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

# Open a Long

> Bet on a price going up with a Phoenix perp from your margin account.

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.

## 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.

## 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.

## Next steps

> **[Open a short](https://docs.vanna.finance/solana/guides/perps/short.md)**
>
> The other side of the trade.

> **[Delta-neutral vaults](https://docs.vanna.finance/solana/guides/farm/delta-neutral.md)**
>
> Earn funding without price exposure.


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