OP Mainnet supports a large and growing list of applications. In this article, you will learn how to use Perpetual Protocol v2 to trade derivatives on-chain, using Uniswap v3 under the hood for improved liquidity and lower spreads.
Perpetual Protocol v2
Perpetual Protocol v2 enables anyone to trade on-chain derivatives and provide liquidity across multiple cryptocurrency markets with up to x10 leverage. Since mid-January, it has been the most commonly used OP Mainnet application. Here’s a step-by-step guide to getting started with Perpetual Protocol v2.
- Browse to the Perpetual Protocol application (the site isn’t available for certain jurisdictions. You can try our testnet instead).
- Click on Connect Wallet and confirm in the wallet.
- Navigate to the market by clicking on the desired trading pair via the sidebar:
- Let’s say you want to trade ETH-USD. Select either Long or Short exposure to ETH.
- Type an amount of ETH or USD you want to trade. Your position as a percentage of your maximum buying power (= free collateral x 10) will be displayed, and you can also use the slider to set your position size as a percentage of your maximum buying power.
- Check the entry price, trading fee and estimated price impact.
- You can also select slippage tolerance before entering a position.
- To execute, click Confirm Long (or Confirm Short for a short position).
- Confirm the transaction in the wallet.
- After the transaction is confirmed, your position will appear in the positions tab and on the trading chart.
- To close your position, you can click on the Close Position or directly from the trading chart.
- The History page on the sidebar lets you check the details of your positions (such as realized PnL, trading fees and funding payments).