Trading

This is the complete manual for trading perpetual futures on Noether: markets and limits, every order type, isolated and cross margin, fees, funding and liquidation. It assumes you already have a connected wallet with test USDC; if not, start with Getting started.

Markets

The pair selector on the Trade page lists 13 perpetual markets: BTC, ETH, XLM, SOL, XRP, ADA, BNB, TRX, DOGE, ZEC, LINK, BCH and LTC, each as SYM-PERP and settled in test USDC.

The protocol and the public gateway know 16 markets. HYPE has no candle source for the chart and is available through the API only, and PUMP and UNI are listed by the gateway but have no risk parameters set on the market yet, so the contract does not accept new positions in them. The full live list is on the developer overview.

PUMP and UNI are listed by the gateway, but the market rejects new positions on them (error #88) until their risk parameters are set. Snapshot from 2026-09-18.

Every listed pair trades under the same limits:

Position size is your collateral multiplied by your leverage: the 10 USDC minimum at 25x controls a $250 position, and $4,000 of collateral at 25x hits the $100,000 cap.

Two prices appear on the trade page:

• Execution price is the live Noeracle mark quoted in the order panel and drawn on the chart as a gold line. It is the price the contract opens, closes and liquidates against.
• Chart candles come from Noether's own candle service built on Noeracle prices, with a Binance reference feed as the fallback. The 24h volume in the chart header is a Binance reference figure, not Noether's own volume.

If the live price stream stalls, an amber "Live prices stale" badge appears in the stats bar while the app falls back to slower on-chain reads. See the oracle page for how prices reach the contract.

Order types

The order panel has four tabs, Market, Limit, Stop Limit and Trail Stop, plus optional take-profit and stop-loss fields and a reduce-only flag. Every order placement is one wallet signature.

Market

Opens a position immediately at the current Noeracle mark. Choose Long or Short, enter collateral, set leverage (1x to 25x) and sign. Market orders pay the taker fee. The transaction carries an acceptable-price bound derived from the live mark, so if the price moves past that bound before the transaction lands, the trade reverts instead of filling badly.

Limit

Rests on-chain until the mark reaches your trigger price, then a keeper bot executes it. Your collateral is locked when you place the order and refunded in full if you cancel. Keeper-executed limit fills pay the cheaper maker fee. Use limits when you have a target entry and are willing to wait.

Each order carries a slippage tolerance (0.5% by default). If the execution price at trigger time differs from your reference price by more than the tolerance, the order is cancelled and your collateral refunded; the Orders tab shows it with a Slippage status. You are never filled at a worse price than you allowed.

Stop-limit

A two-phase entry order: when the price reaches your stop price, a limit order at your limit price activates and then fills like a normal limit order. Use it to enter on a breakout or breakdown without chasing the move with a market order. Collateral is locked at placement, and keeper-executed fills pay the maker fee.

Take-profit and stop-loss

These attach to an existing position rather than opening a new one:

• Stop-loss closes the position when the price moves against you to the trigger (below entry for longs, above for shorts). The modal offers quick-set buttons at 2, 5 and 10% from entry and previews the estimated loss at trigger.
• Take-profit closes the position when the price moves in your favour to the trigger (above entry for longs, below for shorts), with the same quick-set steps.

Both take a slippage tolerance. A position can hold at most one stop-loss and one take-profit at a time, neither locks extra collateral, and when the position closes for any reason, whether a manual close, the other trigger firing or liquidation, any remaining attached orders are cancelled automatically.

You can also set a take-profit or stop-loss while opening a market order in isolated margin. They are attached as separate wallet signatures right after the position opens: one signature for the open, then one more per attached order. A declined attach signature leaves the position open; it never unwinds the trade.

Trailing stop

A stop-loss that follows the price. Pick an open position and a trailing percent (presets 1, 2, 3 and 5%, default 3%, or a custom value). For a long, the contract tracks the peak price since placement; if the price falls that percent from the peak, the position closes. Keeper bots ratchet the peak as the market moves. One trailing stop per position.

Reduce-only

A checkbox in the order settings of the Limit and Stop Limit tabs. A reduce-only order can only shrink your exposure; it can never open or grow a position. At execution it finds your opposing position in the same asset and closes it by the order's size, in full if the remainder would fall under the 10 USDC minimum, and refunds the order's own collateral. If no opposing position exists any more, the order cancels itself instead of opening an unwanted new one. Use it for exits you place in advance, when you want a guarantee that a stale order cannot flip you into a fresh trade.

Time-in-force

Limit and stop-limit orders take a time-in-force setting, chosen in the order settings of the Limit and Stop Limit tabs:

For a stop-limit order, IOC and Post Only apply to the limit phase after the stop triggers, not to the stop itself.

Margin modes

The toggle at the top of the order panel selects Isolated or Cross margin.

Isolated is the simpler mode: each position stands alone, and a losing trade can never cost more than the collateral you put into it. The position row's Add margin and Remove margin controls move collateral in and out of an open isolated position, which moves its liquidation price; removing margin is refused if it would leave the position under its initial margin.

Cross shares one collateral pool: unrealized profit on one position offsets losses on another, so your account survives swings that would liquidate an isolated position. The trade-off is that one bad position can drain the shared pool. Selecting Cross reveals Deposit and Withdraw controls for the pool (minimum 1 USDC each); opening a cross position auto-deposits any shortfall from your wallet in the same transaction. Withdrawals are refused if they would leave your free margin insufficient.

Cross-margin health banner

When you hold cross positions or a cross pool balance, a health banner above the positions list shows Equity, Used Margin, Free Margin and Margin Ratio, with a status of Healthy above 300%, Caution between 100% and 300%, and At Risk at or below 100%. Treat it as a guide: the contract's own maintenance-margin check on your live equity is what triggers a liquidation. If any position's mark price is temporarily unknown, the banner shows a neutral "Mark price unavailable" state rather than guessing.

Fees

Noether charges a trading fee only when a position opens, deducted from your collateral at open, or from an order's locked collateral at fill.

These thresholds are testnet values, lowered for testing; mainnet will use higher ones.

• Taker fees apply to market opens. Maker fees apply to keeper-executed limit and stop-limit fills.
• Closing a position charges no trading fee. Close size still counts toward your 14-day volume for tier purposes.
• If your wallet is bound to a referral code, the contract takes 4% off the fee on every trade (see Referrals).
• Orders executed by keeper bots (limit and stop-limit fills, stop-loss, take-profit and trailing-stop executions) also pay a keeper execution fee of 0.010% of position size. Entries pay it from the order's locked collateral; stop-loss, take-profit and trailing-stop closes pay it from the close proceeds, and a close with no positive proceeds pays nothing.

When the app can read your 14-day volume, the fee in the order summary already reflects your tier; when it cannot, it quotes the base-tier fee and marks it as an estimate.

Funding

Funding keeps the perpetual price tethered to the underlying by paying the crowded side of the market to the other side.

• Each market has its own rate. It drifts toward the side that is over-represented, driven by that market's time-weighted long/short skew, and it is capped at 0.05% per hour in either direction.
• Positive funding: longs pay shorts. Negative: shorts pay longs.
• Funding accrues hourly but is settled lazily: nothing moves while your position is open. The accumulated amount is applied to your PnL when the position closes or is liquidated. The stats bar shows the current hourly rate as "Funding / 1h".
• Accrued funding counts in margin and liquidation checks while the position is open, so a mounting funding bill gradually pushes a position toward liquidation.

Liquidation

• Maintenance margin is 2% of position size on every listed pair. An isolated position gets a liquidation price at open; when the mark reaches it, or equity including funding falls below maintenance margin, keeper bots liquidate the position. At 25x leverage that is roughly a 2% adverse move from entry; at 10x, roughly 8%.
• A liquidation that is not a bankruptcy must also be confirmed against a smoothed price, so a single deviant print cannot trigger it.
• Positions above $1,000 notional are liquidated in tranches: each round closes 20% of the position, and further rounds wait at least 30 seconds, giving the price room to recover. A bankrupt position (equity at or below zero) skips both the tranche and the wait.
• Each liquidation charges a penalty of 1% of the notional closed, capped at the equity that remains. Half of the penalty is the keeper's reward and half goes to the vault's insurance buffer. Any equity left above the penalty is refunded to you.
• If the position is bankrupt there is nothing to refund: all of its collateral goes to the vault, and the keeper is paid a small bounty from the insurance buffer.
• A cross account is liquidated in stages once its equity falls below the combined maintenance margin of all cross positions: positions are closed until equity recovers to 1.5 times that requirement. Below two thirds of the requirement, or at bankruptcy, the whole account is closed out at once. The same 1% penalty applies to each position closed.
• The positions table shows a warning triangle when the mark is within 10% of your liquidation price.

Price-deviation guard

If the oracle price differs by more than 1% from the last price the market used within the previous 10 minutes, the market rejects new opens and other risk-increasing actions while a trusted price re-establishes, but closes, cancels and liquidations always go through. You can always reduce risk; the guard only halts adding it. If your open is rejected with a price-deviation error, wait a moment and retry.

Worked example: PnL and liquidation

All numbers below follow from the parameters above, with round numbers chosen for clarity.

What you will see after trading

• The Positions tab lists each open position with size, entry and mark price, liquidation price and PnL. The row offers close (full or partial), Add margin and Remove margin for isolated positions, stop-loss and take-profit, and a share card.
• The Orders tab shows pending and recent orders with their status: Filled, Cancelled, Slippage or Expired. Cancelling a limit or stop-limit order refunds its locked collateral.
• The Trade History tab records closed trades with entry, exit and gross PnL. The Net PnL column stays empty for now: the on-chain close event does not yet report the fee, so the app shows nothing rather than a guess.
• Background toasts tell you when a resting order fills or is cancelled on slippage.

Deeper mechanics, exact formulas, precision and contract-level behaviour, live in trading mechanics.