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A long profits when the price rises and loses when it falls.
1

Pick the market

On Trade → Perps, choose the market from the selector at the top left (SOL, ETH, BTC, TSLA or META). Check Market status is Open.
2

Select Long

In the order panel, keep Long selected and Market.
3

Set collateral

Enter the USDC Collateral for this order, use MAX or the 0–100% slider. Available is the USDC in your margin account.
4

Set leverage

Choose Order leverage (1× up to the market’s maximum). Position size shows the size in the asset or in USD.
5

Check the order

Order on Phoenix shows the estimated entry price, the max entry price your slippage allows, and the account’s health factor after the order.
6

Place it

Click Long and approve. The USDC moves to Phoenix and the order fills in the same transaction.

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Managing the position

Your position appears in the positions table below the chart with market, side, size, collateral, leverage, entry and mark price, liquidation price and PnL. Click Close to close all or a percentage of it (a reduce-only market order); Close All closes every position. A History tab lists past orders. When nothing is left open in that account, the USDC returns to your margin account in a follow-up transaction.

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What moves your P&L

  • The perp’s price relative to your entry price
  • Hourly funding: when it’s positive, longs pay shorts
  • Fees and slippage on open and close
All of it shows up in your margin account’s health factor.

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Next steps

Open a short

The other side of the trade.

Delta-neutral vaults

Earn funding without price exposure.