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Mea Culpa on the Perp Trade (Patreon)

Published:
2024-08-05 17:25:08
Imported:
2026-06
Tags:

Content

Last night, around midnight, I was extremely tired while monitoring various market indicators and reading extensively. I noticed that Solana (SOL) had dipped to approximately $110. Concerned about potential liquidation at $99, I decided to add more collateral to my position to safeguard against this risk.

Subsequently, I attempted to execute a trade within the $111 to $114 range for SOL, but I did not receive any confirmation of the trade being filled. Typically, Jupiter displays a separate line item for each trade transaction, so I assumed the trade had failed. They have changed their UI from the old way - in the past my perps would show up as separate line items. So I had assumed it failed.

This morning, I realized that my actions order did go thru, I effectively reduced my entry price from $146 to $131, while maintaining my liquidation price at $80. As a result, my perpetual contract position has nearly doubled and now constitutes almost 2% of my total SOL holdings. This is bigger than I am comfortable with. Dpened ing on market I may reduce the position at $140+ depending on BTC and overall market.

PS DO NOT TRADE WHEN EXHAUSTED - this one worked out but it could have easily been a costly mistake.

Comments

safakdilbaz

Haha sadly I slept last night and got liquidated but well I take it as a learning lesson ! I was just testing things with 0.5 Solana luckily 😊🎉

Tom Heath

So annoying, I did a similar trade. I saw the 2nd line appear. I was looking at them both in Jup then came back and hour later and they had merged. I could tell straight away as the new line was a blended average of the two liquidation levels and leverage percentages. Annoying! Is there a way around?

Mac wil

I took this trade at 120… still in it I think it will hit 147

Darren47

Can anybody advise how to reduce a perp trade please. I like James DCA on the way down & got a fill at $111. Currently up 6%. I have only ever closed a trade in full, I didn’t know it was possible to reduce the size of the trade. Thanks in advance.

STACKSATS21

I also increased my position in the dip and just closed mine @ 143 for 45% ROI

Ironman

Congratulations James on $111-114 trade & burning the midnight oil. I could not stay awake and zonked-out at 10P

Matt P

Great share J💪 glad it worked out though too!!

Mike Mancuso

Tapped out at $151.12. Which after 3 additional trades to reduce my liquidation price, I ended up w a $125 entry and a 68% total gain. And I benefit from holding more SOL. Good trade? Not really. I’d call it a good risky gamble that paid off. Why? Because I don’t think anyone (including James) believed that after falling to $143, we’d be $12 from liquidation ($98). Thats where u really need to take a step back and ask yourself, am I still investing or am I chasing a Blackjack loss! 🤷🏼‍♂️.

Mike Mancuso
>>145753236

Sure. Just scroll down to the bottom of the trade ticket and should see 3 buttons, the center is Edit Collateral. However I prefer to open a new trade, Jup will aggregate it with the original. Leverage and Entry will be averaged. But before submitting the trade, you want to make sure your meeting your liquidation level goes. So as an example, if you’re goal is to reduce your liquidation price from $98 to $88 as an example, the order details on the right hand side of your screen will show something like this in yellow : $98 ~> $88. The value is a Jupiter calc primarily based on value of the trade vs how much they’re lending. Let’s say you increase your long position by 50 SOL, and you’re still above 90, you can lower your margin amount from 3.3x to as low as 1.1x I believe. And if that brings you down too low (ie you feel u can tolerate a bit more risk), you can remove some SOL or increase the leverage. That’s why I think the trade option is bette.. it gives the user a lot more flexibility beyond just adding collateral.

Emioli

Just closed my perp long, nice 40% at 3.3 leverage. Patience is underestimated in this game.

Scarla Pump

So let me see if I get it right: SOL is, say, at 120 and you enter a 3x PERP. Is the liquidation level determined by the amount of CASH (i.e. USDT if you trade on Jupiter) available in your wallet? Example: you buy 10 SOL at 120$ through a 3x PERP, if you have 900 USDT in your wallet, the liquidation level will then be defined by the platform at 120$ - 900 / 3 (the leverage) / 10 SOL (the quantity purchased) = 90$ is that it? These margin stories always confuse me, can anyone confirm my assumption?