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Placing a trade on Priest.trade is straightforward, non-custodial, and executes directly on Monad.

Step-by-Step Order Placement

1. Choose Side: Long or Short

  • Click Long if you believe the token price will increase.
  • Click Short if you believe the token price will decrease.

2. Enter Collateral Amount

  • Specify your margin collateral in USDC.
  • The collateral is pulled directly from your connected wallet when the order executes.
  • Ensure your wallet holds sufficient native MON to pay the sub-cent gas fee.

3. Set Leverage

  • Drag the leverage slider or type your desired leverage multiplier (e.g. 5x, 10x, 25x, 40x).
  • Your Position Size (Notional) will automatically populate: Notional Size=Collateral×Leverage\text{Notional Size} = \text{Collateral} \times \text{Leverage}
  • Note: If a market is within its first 24-hour Warmup phase, leverage is capped at 10x.

4. Configure Slippage Tolerance

  • Default slippage tolerance is set to 1.0% (100 bps).
  • For large orders or volatile meme tokens, adjust slippage in the settings modal (e.g. 0.5% to 3.0%).
  • If the execution price moves beyond your slippage tolerance before your transaction confirms, the transaction will revert safely, protecting your funds.

5. Review Execution Details

Before clicking submit, review the summary box:
  • Entry Price: Estimated average fill price.
  • Price Impact: The percentage impact your trade will have on the virtual curve or spot pool.
  • Trading Fee: 0.10% taker fee, deducted from your initial margin.
  • Estimated Liq. Price: The price at which maintenance margin is breached.

6. Submit Transaction

  • If this is your first time using USDC on Priest.trade, click Approve USDC to grant token allowance to PerpesEngine.
  • Click Open Long or Open Short.
  • Confirm the transaction in your wallet. Fills typically confirm in ~1 second on Monad!