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Opening a New Position

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Opening a New Position

The New Position button sits just on the top right hand side of the terminal. This is where you open a leveraged long or short trade on any market—fully on-chain and in a few guided steps.

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Creating a Position

The position creator is a single unified panel that lets you configure everything in one place—direction, order type, collateral, leverage, and risk controls—without clicking through multiple steps.

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1. Choose Direction & Order Type

At the top of the panel you can select:

  • Long – Profit when price rises.

  • Short – Profit when price falls.

Then choose the execution type:

  • Market – Executes immediately at the best available price.

  • Limit – Opens your position only when the market reaches your target price.

Click on the little settings icon to manually adjust the slippage.

The market pair (e.g., BTC/USD, ETH/USD) is shown above the widget based on the chart you’re viewing.

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2. Set Order Size & Leverage

Use the slider or input fields to define:

  • Collateral Amount – How much of your HL balance you want to deploy.

  • Leverage – Increase or decrease position exposure with the slider.

A live preview updates instantly, showing:

  • Position size

  • Estimated entry

  • Liquidation metrics

This allows you to adjust risk without leaving the panel.

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3. Configure Stop Loss & Take Profit (Optional)

Enable SL or TP to automate exits:

  • Stop Loss (SL) – Close the position if price moves against you.

  • Take Profit (TP) – Secure gains at a predefined price.

You can enter exact trigger levels or use percentage shortcuts. Cod3x displays the expected PnL at each level so you can confirm the risk profile.

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4. Open the Position

When everything looks right:

  • Market orders execute immediately.

  • Limit orders remain open until filled.

Click Open Long or Open Short to send the trade through Hyperliquid’s matching engine.

Your position then appears in the Positions & Orders section below the chart, where you can modify size, SL/TP, or close it at any time.

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Quick Tips

  • Watch your liquidation buffer — it updates dynamically as you adjust leverage.

  • Use SL/TP early — they help automate discipline and protect capital.

  • Everything is editable — you can adjust SL/TP, add to size, or close at any time from the position panel.

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