Placing a perps trade on fomo is how you open a position on whether an asset's price will go up or down. At launch fomo supports market orders for entry, which fill immediately at the best available price. You pick the asset, the direction, the leverage, and the size, then confirm. The order opens your position right away.
Start by selecting the asset you want to trade from the available markets, which include everything listed on Hyperliquid and trade.xyz. Choose your direction. You go long if you think the price will go up, or short if you think it will go down.
Next, set your leverage. Leverage on fomo is selectable in whole numbers (1x, 2x, 3x, and so on), and the maximum varies by asset. The leverage article digs into how it works and how it shapes your risk. Then enter the amount you want to trade. The minimum position size is 15 USDC notional.
Before you confirm, you will see the trade details on the confirm screen: the estimated entry price, how much margin will be locked as collateral, and your estimated liquidation price (the level the mark price would have to reach for the position to be closed by the protocol; the liquidation article covers how that level moves). Once you confirm, the order fills at the best price available and the position shows up in your open positions with a live profit and loss display.
From there you can monitor the position, add or remove margin, set take profit or stop loss levels, or close the position at any time. The take profit and stop loss article covers how to set those triggers. On the trade screen, you can tap any term in the About panel for its definition, covering mark price, oracle price, mid price, open interest, and funding rate.
Perps are not available to U.S. Persons. By accessing perps, you confirm you are not a U.S. Person and are not accessing from within the United States via the attestation checkbox during onboarding.
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.