Go long when you expect the price to rise, or short when you expect it to fall. Choose your margin and leverage; Mog sets the position’s liquidation price, payout price, and profit cap when it fills.
Margin and leverage
Section titled “Margin and leverage”Margin, also called collateral, is the money you commit to the trade. Leverage turns that margin into a larger position: position size = margin × leverage. The opening range at launch is 100×–1,000×. After you add margin, effective leverage is position size divided by active margin, with a minimum of 50×. Adding margin does not increase position size.
Higher leverage makes a given price move worth more relative to your margin. It also brings liquidation closer. Your position size is also called its notional.
You can trade with cash or queued funds available for margin.
Two price levels to follow
Section titled “Two price levels to follow”- Liquidation price: the price at which the position loses its active margin and closes.
- Payout price: the price at which the position closes at its profit cap. The app’s Max profit shows the result after fees.
You can close earlier or add margin to move liquidation farther away. Each long takes Mog’s current profit cap at fill; shorts also account for the limit at price zero.
From order to fill
Section titled “From order to fill”- SubmitCommit margin and pay the open fee.
- Price updateReceive a later oracle price.
- FillOpen your position.
The update must be posted after your order. Its price window must end more than two seconds after the on-chain time of the block that included your order; the two seconds allow for the chain clock running behind the oracle clock. The market can move between submission and fill. Your order size does not change the oracle price. Orders must meet market and position limits; an order that fails those checks returns its collateral. Placing an order charges the open fee, returned only if a pause or a delisting voids the order.
Fill capacity can delay an eligible order until a later update. If an eligible update arrives beyond the oracle delivery staleness limit, the order is voided and its collateral returns. The open fee is not refunded for this cause.
The fee rate and close-curve setting c are fixed when the position fills.
Trigger orders
Section titled “Trigger orders”A trigger order becomes ready to fill when an eligible oracle update touches its level from either direction. It fills at the final price of the update that can admit it, which can differ from the trigger level. There is no limit on that difference. If fill capacity delays execution, the order stays armed and needs no second touch.
Cancelling an order
Section titled “Cancelling an order”Cancellation is a request, not an immediate refund. Updates are processed in order. An eligible update whose window closed no more than two seconds after your cancellation’s on-chain time can still assign the fill. For a trigger order, that assignment occurs when it arms.
If no fill has been assigned, the first update whose window closes more than two seconds after the cancellation’s on-chain time removes the order and returns its collateral. The open fee is not refunded.