Perp trading on Grizzly Trade
Grizzly Trade allows you to benefit from this financial instrument in a permissionless, decentralized, and non-custodial way. This tool is currently available on opBNB and BNB Chain, and allows you to trade long and short with leverage ranging from 1.10 to 50x on the following assets: BNB, ETH, BTC. You can open positions using collateral such as BNB, BTC, ETH, USDC, USDT, DAI, and BUSD.
Note that Grizzly.Trade does not require registration or KYC to trade. You only need a cryptocurrency wallet, such as Metamask, Coinbase Wallet, Exodus, Trust Wallet, or WalletConnect, and some BNB to start trading.
Trade on Grizzly.Trade
1) How to connect my wallet
To connect your wallet, simply go to: https://app.grizzly.trade/#/trade and click on 'Connect wallet'.
Make sure to have BNB in your wallet to start trading.
2) Open a position
To trade an asset, click on the pairs displayed at the top left of your screen, and then select the asset you want to trade from the dropdown menu.
Next, click on "Long" or "Short" depending on which side you would like to open a position:
A long position earns a profit if the token's price goes up, but incurs a loss if the token's price goes down.
A short position earns a profit if the token's price goes down, but incurs a loss if the token's price goes up.
A market order allows you to enter a position directly at the displayed market price.
A limit order allows you to enter a position at a price of your choice, but there is a risk that this order may never be executed or may be executed much later.
Select the asset you want to use as collateral for your position (1), the amount you wish to invest in your position (2), and the desired leverage (3).
As you adjust the Leverage slider, you'll notice changes to the Liquidation Price and Fees values. There are three types of fees to consider:
Opening fees, which equal 0.1% of the position size.
Closing fees, which equal 0.1% of the position size.
Borrowing fees, which are deducted at the start of every hour and vary based on utilization. This fee is calculated as (assets borrowed) / (total assets in pool) * 0.01%.
A pop-up will appear before confirming the transaction, summarizing all relevant data and providing you with the option to set slippage to a higher value.
3) Setting Slippage
Slippage refers to the difference between the expected price of a trade and its execution price.
Thanks to the deep liquidity provided by the GLL pool, Grizzly Trade does not experience price impact due to the position size. However, a price slippage may still occur between the time the transaction is submitted and the time the BNB blockchain confirms the trade.
By default, the slippage tolerance is set to 0.3%. This means that if the price difference between the time you submit the transaction and the time the BNB blockchain confirms the trade exceeds 0.3%, the trade is canceled, protecting your capital according to the rules you have established.
You can adjust this slippage by :
clicking on your address in the top right corner of the page
Selecting "Settings" from the dropdown menu.
Then choose the slippage amount that suits you best.
4) Position Management
After opening your positions, you can find all the important information about them below the chart in the 'Position' section.
Note that by clicking on 'Chart positions', you can see your position entry, liquidation level, and advanced orders (SL/TP) directly on the chart.
You can add or remove collateral at any time, which will adjust your liquidation level. Additionally, you can add a trailing stop to your position. To do either of these, click on the three dots on the far right of your position.
You may also notice that the menu allows you to share your trade at any time or simply save it for yourself.
5) Close the position
You can close your position using any of the three options located under the 'Close' button.
a) Close the position completely
To close your position completely, click on 'Max' and confirm the transaction.
b) Close the position partially
To partially close your position, simply enter the amount you wish to withdraw from it.
c) Close your position partially or entirely with a defined price
You can also close your position entirely (by clicking on Max) or partially (by manually entering the amount you want to withdraw) through a Stop Loss or Take-Profit order by clicking in the ‘Trigger’ section and entering the price of your order.
Note that when creating an advanced order (SL or TP):
It will appear in the 'Orders' section at the bottom of the chart, as well as on the chart if you have activated the 'Chart position' bell.
If you manually close a position, the associated trigger orders will remain open. You will need to cancel them manually if you do not want the order to be active when opening future positions.
Also note that orders are not guaranteed to execute. There are several situations in which this can occur, including:
The mark price, which is an aggregate of exchange prices, did not reach the specified price.
The specified price was reached but not for a long enough time for it to be executed.
No keeper picked up the order for execution.
Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price.
6) Advanced orders
On Grizzly.Trade, you can set up three types of advanced orders, whether you are opening a position or when your position is already open:
SL (Stop Loss)
TP (Take Profit)
Trailing Stop
To set up SL and TP when opening a position, go to the 'Pro trading' section and activate the SL by clicking on 'Stop Loss'. Then:
SL: Choose the % of your SL by navigating the % bar.
TP: Choose your TP by entering a specific price or by moving the % bar.
To set up or adjust a Stop Loss or Take Profit for an open position, refer to section 5c) of this tutorial.
The process for setting up a Trailing Stop is the same.
If you want to establish a Trailing Stop when opening a position, go to Pro Trading, activate the Trailing Stop by clicking on it, then choose the percentage in the bar.
To set up a trailing stop on an already open position, go to the bottom section of the chart, click on the three dots and then on "Add Trailing Stop".
Next, select the percentage for your trailing stop.
Note that Grizzly.Trade charges a variable position fee for successfully using the trailing stop function. You can check the fees that will be deducted from the repayment balance.
7) Partial Liquidations
If the market moves against your trade, there will be a point at which the loss amount is very close to the collateral amount. The Liquidation Price is calculated as the price at which (collateral - losses - borrow fee) is less than 1% of your position's size. If the token's price crosses this point, your position will be automatically closed.
Due to the borrow fee, your liquidation price will change over time, especially if you use leverage greater than 10x and hold the position open for more than a few days. Therefore, it is important to monitor carefully your liquidation price.
If there is any collateral remaining after deducting losses and fees, the corresponding amount will be returned to your wallet.
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