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

# V1 (Simple)

> A simplified perps interface: pick a direction, size and leverage, and trade in a few clicks.

V1 is built for speed. It removes the order book and advanced settings and keeps only what you need to open and manage a position. It runs on the Aster engine with up to 100x leverage on every market.

V1 is also where you find [Degen mode](https://docs.dyxy.io/trade/perps/degen-mode.md), which switches BTC and ETH trading to a separate engine with up to 1000x leverage.

## Open a position

**1. Go to Perps and select V1**

Open **Trade → Perps** and make sure the **V1** interface is selected.

**2. Pick a market**

Choose the asset you want to trade, for example BTC, ETH or SOL.

**3. Choose Long or Short**

**Long** profits when the price goes up. **Short** profits when it goes down.

**4. Set your margin**

Enter how much collateral you want to put into the position, or use a preset size.

**5. Set leverage**

Drag the leverage slider, up to 100x. The panel updates the position size and liquidation price as you move it.

**6. Add TP/SL (optional)**

Set a take-profit price, a stop-loss price, or both. They close the position automatically when the price reaches them.

**7. Confirm**

Review the summary and confirm. The position opens at the current market price.

## The order summary

Before you confirm, V1 shows:

| Field | Meaning |
| - | - |
| **Position size** | Margin multiplied by leverage |
| **Entry price** | Expected price you open at |
| **Liquidation price** | Where the position would be liquidated |
| **Trading fee** | DYXY fee on the position size |
| **Funding rate** | Current funding rate and time to the next payment |

## Manage open positions

Open positions are listed below the chart. For each one you see size, entry price, mark price, unrealized PnL, margin and liquidation price. From the same row you can:

* **Close** the whole position at market.
* **Close partially** by choosing a percentage.
* **Add or edit TP/SL.**
* **Share** a PnL card.

## V1 or V2?

Use **V1** if you want to place quick market trades with clear risk numbers and nothing else on the screen. Switch to **[V2](https://docs.dyxy.io/trade/perps/v2.md)** when you need limit and stop orders, the order book, cross or isolated margin, or detailed position controls. Both use the same positions, so you can switch at any moment.


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