> For the complete documentation index, see [llms.txt](https://flipper-3.gitbook.io/flipper-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://flipper-3.gitbook.io/flipper-docs/flipper-v2/getting-started/open-and-manage-a-position.md).

# Open and Manage a Position

Open a perpetual position and manage orders, risk controls, and exits in Flipper V2.

Before opening a position, connect your wallet, activate the Trading Account, and deposit collateral into your Trading Balance.

{% hint style="danger" %}
Perpetual futures use leverage and can be liquidated. A higher leverage setting leaves less room for the market to move against your position.
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## Open a position

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### 1. Select a market

Open **Perps** and choose the market you want to trade. Review the current price, Mark Price, funding rate, open interest, and order book.
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### 2. Review margin mode and leverage

The trading panel displays the selected margin mode and leverage. Adjust leverage only after reviewing how it changes the estimated liquidation price and required margin.
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### 3. Choose an order type

* **Market** attempts to execute immediately at the best available prices. The final execution price can differ because of slippage.
* **Limit** executes only at the price you set or a better price. It may remain pending or may not fill.

Additional order types may be available under **Advanced**.
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### 4. Choose the direction

Select **Long** if you expect the market price to rise or **Short** if you expect it to fall.
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### 5. Enter the position size

Enter the quantity or order size. Check your available balance and review the estimated liquidation price, slippage, and fees shown in the panel.
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### 6. Add risk controls and submit

If needed, enable **TP/SL** and enter take-profit or stop-loss levels. Review the order, then select **Open Long** or **Open Short**.
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## Manage orders and positions

The lower trading panel and **Portfolio** provide separate views for:

| View                       | What it shows                                                         |
| -------------------------- | --------------------------------------------------------------------- |
| **Positions**              | Current position size, entry information, PnL, and position controls. |
| **Pending**                | Orders waiting to execute.                                            |
| **TP/SL**                  | Active take-profit and stop-loss instructions.                        |
| **Filled / Order history** | Executed, cancelled, or rejected orders.                              |
| **Position history**       | Previous position activity.                                           |
| **Liquidation**            | Liquidation records, if any.                                          |
| **Assets**                 | Trading Account balances and collateral.                              |

## Close or reduce a position

Use the controls attached to the open position to close it fully or partially. When placing a separate closing order, enable **Reduce only** to prevent the order from increasing the position or opening one in the opposite direction.

A pending limit order can be cancelled before it fills. A filled order cannot be cancelled; manage the resulting position instead.

{% hint style="info" %}
Take-profit and stop-loss orders reduce risk but do not guarantee an exact execution price during fast markets or limited liquidity.
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