Are you new to perpetual trading or need to learn how to earn a lot? Here is the guide to get started trading with the chance to multiply your assets with leverage up to x30.
Why is Minerva the best trading platform on Optimism?
Minerva employes one of the most community-centric models in DeFi, where token stakers and liquidity providers are given the majority of fees as rewards!
Minerva allows traders to open leveraged positions via a simple swap interface similar to the traditional trading platform, additionally, Minerva is self-custodial and trustless, allowing anyone to trade cryptocurrencies directly from their wallet.
The Minerva dual exchange model supports both spot swaps and leveraged trading of assets in the MLP index. This improvement allows capital efficiency as the MLP pool has a high asset utilization rate, ensuring that user deposits generate extra yield and never sit idle.
Minerva allows you to open and close trading positions with no price impact. This design enables traders to get better entry prices than some order book-based exchanges, which might have issues with slippage. In addition, Minerva uses an aggregate of Chainlink Oracles to smooth out price fluctuations, which can keep positions safe from temporary liquidation wicks.
Types of trading
Minerva offers three types of orders, just like CEX, to meet all your perpetual trading needs on Optimism Network.
-Market order: A market order is an order to buy or sell cryptocurrencies at the market’s current best available price. A market order typically ensures execution but does not guarantee a specified price. Market orders are optimal when the primary goal is to execute the trade immediately.
-Limit order: A limit order is an order to buy or sell cryptocurrencies with a restriction on the maximum price to be paid or the minimum price to be received (the “limit price”). If the order is filled, it will only be at the specified limit price or better. However, there is no assurance of execution (depending on the market price)
-Trigger order: A trigger order is a pre-set order that users place ahead with an order price and contract amount (like a limit order), which will only be triggered under specific conditions (a trigger price/trigger). Once the latest traded price has reached the “trigger”, the pre-set order will be executed.
How to Trade on Minerva
Step 1: Click on https://minerva.money/ to join trading
Since Minerva is a decentralized exchange, querying of data and submitting of transactions go through an RPC URL. To ensure the best experience, check the RPC status here https://chainlist.org/chain/10.
Step 2: Opening a Position
First, click on the dropdown to choose which currency you want to trade.
Click on “Long” or “Short” depending on which side you would like to open a leverage position on.
After selecting your side, enter the amount you want to pay and the leverage you want to use, in the below example 0.1 Eth worth 171.87 USD is being used to buy a 10x ETH long position of size 1701 USD.
Step 3: Manage your 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.
The amount of profit and loss you make will be proportional to your position size. For example, if the price of ETH increases by 5%, the position would have a profit of 0.05 ETh if the price of ETH decreases by 5%, the position would have a loss of 0.05 ETH.
Stop-loss/Take-profit order
You can also set stop-loss and take-profit orders by clicking on the “Close” button and selecting the “Trigger” tab.
You could choose to trigger partially or completely by entering the amount and the executed price.
Price Feed, so it could be not exactly the same as the price you enter.
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.
Please note that the order will be executed at the price provided by ChainLink.
Closing a position
You can close a position partially or completely by clicking on the “Close” button.
For long positions, profits are paid in the asset you are longing for, e.g. if you long ETH you would get your profits as ETH. For short positions, profits will be paid out in the same stablecoin that you used to open the position, e.g. if you short ETH with USDC you will get profits as USDC.
Conclusion
Minerva is a spot and perpetual DEX that offers a variety of trading options and high liquidity for a wide range of blue chip crypto assets.
Users can leverage trade up to 30x while having self-custody of their assets or simply earn from the fees generated by the platform. Minerva employes one of the most community-centric models in DeFi, where token stakers and liquidity providers are given the majority of fees as rewards.
We aim to become the solution for all traders who want to keep control of their capital and enjoy the best trading experience on the Optimism network.
Wanna trade with liquidity and leverage at the lowest cost?
Trade with Minerva!
Website: https://minerva.money/
Twitter: https://twitter.com/MinervaOptimism
Discord: https://discord.gg/Mr92PZ63xZ
Legal Notice:
This article and any information contained in it are subject to Legal Notice. Please carefully review the Legal Notice as it contains important legal information, limitations, and restrictions relating to the information that we provide, third-party resources, and forward-looking statements.”
