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A position is the quantity of derivative contracts (perpetuals, futures, or options) that you have entered. Whenever one of your orders is filled, your position in the respective instrument changes.

Positions

Realised \ Unrealized P&L

Drixx supports all standard order types (detailed below)

Order Types

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A position is the quantity of derivative contracts (perpetuals, futures, or options) that you have entered. Whenever one of your orders is filled, your position in the respective instrument changes.

When you first open an account, your position in any instrument is 0.



Position Metrics and Terms:



Position Side
Whether you are “long” or “short” (bought or sold) a position. This is basically the “sign” of your position.

Position Size
The quantity of derivative contract that you have entered. For example, if you bought 10,000 contracts, your position size would be 10,000. If you have shorted 10,000 contracts, your position would be -10,000 (or 10,000 with a “short” side as described above).

Positions – Open
Whenever you increase a position’s size (either as a long or a short), that is considered an “opening” of a position. Opening a position does not realize P&L but changes your average price.

Example:

You currently have a long position of 10,000 perpetual contracts. If you buy an additional 10,000 contracts, then you have “opened” 10,000 new contracts (taking your position to 20,000 contracts).

Conversely, if you sell 20,000 contracts, it will be considered a “close” of your 10,000 contracts, and a new open of 10,000 short contracts.



Positions – Close
Whenever you increase a position’s size (either as a long or a short), that is considered an “closing” of a position. Closing a position realizes P&L but does not change your average price.



Example:

You currently have a long position of 10,000 perpetual contracts. If you sell 10,000 contracts, that is considered a “close” of 10,000 contracts, taking your position to 0. If you instead sell 20,000 contracts, that would be considered a “close” of 10,000 contracts (taking your position to 0). The remaining 10,000 contracts would be an “open” of a 10,000 contract short position.



Position Initial Margin
The amount of initial margin that the position currently takes up (see Margins)

Position Maintenance Margin
The amount of maintenance margin that the position takes up (see Margins).



There are two types of P&L:

Unrealized P&L (profit & loss)
Unrealized P&L is your profit or loss (based on the current market price) an open position. You will not be able to withdraw this P&L until you have realized your profits. However, unrealized P&L will still impact your initial and maintenance margins.



Example:

You are long 10,000 perpetuals contracts at an average price of $8,000. The current mark price is $9,000. Then you unrealized P&L is:



Unrealized P&L = (1/8000 – 1/9000) * 10000 = 0.13889 BTC.

Realized and unrealized P&L calculations will differ based on the derivative contract. Refer to the contract specifications for more details on mark price and P&L calculations.



Realized P&L (profit & loss)


Realized P&L is your overall profit or loss (based on the actual trading price) on a position over all time. Whenever you “close” a position, you turn your unrealized profit and loss into realized profit and loss. You realize your profits at the price of your closing trade (instead of the mark price). Drixx does not reset your realized P&L on the position (even if you do a complete close of the position, ie: 0 size).



Example:

You have a long 10,000 position with an average price of $8,000. You close 5,000 contracts at $9,500.

Realized P&L = (1/8000 – 1/9500) * 5000 = 0.09868 BTC.


Type	Definition	Example
Limit Order	
A limit order is an order to buy or sell at a specified price and amount. It will execute only at a price that is equal to or better than that specified price.



The limit order does not guarantee full fills and execution.

The current market price is $9,000. You place a limit order to buy 10,000 USD of BTC Perpetual for $8,000. If the market trades down to $8,000, your order will execute.



If instead, you had placed that limit order to buy at $9,500, the order will match “sell” orders in the order book until either the full 10,000 is filled, or the next order in the book is > $9,500.


Market Order




A market order is an order to buy at an unspecified price but a specified amount. It will execute and match orders in the order book until the specified amount is filled.




The order book has sell prices / sell sizes of ($9,100 / 1,000, $9,200 / 5,000, $9,300 / 10,000). 

Placing a market buy order would fill you at 1,000 at $9,100, 5,000 at $9,200, and the remaining 4,000 at $9,300.


Post Only
Post-only orders are limit orders that will only match as liquidity making orders. That means upon placement, this order will not match any other orders in the order book. If it will match, the order is rejected.
The order book has best ask (or sell price) at $9,100. 

A “buy” post-only limit order will only be accepted if it is below the $9,100 price. Otherwise, the order would fill (thereby violating the post-only restriction).
Reduce Only	Reduce Only orders are orders that strictly reduce (or keep your initial margins) the same. That means that any order which would increase your overall risk are rejected.
You are long 10,000 USD of BTC perpetual. 

An order to “sell” 10,000 perpetuals would be accepted. However, an order to “buy” 10,000 perpetuals (reduce-only) would be rejected.