How to operate Upbit perpetual contract

Upbit's perpetual contract market enables traders to speculate on future cryptocurrency prices without ownership, providing a unique opportunity for profit.

Nov 12, 2024 at 08:50 pm

How to Operate Upbit Perpetual Contract

Upbit is a popular South Korean cryptocurrency exchange that offers a variety of trading options, including perpetual contracts. Perpetual contracts are a type of futures contract that allows traders to speculate on the future price of an asset without having to take delivery of the underlying asset.

If you are interested in trading perpetual contracts on Upbit, here is a step-by-step guide on how to get started:

Step 1: Create an Upbit Account

The first step is to create an Upbit account. You can do this by visiting the Upbit website and clicking on the "Sign Up" button. You will need to provide your email address, password, and other personal information.

Step 2: Fund Your Account

Once you have created an account, you will need to fund it with cryptocurrency. You can do this by depositing cryptocurrency from another wallet or by purchasing cryptocurrency directly from Upbit.

Step 3: Find the Perpetual Contract Market

Once you have funded your account, you can find the perpetual contract market by clicking on the "Derivatives" tab at the top of the page. Then, select "Perpetual" from the drop-down menu.

Step 4: Choose a Trading Pair

The next step is to choose a trading pair. A trading pair is simply two cryptocurrencies that are being traded against each other. For example, BTC/USDT is a trading pair that represents the Bitcoin/Tether perpetual contract.

Step 5: Place an Order

Once you have chosen a trading pair, you can place an order. To do this, simply enter the order details in the order form. You will need to specify the order type, the order size, and the order price.

Step 6: Monitor Your Position

Once you have placed an order, you can monitor your position by clicking on the "Positions" tab at the top of the page. This will show you a list of all of your open positions.

Step 7: Close Your Position

When you are ready to close your position, you can do so by clicking on the "Close Position" button. This will sell your position and return the profits or losses to your account.

Additional Tips

Here are a few additional tips for trading perpetual contracts on Upbit:

• Use a stop-loss order to limit your losses. A stop-loss order is an order that automatically sells your position if the price of the asset falls below a certain level.
• Don't trade with more money than you can afford to lose. Perpetual contracts are a leveraged product, which means that you can lose more money than you invest.
• Do your own research before trading. Perpetual contracts are a complex product, so it is important to do your own research before trading them.

By following these steps, you can start trading perpetual contracts on Upbit. However, it is important to remember that trading perpetual contracts is a risky activity. You should only trade with money that you can afford to lose.