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Perps Paper Trading Tutorial
Learn how to trade perps using solana devnet!
Choose one of the following wallets to begin:
- 1.
- 2.
- 3.
Remember to save your seed phrase as you will be able to use this to recover your wallet.
Within the wallet you chose navigate to the settings tab and look for 'developer settings' or 'change network'. Here is a guide for Phantom , Solflare, xNFT and Glow wallet.
To use the Solana blockchain you will need SOL to pay the network fees. To get devnet SOL navigate to this faucet provided by quicknode and Sol Faucet. Enter your wallet address and follow the steps to receive Devnet SOL.
Devnet SOL Deposit Guide
You are now ready to begin paper trading! Navigate to the trade page, toggle 'DEVNET', and connect your wallet. Once connected click the 'Deposit/Withdraw' button and click 'deposit'. You have now set up your paper trading account and can begin trading!
Once you have completed setting up your paper trading account you can open a position by either selecting 'Buy' or 'Sell' to signify either opening a long or short position. Next, you can select your order type 'limit order' or 'market order'. A limit order requires you to select the price you would like to trigger either your long or short position. A market order will choose the best price available on the order book. You can also select the quantity and or the total notional size of the position. There are also advanced features such as selecting a 'Take Profit' price where you can select at which price to exit your position. To close your position either click the 'Close' button and select the amount and confirm or you can close by creating the opposite trade. For example, if you were long 1 SOL you can close by clicking 'Sell' and choosing 1 SOL and opening a position to cancel the original position
