Trade
ODX is a permissionless decentralized exchange allowing anyone to trade without requiring any personal information, only a wallet address is needed. The platform uses a price feed based on decentralized oracle and an aggregate of top exchanges which reduces the risk of liquidations from temporary wicks.
Add a Wallet
Connect Wallet
Click the 'Connect Wallet' button in the upper right corner at Trade Page. Your wallet will prompt you to automatically add the ODX zkEVM network.
ODX zkEVM network information
Name: ODX zkEVM Testnet
New RPC URL: https://pre-alpha-zkrollup-rpc.opside.network/odx-zkevm-testnet
Chain ID: 12020
Currency symbol: ETH
Block explorer URL: https://odx-zkevm-testnet.zkevm.opside.info
Get TestToken
Get GoerliETH
Free way https://opside.network/goerli
Paid way https://testnetbridge.com/
Get Other TestToken
Bridge your GoerliETH to ODX zkEVM through here.
Go to Sideswap
Change the network to ODX zkEVM
Swap your GoerliETH to OBTC,OUSDT,OUSTC
Opening a Position
Select a Side
Click on "Long" or "Short" on the Trade page depending on which side you would like to open a leverage position on.
Long position:
Earns a profit if the token's price goes up
Makes a loss if the token's price goes down
Short position:
Earns a profit if the token's price goes down
Makes a loss if the token's price goes up
Select a collateral
Multiple types of collateral may be available.
Examples of how this could be used(0 fee for example):
Long ETH with ETH as collateral: Open a 5 ETH(1000 USD per ETH for example) position with 1 ETH as collateral. If the ETH's price goes up to 1500 USD, You will earn 2500 USD.
Long ETH with USDC as collateral: Open a 5 ETH(1000 USD per ETH for example) position with 1000 USDC as collateral. If the ETH's price goes up to 1500 USD, You will earn 2000 USD.
Short ETH with ETH as collateral: Open a 5 ETH(1000 USD per ETH for example) position with 1 ETH as collateral. If the ETH's price goes down to 500 USD, You will earn 1500 USD(2000 USD position profit - 500 USD of your 1 ETH loss).
Short ETH with USDC as collateral: Short ETH with ETH as collateral: Open a 5 ETH(1000 USD per ETH for example) position with 1000 USDC as collateral. If the ETH's price goes down to 500 USD, You will earn 2000 USD.
You can see that using non-stablecoin collateral for leveraged long positions, enabling dual profits as the collateral value rises along with the profits from long positions. For short positions, non-stablecoin collateral is used, keeping the collateral value unchanged during profits to prevent losses in collateral value.
Note that if opening a long position with a non-stablecoin as collateral, your liquidation price may change as the price of your collateral changes.
After selected collateral,select the select the currency you want to open a position with and select the leverage.
Below the "Leverage slider",you will see:
Collateral In: It actually represents the value you have staked. If you stake with a non-stablecoin, the staked value will change with the fluctuation in token price.
Leverage: If you open 5X leverage with 1000 USD as collateral,your position will be 5000 USD.
Entry Price: It represents the price of the underlying asset at the time you opened the position.
Liq. Price: It indicates that if you open a position with the current allocation, the position will be closed and the collateral will be liquidated when the price of the underlying asset reaches the Liq.Price.
Fees: The fee required to open a position with the current allocation. Refer to Fees
Below the swap box you would see the "Exit Price", which is the price that is used to calculate profits if you open and then immediately close a position. The exit price will change with the price of the token you are longing or shorting.
Limit Orders
Limit orders can be created by selecting the "Limit" option after selecting whether you would like to open a long or short.
After creating a limit order, it will appear in under the "Orders" tab, you can edit the order and change the trigger price if needed.
Note that limit orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to:
The mark price which is an aggregate of exchange prices did not reach the specified price
The mark price was reached but there may not be sufficient liquidity to execute the order
The mark price was reached but executing the order would result in a position which exceeds the current max leverage
Managing Positions
After opening a trade, you would be able to view it under your Positions list, you can also click on "Edit" to deposit or withdraw collateral, this allows you to manage your leverage and liquidation price.
Closing a Position
You can close a position partially or completely by clicking on the "Close" button in the position row. Closing a position will realise pending profits / losses proportional to the percentage of the position that is closed.
For long positions, profits are paid in the asset you are longing, e.g. if you long ETH your profits will be in ETH.
For short positions, profits will be paid out in the same stablecoin that you used to open the position, e.g. USDC or USDT.
You can customize the token to be received by changing the "Receive" token in the "Close Position" menu. Note that this may perform a swap from your profit token to the token you select if needed, the swap fees will be shown in the "Close Position" menu.
The amount of profit and loss for a position, excluding changes in your collateral's value, will be proportional to your position size. For example, if you open a long ETH position of size 10,000 USD and if the price of ETH increases by 10%, the position would have a profit of 1000 USD, if the price of ETH decreases by 10%, the position would have a loss of 1000 USD.
If a short position was opened instead, then if the price of ETH decreased by 10% the position would have a profit of 1000 USD, if the price of ETH increased by 10%, the position would have a loss of 1000 USD.
Leverage for a position is displayed as (position size) / (position collateral). If you'd like to display the leverage as (position size + PnL) / (position collateral) instead, you can customise this in the "Settings" menu by clicking on the "..." icon at the top right of the page.
Stop-Loss / Take-Profit Orders
You can set stop-loss and take-profit orders by clicking on the "..." button in the position row and selecting the "Trigger Close" option.
After creating a trigger order, it will appear in your position's row as well as under the "Orders" tab, you can edit the order and change the trigger price if needed.
If you close a position manually, the associated trigger orders will remain open, you would need to cancel them manually if you do not want the order to be active when opening future positions.
Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to:
The mark price which is an aggregate of exchange prices did not reach the specified price
Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price.
Liquidations
If an ETH long position is opened and the position size is larger than the collateral value, then there would be a price at which the position's loss amount is very close to the collateral value.
This is referred to as the Liquidation Price and is calculated as the price at which the (collateral - losses - fees) is less than 1% of your position's size. If the token's price crosses this point then the position will be automatically closed.
Due to borrowing and funding fees your liquidation price will change over time, especially if you use a leverage that is more than 10x and have the position open for more than a few days, so it is important to monitor your liquidation price.
Collateral can be deposited using the "Edit" button in the position row, this will help to improve the liquidation price and reduce the risk of liquidation.
When a position is liquidated, any collateral remaining after deducting losses and fees would be returned to your account.
Perp Pools
Know about Fully backed markets
An example of a fully back market would be an ETH perp market backed by ETH-USDC where the open interest is limited to be less than the total amount of ETH and USDC tokens in the pool.
For example, if there is 1000 ETH and 1 million USDC in the pool and the max long open interest is limited to 900 ETH and the max short open interest is limited to be 900k USDC, then all profits can always be fully backed regardless of the price of ETH.
ODX Liquidity Pool(Live)
OLP is a perp pool consists of BTC,ETH,USDC,USDT. Traders open positions in OLP,their profit is backed by the balance token in OLP.
Blue Liquidity Pool(Coming soon)
BP is a perp pool consists of highly liquid blue-chip assets and stablecoin assets from the cryptocurrency market. Traders open positions in BP,their profit is backed by the balance token in BP.
Permissionless Customized Liquidity Pools(Coming soon)
CP is the perp pools which "CP" refers to a permissionless custom pool where liquidity providers can offer non-stablecoin assets alongside stablecoin assets without requiring permission. These assets are combined in a CP pool, enabling traders to take long or short positions on the non-stable assets within the pool. Their profit is backed by the balance token in the CP.
Trading Risks
Caution should be exercised when interacting with any smart contract or blockchain application. While risks are attempted to be mitigated through testing, audits and bug bounties, there is always a risk of vulnerabilities in smart contract code.
A non-exhaustive list of risks:
Smart contract risks
Liquidations
ADLs
Additionally, collateral and profits may be backed by bridged or pegged tokens which may not be guaranteed to maintain peg.
Stablecoin Pricing
In case the price of a stablecoin depegs from 1 USD:
To ensure that profits for all short positions can always be fully paid out, the contracts will pay out profits in the stablecoin based on a price of 1 USD or the current SupraOracles price for the stablecoin, whichever is higher.
For swaps using the depegged stablecoin, a spread from 1 USD to the SupraOracles price of the stablecoin will apply.
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