This article refers to the imToken Help Center Tutorials about Layer 2 wallet and DApp.
- The imKey hardware wallet is suitable for this tutorial, just switch the address to the imKey address.
What Is Perpetual Protocol?
Perpetual Protocol is a decentralized protocol for trading perpetual contracts with adequate liquidity generated by vAMMs. It aims to be the Uniswap in the perpetual contract sector, allowing anybody to create a new perpetual contract market without any entry barrier.
In November 2021, Perpetual Protocol v2 was deployed in Optimism, a Layer 2 network. Thus, a faster and low-cost experience of trading perpetual contracts can be available through the Optimism wallet in imToken.
Further Reading: Know More about Perpetual Protocol
How to Use Perpetual Protocol with imToken?
1. Deposit ETH in your Optimism wallet to pay gas fee, which is required for trading on the Optimism network.
2. Deposit USDC in your Optimism wallet as margin, which is needed for trading in Perpetual Protocol.
Note: Please fully understand perpetual contracts and their potential risks before trading them since they are derivatives of high risks.
You can deposit assets from the Ethereum mainnet to the Optimism network by following this tutorial: 🔗 How to Use the Optimism Wallet with imToken?
1. Find Perpetual Protocol in “Ecosystem DApps” on the wallet page of the Optimism wallet and open it.
2. New users of Perpetual Protocol must first check to agree to Terms of Service then click “Start Trading” - “Connect Wallet” - “imToken”.
3. You can deposit USDC as margin through “Deposit” in Perpetual Protocol. Before the deposit, you should first click “Approve” so that Perpetual Protocol can have your USDC authorization. After that, you need to click “Deposit” again.
The summary including your account value and free collateral in Perpetual Protocol will be displayed.
Opening Your Position
1. Click “Markets” at the bottom to choose the market you want to trade. For example, in the ETH market, click “Long” or “Short” to enter the “Open Position” page.
2. On the page, after entering the USDC amount, you can trade in your preferred position by clicking “Long” or “Short” at the top left corner. The leverage will be automatically converted to “Buying Power” by the system. Then, click “Confirm Long” or “Confirm Short” to trade. You have successfully opened a position when seeing a “Transaction Confirmed” pop-up.
Note: 50% of Buying Power means 5x leverage and the margin of a newly opened position will be updated based on existing positions.
Closing Your Position
At the bottom on the ETH market page, you can check the details of your current position, including “Avg. Open Price” and “Profit / Loss”.
If you want to close your position, please click “Close Position” - “Confirm Close”. You have successfully closed your position after seeing a “Transaction Confirmed” pop-up.
If you have any problem, please reach out to the official team of Perpetual Protocol:
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.