How to trade Perps or open Long/Short positions on Levana?
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How to trade Perps or open Long/Short positions on Levana?
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The Current version of the Compass wallet extension is v0.7.9. Please update your extension to the latest version to have a seamless Sei experience.
Check the Compass troubleshooting section at the end of this guide on how to update your Compass wallet.
This guide provides a step-by-step explanation of how to open long/short trade on Levana your using your Compass wallet.
How Does the Compass Wallet Work?
Compass Wallet is currently available as a Chrome & Brave extension that allows you to manage your assets on Sei securely and efficiently and connect with all the dapps, NFT & gaming projects on Sei. To get started, download the Compass Wallet for Sei Chrome extension.
Opening a Long/Short position on Levana:
Here’s a video of step-by-step guide using Compass 👇
Alternatively, you can follow these easy steps 👇:
Before we get started, make sure you have installed Compass wallet and upgraded your Compass Wallet to v0.7.8 or above so that you can access Sei Mainnet.
Click on Compass Wallet in your extension bar on your browser & enter your password to unlock your Compass wallet
Select the pair you want to open your trade-in. In this guide, we will use ETH/USD pair.
You can open both Long and Short trades on Levana. In this guide, we will show how to enter a long trade for ETH/USD pair.
Select Long in the right-hand box & enter the amount of assets you want to deposit as collateral. You can type out the value in USD or asset value terms.
Now enter the multiplier for the leverage you want to take from Levana. Levana currently allows for upto 30x Leverage.
Enter the Target spot price at which you want to exit your trade.
Carefully enter the stop loss price for your trade. Please note that your trade will be exited either:
At this price you enter in the stop-loss field
OR
Liquidation price (The price at which your loss exceeds your complete collateral value) whichever reaches earlier.
Now, click on the “Open Long” button to enter the Long trade.
Congrats 🥳! You’ve opened your first long position on the Sei network! You can view your opened position in the “Open position tab”. To close out your open positions, you need to click on close all positions button as shown below.
Solution: Restart your browser. If it doesn’t work, follow the steps in the below video
Compass is taking too long to connect to a dapp
Solution: Unlock your wallet by entering your password before connecting to the dapp.
Getting chain not supported error
Solution: Update your compass wallet to v0.7.9 or above by restarting your browser. If the issue persists, update your browser, reinstall Compass and import your wallet.
How to switch to mainnet on Compass?
Solution: First, check if your compass wallet is on version 0.7.9 or above. If it is updated, click on the hamburger (three lines) button on the left hand top side of Compass wallet. Click on Network and select Mainnet.
Compass is taking too long to load token balances
Solution: This happens when network load is high and RPC nodes are busy. Wait for sometime and check again.
Can’t connect my Leap wallet to a dapp
Solution: We recommend installing Compass and trying to connect to Sei dapps with it. You can install Compass wallet using this guide 👇
