1
Pick the market
On Trade → Perps, choose SOL, ETH, BTC, TSLA or META and check the market is Open.
2
Select Short
In the order panel click Short, with Market selected.
3
Set collateral and leverage
Enter the USDC Collateral (or use MAX / the slider) and choose Order leverage. Position size updates.
4
Check the order
Order on Phoenix shows the estimated entry price and the min entry price your slippage allows, plus the account’s health factor after the order.
5
Place it
Click Short and approve. Collateral moves to Phoenix and the order fills in the same transaction.
Funding on shorts
When funding is positive (most of the time in a rising market) shorts are paid every hour. When it turns negative, shorts pay. This is the same funding Vanna’s delta-neutral vaults earn by holding spot and an equal short.Closing
Click Close on the position (all or a percentage, as a reduce-only market order) or Close All. When nothing is left open, the USDC goes back to your margin account. Flash repay also closes every perp position as its first step.Next steps
Open a long
The other side of the trade.
Liquidation
What happens if your health factor hits 1.10.