# Open Position

![](/files/Ei1WTNXZAeqmwlzQj9EF)

Select your desired trading pair and open a long/short position.

| Step                                                                    | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 1. Choose your Order Type                                               | <p>Market Order</p><ul><li>Buying/selling immediately at the current market price</li></ul><p>Limit Order</p><ul><li>Buying/selling only when the market price reaches your specified target price</li><li>not applicable to 500x, 750x, 1000x leverage</li></ul>                                                                                                                                                                                                                                                                     |
| <ol start="2"><li>Enter the Collateral to be used</li></ol>             | <p>You can pay collateral by using any of the assets supported in MLP: </p><ul><li>Cronos EVM: USDC</li><li>Cronos zkEVM: vUSD, zkCRO</li></ul>                                                                                                                                                                                                                                                                                                                                                                                       |
| <ol start="3"><li>Set the desired Leverage</li></ol>                    | <p>1-100x</p><ul><li>available to all traders</li><li><em>trading pairs may have different max leverage</em></li></ul><p>500x, 750x, 1000x - unlock by fulfilling staking requirement:</p><ul><li>Cronos EVM: 200 $MLP</li><li>Cronos zkEVM: 1000 $MLP</li><li>see <a href="/pages/3bhy77BbgaaBal1W5GkC">$MLP</a> for more information</li></ul>                                                                                                                                                                                      |
| <ol start="4"><li>Adjust the desired Position Size</li></ol><p><br></p> | <ul><li>Automatically inputted once you complete step 2</li><li>You can adjust the position size in the unit of the asset that you’re trading (i.e. BTC, ETH, CRO, and etc.)</li><li>As you adjust the position size, the  collateral amount will be automatically adjusted to meet the required amount</li></ul>                                                                                                                                                                                                                     |
| <ol start="5"><li>Set Take Profit/Stop Loss Orders (TP/SL)</li></ol>    | <p></p><p>Take Profit</p><ul><li>Closing a position automatically and realizing profits when the market price reaches a specified price level</li><li>For Leverage <50x, the maximum level is 550%</li><li>For Leverage >=50x, the maximum level is 350%</li><li>Default is set to be 100%</li></ul><p>Stop Loss</p><ul><li>Closing a position automatically and minimizing losses when the market price reaches a specified price level</li><li>TP/SL orders cannot be canceled once created. You can only edit the order.</li></ul> |
| <ol start="6"><li>Set the desired Slippage</li></ol>                    | <p></p><ul><li>Set the maximum discrepancy between the expected price of a trade and the price at which the trade is executed</li><li>Not applicable to Limit Order</li></ul>                                                                                                                                                                                                                                                                                                                                                         |
| <ol start="6"><li>Pay Fees</li></ol>                                    | <p></p><ul><li>Open Fee and Execution Fee are charged when opening positions</li><li>Fees are deducted from your wallet together with the collateral</li><li>There is no Open Fee for positions with 500x, 750x, 1000x Leverage</li><li>See <a href="/pages/QYRHEjLmUHKe57oBD2oC">Fees</a> for more information</li></ul>                                                                                                                                                                                                             |

{% hint style="info" %}
Note that positions under the same trading pair will be created as individual positions upon each position creation. They will not be unified.
{% endhint %}

{% hint style="info" %}
Once the maximum open interest (OI) is reached for Long and Short Positions respectively for a trading pair, opening position in that direction will be temporarily suspended. This helps to &#x20;

* prevent excessive losses in MLP in case of adverse market movements
* maintain market stability by preventing the accumulation of disproportionately large positions that could impact market dynamics
  {% endhint %}


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