> For the complete documentation index, see [llms.txt](https://docs.ionex.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ionex.trade/ionex-perps/platform-overview.md).

# Perps on Ionex

This page orients you to the core trading workflow on ionex.trade.

## Connect and fund

* Connect any EVM wallet (e.g., MetaMask).
* Select network: Plasma
* Deposit USDT to your cross‑margin account.
* Withdrawals finalize after a 12‑hour fraud‑proof window.

## Quote and trade

* Choose a market (see in‑app for the up‑to‑date list; initial focus on Binance‑listed perpetuals).
* Submit a trading intent; solvers return quotes competitively.
* Review leverage, margin impact, fees, and funding context, then accept a quote to execute.

> See [Markets (Snapshot)](/ionex-perps/platform-overview/markets.md) for a comprehensive table of pairs and parameters.

## Monitor and manage

* Track PnL, equity, maintenance margin, and account health.
* Adjust or close positions as needed.

## Charts

* Use the embedded TradingView charts to analyze price action, change time frames, and apply indicators as needed.

***

## UI Walkthrough

### 1. Unrealized Profit and Loss (UPnL)

Potential gain/loss if you close now: difference between average entry and current index price.

Example: Long 1 BTC at $50,000; index = $49,700 → UPnL = −$300. If index = $50,500 → UPnL = +$500.

### 2. Open Interest (OI)

Total value of open perpetual contracts; a proxy for market activity.

### 3. Account Health

Percentage indicating liquidation proximity. When Equity Balance approaches Maintenance Margin, health deteriorates.

AccountHealth = (EquityBalance − MaintenanceMargin) / EquityBalance

### 4. Maintenance Margin (CVA)

Your “security deposit.” If equity falls to this level, liquidation can occur. Locked, non‑transferable while positions are open.

### 5. Equity Balance

AllocatedBalance + UPnL (unrealized PnL). Your potential future balance after settlement and fees.

### 6. Allocated Balance

Funds designated to your cross‑margin account. Can be unallocated and withdrawn after the fraud‑proof window.

### 7. Initial & Locked Margin

Initial Margin contributes to Locked Margin (sum across active positions). Guards against excessive concurrent positions.

### 8. Available for Orders

What’s left to trade after safety buffers:

AvailableForOrders = EquityBalance − LockedMargin − MaintenanceMargin

Example: EquityBalance $1,850, LockedMargin $400, MM $300 → AvailableForOrders = $1,150.

### 9. Withdrawal & Proof of Time

Withdrawals finalize after a 12‑hour fraud‑proof period to mitigate manipulation risk.

![Withdrawal proof window](https://3946410858-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FemxVQ1ZV4jv5yOxSB8pd%2Fuploads%2Fgit-blob-6c9f895887a101565b9f305ea3c791e8c87d2717%2Fdiagram-platform-overview.svg?alt=media)