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Placing trades

This page covers the mechanics of trading inside an evaluation: opening a position, reading the fill preview, and attaching a take-profit / stop-loss bracket.

Opening a position

From the cockpit you choose a market, a side (long or short), your size, leverage (within your tier cap), and your margin mode (cross or isolated). Orders fill at the live market price. This is market-order execution; you are not placing a resting limit order.

Before you submit, the cockpit shows you the position's liquidation price and the exact fill you'll receive.

The pre-trade fill preview

Ultraprop shows you the price you'll get before you commit, broken out line by line:

  oracle mid price     market reference price
+ size slippage        based on order size and book depth
+ house tilt (+2 bps)  fixed, against you, always shown
± taker fee  (0.045%)  charged on the fill
─────────────────────
= your fill price

The house tilt is a fixed +2 basis points against the trader on every fill. It is not a hidden spread: it is shown every time, it is identical for every participant, and it exists so that a fill in the evaluation is always a touch worse than the median real fill. A strategy that passes here would also pass on a live venue. The full reasoning is in The fill & slippage model.

Take-profit and stop-loss brackets

Any open position can carry a bracket: an optional take-profit (TP) and/or stop-loss (SL) that closes the position automatically when the market price crosses your trigger.

  • Take-profit closes the position in profit at your target price.
  • Stop-loss closes the position to cap a loss at your stop price.
  • You can set the triggers as a price or as a percentage relative to your entry, using preset pills or a custom value.
  • Brackets can carry an expiry (15 minutes, 1 hour, 4 hours, or 1 day); an expired bracket is cancelled without firing.

Brackets are one-cancels-the-other: when TP or SL fires (or you close the position manually) the other leg is cancelled, so there's never a double-close or an orphaned order. A bracket on one position never affects any other position, even one on the same market in the opposite direction.

When a bracket fires, the position is closed at the trigger, charged the taker fee, and booked to your realized P&L. The close shows in your trade history with its reason (tp or sl).

Managing open positions

The cockpit's positions table shows every open position with its size, entry, unrealized P&L, liquidation price, and any attached bracket. You can reduce or close a position outright, or arm and edit its bracket, at any time. Every fill (open, close, reduce, or bracket) lands in your trade history with a timestamp.

What's coming

Resting limit and stop-entry orders, and refinements like trailing stops and partial take-profits, are on the roadmap. Today, entries are market orders and exits are managed with brackets or manual closes.