How to use BigONE contract address

BigONE contract addresses serve as unique identifiers for specific trading contracts, enabling users to initiate orders, track positions, and view contract details for seamless contract trading.

Nov 25, 2024 at 12:58 pm

How to Use BigONE Contract Address: A Comprehensive Guide

Introduction

BigONE is a reputable cryptocurrency exchange that offers a wide range of trading services, including spot and contract trading. Contract trading allows users to speculate on the price movements of cryptocurrencies without having to hold the underlying asset. To facilitate contract trading, BigONE provides users with unique contract addresses. This guide will provide a comprehensive overview of how to use BigONE contract addresses, ensuring a seamless trading experience.

Step 1: Understanding Contract Addresses

• Contract addresses are unique alphanumeric identifiers for smart contracts deployed on the blockchain network.
• Each contract address represents a specific type of contract, such as a perpetual swap contract or a futures contract.
• Contract addresses are used to initiate transactions, track orders, and view contract details.

Step 2: Locating Contract Addresses

• Log in to your BigONE account and navigate to the "Contracts" page.
• Select the desired trading pair, e.g., BTC/USDT perpetual swap.
• The contract address for the selected pair will be displayed on the page.

Step 3: Creating an Order

• Navigate to the "Trade" page for the selected contract.
• Enter the desired order parameters, including contract quantity, leverage, and order type.
• Choose "Buy Long" or "Buy Short" based on your trading strategy.
• The order will be submitted to the contract address, and the system will execute it according to the specified parameters.

Step 4: Managing Open Positions

• Open positions represent active trades in the market.
• Monitor open positions by navigating to the "Positions" page.
• Adjust or close positions as needed by using the "Close Long" or "Close Short" buttons.
• Partial closures are also supported, allowing users to adjust their leverage or exit portions of their positions.

Step 5: Viewing Contract Details

• Click on the "Contract Info" tab on the "Trade" page.

• Review important contract details, including:

  • Contract type (e.g., perpetual swap or futures)
  • Expiration date (if applicable)
  • Maintenance margin and liquidation price
  • Funding rate and interest rate
  • Historical data and charts

Step 6: Funding Your Contract Account

• Contract trading requires funding to cover margin requirements and potential losses.
• Transfer funds from your spot account to your contract account by clicking on "Transfer" in the top navigation bar.
• Select the currency you wish to transfer and enter the desired amount.
• The funds will be credited to your contract account and can be used for margin or trading.

Step 7: Managing Risk

• Contract trading involves high leverage and can result in significant losses.
• Set realistic profit and stop-loss levels to manage risk.
• Monitor positions regularly and adjust leverage appropriately.
• Consider using stop-limit orders to automate position closures at predefined price levels.

Step 8: Settlement and Expiry

• For perpetual swap contracts, daily funding payments are made to adjust contract prices.
• For futures contracts, the contract will expire on a predetermined date, and the settlement price will be determined based on the underlying index price.
• Open positions will be automatically closed at the settlement price, and gains or losses will be credited or debited to your account.

Conclusion

By following the steps outlined above, you can effectively use BigONE contract addresses to engage in contract trading. Understanding contract addresses, managing open positions, viewing contract details, and managing risk are crucial factors for successful trading. Remember to trade responsibly and within your risk tolerance, as contract trading involves potential risks and rewards.