getting started
Opening a leveraged long on PerpLand is three fields and a click. This page walks through every one of them, explains what the preview numbers mean, and tells you what can go wrong.
1 — pick collateral
The collateral field is ETH you put up. Minimum is 0.01 ETH. Your collateral is what backs your position against price drops — everything else (the leverage, the bands, the curve) is on top of this.
2 — pick leverage
Leverage is between 2× and 5×. The protocol borrows collateral × (L − 1) ETH from already-traversed bands and combines it with your collateral to buy PERP.
Each leverage has a corresponding liquidation price calculated from Pliq = Pentry × 1.05 × (L − 1) / L. The 1.05 is the 105% health threshold — if your holding's value at the 5-minute TWAP drops below this multiple of your debt, the protocol force-closes you.
| leverage | price drop tolerance |
|---|---|
| 2× | ~47.5% drop |
| 3× | ~30% drop |
| 4× | ~21.25% drop |
| 5× | ~16% drop |
3 — read the preview
The preview shows you exactly what's about to happen:
- position size — total ETH-equivalent buying power (collateral + borrow − fee).
- entry price — average price you pay across the curve advance.
- liquidation price — TWAP at which the protocol force-closes you.
- borrowed — band-borrowed ETH the protocol contributes.
- borrow fee → stakers — 1% of borrowed, paid out of your collateral.
4 — slippage tolerance
The default is 1%. This sets minHoldingOut on the open call. If the curve moves between your transaction submission and execution, the open reverts rather than fills at a worse price.
5 — closing
Closes are two clicks: pick a sell fraction (1–100%) and confirm. Closing within CLOSE_COOLDOWN_BLOCKS = 2 reverts — this is symmetric with the liquidation cooldown to remove the in-tx open + self-liquidate exit path.
If you forget about a position and never close it, the funding rate (50% APR on debt) will eventually push it into the liquidation health threshold and the protocol will auto-close it. You won't get the same surplus you would from a clean user-close (1% close fee on surplus → stakers), but you also can't turn your position into permanent bad debt by walking away.