to view all the trades on the exchange made by the user.
Expired order is a order that has not been filled and has reached its expiry time.
User need to cancel the expired order first to open another order on the platform.
To close the trade, the user can go to positions and click on the "close position", and after the transaction is made, the order will be closed and PnL will be realised according to the trade outcome.
The profit/loss will be credited to the wallet address after collecting all fees by exchange, and no fees will be deducted from the portfolio after the final transaction.
When the trader does not have enough funds to meet the margin requirement, which is the amount of collateral that the trader must keep on deposit in order to maintain their open positions. In this case, the exchange will automatically liquidate the trader's positions to bring their account back within the required margin.
The liquidation price will be shown in the positions tab and if you are using more than 5x leverage, then always try to check the asset underlying price. because the more leverage you take, the more chances are there for liquidation due to the volatility in the assets.
If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to your trading account.