Start trading
Your first trade starts with a funded wallet and ends when a fill opens your position. The order between those steps carries the terms you approve.
Before you start
Open the Zenex app and connect a supported wallet. Check its network and trading address, then fund it with the market's settlement token. Leave enough for order execution fees and transaction fees. The fee token depends on your submission mode. Wallets and funds explains the balances.
1. Choose a market and side
Choose the asset you want to trade. Each market sets its own fees, leverage limit, and liquidity capacity.
Choose long if you want exposure to a price rise. Choose short if you want exposure to a price fall. You can hold one of each in a market. An order on a side you already hold changes that position. Read Positions for how increases combine.
2. Enter collateral and exposure
Enter the collateral you want to commit and the leverage you want to use. Review the resulting size, fees, and estimated liquidation price. The app accounts for estimated trading fees.
Other trades can change which fee rate applies before your order fills. Higher fees leave less collateral and higher leverage than shown. Lower fees leave more collateral and lower leverage. See Fees.
3. Set your execution terms
Choose a market, limit, or stop order. Limit and stop orders need a trigger price. For a market order, review your slippage limit. It sets the worst fill price you accept. The app's limit and stop orders have no separate slippage limit. Check the order expiry too. Orders explains triggers and limits.
Take-profit and stop-loss orders are separate exit orders. Each carries its own execution fee.
When the price reaches your stop, a keeper still has to execute the order. The fill can happen later and at a worse price, especially during a fast move. Until it fills, your position remains open and can still be liquidated.
4. Review and sign
Check the market, side, size, collateral, price bound, expiry, and fees. If the app shows several actions, review each one. For a relayed action, review the fee token, fee recipient, and maximum fee. What you sign explains these permissions.
5. Follow the result
Wait for confirmation, then check both Orders and Positions. A market order may fill in the creation transaction. A limit or stop order usually rests until its trigger is met.
If the transaction confirms but the order rests, it still holds its escrow. Expired orders need cancellation to return it. For a pending result or error, use Pending and failed transactions.