How to Trade on NFEX
Tutorial: A Beginner’s Guide To Long & Short on NFT Perpetual Contracts at NFEX
Last updated
Tutorial: A Beginner’s Guide To Long & Short on NFT Perpetual Contracts at NFEX
Last updated
NFEX perpetual contracts enable traders to take long or short positions on the floor prices of their preferred NFT collections without the need to own any NFTs. Traders can use ETH as collateral with leverages to hedge against risks or seek arbitrage opportunities. Before you start trading on-chain NFT perpetual contracts on NFEX, it's recommended that you first familiarize yourself with the perpetual guidelines and then follow the step-by-step tutorial below.
To get started, go to a search engine such as Google and enter our website: www.nfex.io.
After accessing the homepage, you can click either "Get Started" on the left side of the page or "Connect Wallet" on the top right to navigate to the wallet connection page.
To access the trading page and start trading on NFEX, you need an on-chain wallet. Currently, NFEX supports MetaMask and WalletConnect. For the purposes of this tutorial, we will use MetaMask as an example.
If you haven't installed a MetaMask wallet, please refer to the official guidelines for instructions on how to do so.
After successfully connecting your wallet, navigate to the NFEX trading page by clicking "Trade" in the top header menu.
Before you can trade NFT perpetual contracts, you need to deposit funds into your NFEX account from the Ethereum mainnet. Currently, we only accept ETH for deposits and trading collateral.
To make a deposit, navigate to the deposit and withdraw section on the bottom left of the page and click on the "Deposit" button.
Enter the amount of ETH you wish to deposit, then click to confirm and send the transaction to your Ethereum wallet.
After confirming the transaction in your wallet, review the details on the NFEX platform and click "Confirm" to approve the transaction.
Once your deposit is verified by the Ethereum network, you can view your deposited assets under "Account Equity" on the left side of the trading page.
Get familiar with the NFEX trading interface before trading. This will help you navigate the platform and execute trades with ease.
In this section, you can place orders using various order types available on NFEX.
The Price Chart Panel shows the price chart for a selected NFT contract. In this area, you can:
Switch between different contracts by hovering over the current contract name
Check Mark Price
View funding rate and the countdown timer to the next funding
View the order book for the selected NFT contract
See the most recent trades executed on NFEX
This section displays information about your open positions, open orders, and order history. Under the "Positions" tab, you can view your current open positions and close them if desired. The "Open Orders" tab shows your unfilled orders, which you can cancel if you wish.
This section displays information about your available assets, including your account balance and deposited funds. It also shows margin-related indicators such as margin ratio and maintenance margin.
To open a position, first, select the NFT contract that you wish to trade. Hover over the current contract name dropdown menu located in the Price Chart Panel and choose the perpetual contract of your choice. Let's use AZUKI/ETH as an example for this tutorial.
Choose your favored NFT contract. Hover over to the current contract name dropdown to choose a perpetual contract. In this tutorial, we take AZUKI/ETH as an example.
Then go to order entry area, you need to determine to go long or short of the contract. Then place your order in the following steps:
Choose your preferred order types: limit order or market order; In this tutorial, we use limit order
Enter order price;
Enter quantity-the number of contract you need;
Then you can place the order by clicking on the button "Open Long" if you want to make profit from the price increase, or "Open Short" if you want to earn profit from the price drop. We use "Open Long" in this tutorial.
After placing your order, you can check you order status in Position Panel.
If the order you placed is executed, you order will be shown under the tab" Positions", where the lastest margin ratio and PnL information of the position will also be shown.
If the order is still waiting for filfillment, then it will go to "Open Orders".
You can also check your history information via "Order History", "Trade History", "Transaction History".
There are two ways to close your positions at NFEX.
Firstly, to close your positions quickly, you can go to the Position Panel.
Find you position, enter your closing price and amount. Partial and full position amount is supported. Then click the button" Market" or " Limit" to place the close order.
Please note, if you click on "Limit", the closing will be fulfilled immediately based on the best market price rather than on the price you input.
Twitter: https://twitter.com/nfex_official
Discord: https://discord.gg/nfex
