A Beginner’s Guide to Using Levana’s Perps DEX on the Injective Network
Introduction: Welcome to this tutorial on how to use Levana’s Perps DEX on the Injective Network.
Levana is a powerful platform that allows you to trade on the Injective network with 30x leverage.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
In this guide, we will walk you through the essential steps to get started with Levana and make the most out of your trading experience.
https://trade.levana.finance/injective/trade/INJ_USD
Step 1: Accessing Levana on the Injective Network
1.1. Start by visiting the Levana Finance platform
- 2. Ensure that you have selected the Injective network from the top right menu
Select Network, then Injective.
1.3. Note that Levana also supports Osmosis and other networks, but we are focusing on Injective for this tutorial.
- 4. You will see market information, including the current price, 24-hour change, open interest, and funding rate. Understanding the funding rate is crucial, as it determines whether you will pay or receive interest for your positions.
- 5. Positive funding rates mean you pay, while negative rates mean you receive interest.
Keep in mind that these rates can fluctuate, so stay informed.
Step 2: Earning through Single-Sided Deposits
2.1. Before you start trading, you can earn through single-sided deposits.
Note: The INJ pool currently has a $100K USD deposit limit. This limit will be increased over the coming weeks.
2.2. Connect your wallet to Levana. Supported wallets include Kepler, Leap and MetaMask.
2.3 Once connected, Levana will generate an Injective wallet address for you.
2.4 Levana offers two deposit options: LP holder (immediate withdrawal) or xLP (45-day unbonding period). There is no impermanent loss for single-sided deposits, but it is important to read the fine print to understand the risks.
Step 3: Trading on Levana
3.1. Navigate to the trade page.
3.2. If you don’t have any funds, you can click on “Bridge Funds” to transfer INJ from Ethereum.
3.3. Toggle between viewing your assets in the native currency (INJ) or the US dollar equivalent.
3.4. Choose between making long or short positions.
3.5. Select “Market” to open a position at the current market price or “Limit” to specify the price at which your position should open.
3.6. Set the leverage for your position (e.g., 25X).
3.7. Determine your take-profit and stop-loss levels to manage your risk.
3.8. Review your order and confirm.
3.9. Approve the transaction through your connected wallet.
3.10. Your position will now be open, and you can monitor it from your Levana dashboard.
Step 4: Managing Your Positions and Monitoring Performance
4.1. You can click on your open position to edit parameters such as collateral, leverage, take profit, or stop loss.
4.2. You can copy your position ID for reference if needed.
4.3. Access a detailed breakdown of your position, including fees incurred by clicking on a historical position.
4.4. Keep track of your realized profit and loss (PNL) from trading and earnings from single-sided deposits in the history section.
4.5. Export your transaction history to a CSV file for your records.
Step 5: Exploring Levana’s Stats and Market Information
5.1. Dive into Levana’s statistics to gain insights into trading activity on the platform.
5.2. Filter data by specific markets, such as Injective.
5.3. Access detailed market information, including trading volume and more.
5.4. Stay informed about new markets that may become available in the future.
Conclusion:
Congratulations! You’ve completed this crash course on using Levana’s Perps tool on the Injective Network. If you have any questions or need assistance, consider joining Levana’s Discord community or reaching out on Twitter. Happy trading, and have a great day!
