How to sell BitMEX perpetual contracts

Sell BitMEX perpetual contracts by creating an account, funding it, placing a sell order, monitoring your position, closing it with a buy order, and withdrawing your funds.

Nov 10, 2024 at 06:39 am

How to Sell BitMEX Perpetual Contracts: A Comprehensive Guide

Perpetual contracts, also known as perpetual swaps, offer traders a powerful tool for speculating on the price of an underlying asset without the need for physical delivery. They provide leverage and allow traders to maintain their positions indefinitely. BitMEX, a leading cryptocurrency derivatives exchange, is a popular platform for trading perpetual contracts. This guide will provide a step-by-step walkthrough on how to sell BitMEX perpetual contracts.

1. Create an Account on BitMEX

To begin trading perpetual contracts on BitMEX, you need to create an account. The registration process is simple and straightforward:

• Visit the BitMEX website (https://www.bitmex.com/) and click on the "Register" button.
• Provide your email address, create a password, and agree to the terms of service.
• You will receive a confirmation email with a link to activate your account.
• Once your account is activated, you can log in and start trading.

2. Fund Your Account

Before you can start selling perpetual contracts, you need to fund your BitMEX account. BitMEX supports deposits in a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDT.

• Log in to your BitMEX account and click on the "Deposit" tab.
• Select the cryptocurrency you want to deposit and follow the instructions provided.
• Once your deposit is confirmed, you will be able to use it to fund your perpetual contract trades.

3. Place a Sell Order

To sell a perpetual contract, you need to place a sell order. This indicates your intention to sell the underlying asset at a specific price.

• Click on the "Trade" tab and select the perpetual contract you want to sell.
• Enter the quantity of the contract you want to sell.
• Select the "Sell" button.
• Enter the price at which you want to sell the contract.
• Click on the "Place Order" button.

4. Monitor Your Position

Once you have placed a sell order, you can monitor the status of your position in the "Positions" tab. The position status will show you the following information:

• The quantity of the contract you have sold.
• The price at which you sold the contract.
• The profit or loss on your position.
• The margin required to maintain your position.

5. Close Your Position

When you are ready to close your position, you need to place a buy order. This indicates your intention to buy back the underlying asset at a specific price.

• Click on the "Trade" tab and select the perpetual contract you want to close.
• Enter the quantity of the contract you want to buy back.
• Select the "Buy" button.
• Enter the price at which you want to buy back the contract.
• Click on the "Place Order" button.

6. Withdraw Your Funds

Once you have closed your position and realized your profit or loss, you can withdraw your funds from BitMEX.

• Log in to your BitMEX account and click on the "Withdraw" tab.
• Select the cryptocurrency you want to withdraw.
• Enter the amount you want to withdraw.
• Follow the instructions provided to complete the withdrawal process.