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Spot trading

Buy and sell spot markets — how the spot form differs from perpetuals.

Spot markets (BASE-USDC) exchange one token for another. Nothing is borrowed, so there is no leverage, liquidation or funding.

How the spot form differs​

  • The sides are Buy and Sell, and the button reads "Buy ASSET" or "Sell ASSET".
  • Available to Trade shows the balance of the token you spend: USDC when buying, the base asset when selling.
  • Choosing Sell switches the size to the base asset.
  • There is no leverage, margin mode, Reduce Only or take-profit / stop-loss.
  • Market orders are protected by the same Max slippage setting as perpetuals.
  • Limit orders show a Total row once the size and price are set.

If you don't hold enough of the token, the button reads Insufficient balance.

Funding the trade​

  • Spot orders spend your trading balance, and the form won't accept more than it holds: deposit first if the button reads Insufficient balance. Orders are relayed like perpetual orders.
  • In the rare case your on-chain balance is lower than shown, your wallet approves the token (first time only) and sends one transaction that deposits the shortfall and places the order. This costs USDC for gas, and asks your wallet to confirm even with One-Click Trading on.
  • Spot balances and perpetual margin share one vault. If a token is needed as margin for an open perpetual position, the spot order is refused ("The risk engine refused to lock collateral for this order."). Check your open perpetual positions, or try again shortly.