> ## Documentation Index
> Fetch the complete documentation index at: https://perpcord.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Trading Guide

> Learn how to trade, understand leverage, and maximize your profits

## How Trading Works

PerpCord simulates perpetual futures trading using real cryptocurrency prices from CoinGecko. Each trading round features a randomly selected token, and you bet on whether its price will go up or down.

## Game Rounds

PerpCord features quick **\~10 minute rounds** for action-packed trading. Rounds start automatically back-to-back, so there's always a game to play!

* **Duration**: \~10 minutes per round
* **Pace**: Rapid-fire trading with rounds starting back-to-back
* **Best for**: Active traders who enjoy quick decisions and frequent action

## Trading Round Basics

Each round follows these core mechanics:

* **Token Selection**: Each round features a randomly selected cryptocurrency
* **One Trade Per Round**: You can only place one trade per round
* **Trade Cutoff**: Trading closes 2 minutes before settlement

<Note>
  Your entry price is set when **you** place your trade, not when the round starts. This means timing matters!
</Note>

## Placing a Trade

Use the `/perp trade` command with three parameters:

```
/perp trade direction:LONG leverage:10 size:2000
```

### Direction

Choose your position based on your price prediction:

| Direction | You Win When    | You Lose When   |
| --------- | --------------- | --------------- |
| **LONG**  | Price goes UP   | Price goes DOWN |
| **SHORT** | Price goes DOWN | Price goes UP   |

### Leverage

Leverage multiplies both your potential gains AND losses. PerpCord offers four leverage tiers:

| Leverage | Vibe   | Liquidation Threshold  |
| -------- | ------ | ---------------------- |
| 🐢 3×    | Chill  | \~33% move against you |
| 🚀 10×   | Normal | 10% move against you   |
| ⚔️ 100×  | Risky  | 1% move against you    |
| 💣 250×  | YOLO   | 0.4% move against you  |

<Warning>
  Higher leverage means higher risk! A small price movement can wipe out your entire position with high leverage.
</Warning>

### Size

The size is how many coins you're risking on the trade:

* Must be greater than 0
* Cannot exceed your current balance
* This is the maximum you can lose on the trade

### Whale Tax (Soft Cap)

To keep the leaderboard competitive, oversized trades from large balances get diminishing returns:

* Balances **at or below 20,000 coins**: no cap, your full size counts
* Balances **above 20,000 coins**: max effective trade size is `min(30% of balance, 75,000)`
* Anything you bet **above that cap** only counts at **25%** for PnL purposes

You can still place the trade — but the effective size used in PnL calculations is reduced. This is applied automatically and silently.

## Profit & Loss Calculation

Your PnL (Profit and Loss) is calculated when the round settles:

```
Price Change % = ((End Price - Entry Price) / Entry Price) * 100

For LONG:  PnL = Size * Leverage * (Price Change % / 100)
For SHORT: PnL = Size * Leverage * (-Price Change % / 100)
```

### Example Calculations

**Example 1: Winning LONG Trade**

* Entry Price: \$1.00
* End Price: \$1.02 (2% increase)
* Size: 1,000 coins
* Leverage: 10x

```
PnL = 1,000 * 10 * (2 / 100) = 200 coins profit
```

**Example 2: Losing SHORT Trade**

* Entry Price: \$1.00
* End Price: \$1.01 (1% increase)
* Size: 500 coins
* Leverage: 100x

```
PnL = 500 * 100 * (-1 / 100) = -500 coins loss
```

## Trade Cutoff Window

Trading closes **2 minutes before** the round settles. This prevents last-second trades that could exploit price movements.

When trading is closed, you'll see:

* A "Trading CLOSED" status in `/perp status`
* A countdown to settlement
* You cannot place new trades until the next round

## Checking Your Trade

After placing a trade, you can verify it with:

```
/perp status
```

This shows your current position and the round's progress.

## Profit Boosts (Charges)

When you have active profit boosts (from the wheel or magic potions), your winning trades receive bonus coins. Boosts work on a **charge system** — each winning trade consumes one charge, and unused charges expire after 2 hours. Boosts only multiply your profits; they have no effect on losing trades.

<Tip>
  Time your trades wisely when you have boost charges active! Use them on high-conviction trades to maximize your gains.
</Tip>

## Next Steps

<CardGroup cols={2}>
  <Card title="Daily Features" icon="gift" href="/game-manual/daily-features">
    Wheel spins, quests, Pepe traps, and potions
  </Card>

  <Card title="Badges" icon="medal" href="/game-manual/badges">
    Earn badges for your trading achievements
  </Card>

  <Card title="Leaderboard" icon="trophy" href="/game-manual/leaderboard">
    Compete for the top spot
  </Card>
</CardGroup>