Funding your perps cash balance means moving USDC from your token cash balance into your perps cash balance so you have collateral ready to trade perps. Both balances live on the same fomo account, so this is an in-app transfer rather than a deposit from outside.
To do it, open your profile screen and tap the Transfer cash button. You will see both balances side by side, with quick amount buttons for 50, 100, 500, and 1,000 dollars and a percentage slider so you can move part or all of your token cash balance. Pick the direction from your token cash balance to your perps cash balance, enter the amount, and confirm. Your perps cash balance updates right away.
The minimum transfer into your perps cash balance is 5 USDC. Transfers between your token cash balance and your perps cash balance are free and instant within the app, so you can move funds back and forth as much as you need. If you do not have any USDC in your token cash balance yet, deposit first using your normal method (debit card, Apple Pay, or sending USDC from another wallet or exchange) and then come back to transfer.
The first time you fund your perps cash balance, fomo creates your perps account in the background. There is a 1 USDC account creation fee at the protocol level, but fomo covers it for you, so it costs you nothing. Once the transfer completes, your perps cash balance is ready and you can place your first trade.
Perpetuals ("Perps") are provided by third-party protocols and are not available to U.S. Persons (citizens, residents, or anyone located in the U.S.). Do not attempt to access perps from within the United States.
For purposes of these Terms, a "U.S. Person" means: (i) any natural person resident in the United States; (ii) any citizen or permanent resident of the United States, including any such person temporarily located outside the United States; (iii) any entity organized or incorporated under the laws of the United States or any state thereof; (iv) any estate of which any executor or administrator is a U.S. Person; (v) any trust of which any trustee is a U.S. Person; (vi) any agency or branch of a non-U.S. entity located in the United States; (vii) any discretionary or non-discretionary account held by a dealer or fiduciary organized, incorporated, or (if an individual) resident in the United States; or (viii) any entity organized or incorporated outside the United States that is formed by a U.S. Person principally for the purpose of investing in unregistered securities or derivative instruments. "United States" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.
Representations and Warranties. By accessing or using Perps functionality, you represent and warrant that: (a) you are not a U.S. Person; (b) you are not accessing Perps from within the United States; (c) you are not accessing Perps on behalf of, or for the benefit of, any U.S. Person; (d) you will not use any technology, mechanism, or technique (including a VPN, proxy, or similar tool) to circumvent or attempt to circumvent geographic restrictions on Perps; and (e) you understand that these representations are material and that Fomo is relying on them in providing you access to Perps functionality.