Open a trade
Execute opens both legs of a funding trade on your own accounts at once: a long on one venue and a short of the same size on the other.
Execute trades on Binance, Bybit, Orderly, Lighter, Lighter (Robinhood Chain), Nado, Pacifica, RISEx, QFEX and N1. Both venues of the pair must be connected with a key that can trade.
Pick the pair
Press Execute on a pair on the board or on a coin page, or open Execute from the menu and choose the coin, the long venue and the short venue.
Set the terms
- Size — position size per exchange, in USD. A $1,000 trade is $1,000 long and $1,000 short.
- Leverage — the same on both legs. Higher leverage needs less margin but sits closer to liquidation; Execute refuses a leverage whose liquidation would be too close to the entry. See Safety guards.
- Hold — how long you plan to keep the trade: 1, 3, 7, 14 or 30 days. Costs are spread over it in the Net APR.
- Account — with several accounts on a venue, which one each leg uses.
Review
Press Review trade. We read both live order books and quote the trade exactly as it would be placed.
| In the review | |
|---|---|
| Net APR | After fees, slippage both ways and the price-gap edge, over your hold. Below it, the same at the 7-day average funding. |
| Round-trip cost | Fees to open and close, plus slippage in and out. |
| Break-even | How long the trade must run to earn its costs back. |
| Price gap | The difference between the two venues’ prices now, against its own 7-day average. |
| Fees | Per leg, marked yours (read from your account), manual (set by you) or base (the venue’s standard rate). See Fees. |
| Liquidation | Estimated liquidation distance of each leg. |
| Balances | Whether each account has enough free margin. |
If something stops the trade — not enough margin, size below the venue minimum, a limit, a paused venue — the review still prices it and lists every reason, with how to fix it. Such a quote cannot be opened.
Confirm
Optionally set exit rules, then press Open trade. A quote is valid for 30 seconds and can be used once, so a double click never opens two trades.
What happens next
Execute opens the first leg with a marketable limit order — it fills at once, but never beyond a set worst price — then hedges it on the other venue, sized to exactly what the first leg filled. It checks both positions on the venues before calling the trade open. If the hedge cannot be placed, the first leg is closed again (unwound), so you are never left holding one side.
Follow the trade on its page or under Active trades: status, funding received, fees paid and the net result.
A quote is an estimate. Prices move between review and fill; the worst-price band limits how far.
Entering through Print (Pacifica)
On Pacifica you can enter the Pacifica leg with a Print order that waits at a price you pick instead of buying at market. When it fills, Execute hedges the other leg at once. If it never fills, nothing is opened.