Trading on Cyberperp
Cyberperp is a fully decentralized perpetual exchange — no accounts, no KYC, no passwords. Just connect your wallet and trade. Prices come from oracle feeds aggregated across major exchanges, which me
Getting Started
Wallet Setup
Don't have a wallet yet? Rabby is a solid pick. Once you've got one, hit the "Connect Wallet" button on the Trade page and you're in.
Make sure you have enough gas tokens (native chain tokens) to cover transaction costs. Your wallet's onboarding flow should walk you through buying, bridging, or on-ramping if you need to fund it.
How Prices Work on Cyberperp
This is one of the most important sections to understand, especially if you're coming from a CEX background. Cyberperp doesn't use an orderbook — it uses oracle-based pricing. That changes how your orders trigger and execute.
The Oracle Spread: minPrice & maxPrice
Every price update from the oracle comes as a spread with two values:
minPrice — the lower bound
maxPrice — the upper bound
Which one gets used depends on what you're doing:
Opening a long
maxPrice
You're buying in — you pay the higher price
Closing a long / getting liquidated
minPrice
You're selling out — you get the lower price
Opening a short
minPrice
You're selling — you enter at the lower price
Closing a short / getting liquidated
maxPrice
You're buying back — you pay the higher price
Mark Price
The mark price is simply the midpoint: (minPrice + maxPrice) / 2.
It's what you see on the charts and in the UI, and it's used for things like funding rate calculations and price impact math. But here's the key thing — mark price is NOT what triggers or executes your orders. That's all based on minPrice or maxPrice depending on your direction.
Why Your Order Might Not Trigger When the Chart Says It Should
This trips people up constantly. On a CEX orderbook, your limit order triggers based on the mid-market price. On Cyberperp, trigger prices are evaluated against the actual execution price (minPrice or maxPrice).
Example: You set a stop loss at $3,900 on your ETH long. The chart might show the low touching $3,900 (because candle lows use minPrice), but your long close triggers on minPrice too — so if minPrice only got to $3,901 on that candle, your stop didn't fire. The spread is usually tiny (a few bps), but during volatile moments it can widen.
Candle Data
For the chart nerds:
Close = average price (midpoint)
Low = lowest minPrice from oracles
High = highest maxPrice from oracles
This means a candle's range can be slightly wider than what the mark price actually traded at.
Price Gaps During Volatility
During fast moves, oracle prices can jump past your trigger level without ever landing exactly on it. This applies to all trigger-based orders — limits, stops, TP/SL.
Quick examples:
Stop loss at $4,000 → oracle goes from $4,010 straight to $3,990, skipping $4,000 entirely → your stop executes at $3,990
Take profit at $4,100 → oracle jumps from $4,090 to $4,110 → your TP executes at $4,110
Bottom line: trigger orders are best-effort, not guaranteed. If the oracle never hits your price, the order stays open.
Swaps
If you just want to swap tokens without any leverage, hit the "Swap" tab on the Trade page. Straightforward token-for-token exchange using the liquidity pools.
For leverage trading, keep reading.
Opening & Managing Positions
Going Long or Short
On the Trade page, select Long or Short depending on your thesis.
Long = you profit when price goes up, lose when it goes down
Short = you profit when price goes down, lose when it goes up
Enter how much you want to put up and pick your leverage. Done.
Picking Your Market, Pool, and Collateral
Market — Choose which asset you want exposure to by selecting the token to long or short.
Pool — Some markets have multiple pools (e.g. ETH-USDC and ETH-USDT). Pick whichever matches the collateral you prefer.
Collateral — This is where it gets interesting. Your collateral choice changes your actual exposure profile:
Long ETH, collateral in ETH — You're effectively stacking ETH exposure. Your long position profits in ETH plus your collateral is ETH. You could open a small 0.1 ETH position with 1 ETH as collateral for 1.1 ETH total exposure.
Long ETH, collateral in USDC — Pure directional long. Only your position has ETH exposure, not your collateral. Good if you flip between long and short frequently.
Short ETH, collateral in ETH — Delta-neutral farming play. If funding is paying shorts, you can open a 1 ETH short with 1 ETH collateral and collect funding while staying market-neutral.
Short ETH, collateral in USDC — Standard short. Clean and simple. Also good for frequent direction switching.
Heads up: if you're long with a non-stablecoin as collateral, your liquidation price moves as the collateral price moves.
Managing Open Positions
Once you're in a trade, it shows up in your positions list. Hit "Edit" to deposit or withdraw collateral — this lets you adjust your effective leverage and move your liquidation price up or down.
Closing Positions
Click "Close" on any position to partially or fully exit. Closing realizes your pending PnL proportionally to how much you're closing.
Payout breakdown:
Longs — profits paid in the asset you're longing (e.g. long ETH → profits in ETH)
Shorts — profits paid in the stablecoin you used (e.g. USDC or USDT)
You can customize the receive token in the close menu. If it differs from your natural profit token, a swap happens — the UI shows you the swap fees before you confirm.
Quick PnL math: a $10,000 long on ETH with a 10% price increase = $1,000 profit. A 10% decrease = $1,000 loss. Same logic inverted for shorts. This is purely position PnL and doesn't include collateral value changes.
Leverage display defaults to position size / collateral. If you prefer (position size + PnL) / collateral, you can switch it in Settings.
Liquidations
Your position gets liquidated when: collateral - losses - accumulated fees drops below a minimum threshold (between 0.4% and 1% of your position size, depending on the market).
Liquidation checks use minPrice for longs and maxPrice for shorts — same execution-price logic as everything else.
What Moves Your Liquidation Price
Your liq price isn't static. Borrowing fees and funding fees accumulate over time and eat into your collateral, gradually pushing your liquidation price closer. If you're running 10x+ leverage and holding for days, check your liq price regularly. Deposit extra collateral via the Edit button if needed.
What Happens When You Get Liquidated
Whatever collateral remains after deducting losses and fees gets sent back to your wallet. You don't lose everything — just most of it.
Liquidation Fees
0.2% for standard markets
0.3% for synthetic markets
0.45% for newly listed or high-volatility markets
Note: Price impact isn't factored into liq price calculations, but it does apply when the position is actually closed during liquidation.
Order Types
Market Orders
Instant execution at the current oracle price. What you see is (roughly) what you get, subject to the oracle spread.
Limit Orders
Select "Limit" when opening a position, or use "Increase Size (Limit)" from the position menu if you're already in a trade.
Key difference from CEX limit orders: There's no orderbook here, so your limit order isn't "resting on the book" waiting to be filled. Once the oracle price reaches your limit, the system attempts to execute at the closest available oracle update. Because of this, you might experience trigger skips during fast moves (see the Price Gaps section above).
For limit swaps specifically: Cyberperp guarantees you receive at least the minimum output based on your limit price and slippage setting. But the actual execution price is affected by fees and price impact — so with positive impact, your order might fill before the limit price is reached; with negative impact, it might fill after. You'll always get your minimum token amount though.
Limit orders are not guaranteed to execute. Reasons include: oracle never reached your trigger, insufficient liquidity, or the leverage cap would be exceeded.
Take Profit & Stop Loss (TP/SL)
Set TP/SL from the "Close" button, the "Set TP/SL" option in the position menu, or the "TP/SL" tab in the trade box.
Same price gap caveats apply — fast moves can cause trigger skips or execution at different oracle updates.
Auto-Cancel: Enabled by default for new TP/SL orders. When your position closes fully (via market close, liquidation, or another TP/SL triggering), all remaining TP/SL orders for that position get auto-cancelled. This doesn't affect limit or stop market orders. You can toggle this off in Settings.
Market Types
Fully Backed Markets
These are the vanilla ones. Think ETH perp backed by ETH-USDC, where open interest is capped below the total tokens in the pool. Example: 1,000 ETH and $1M USDC in the pool, max long OI capped at 900 ETH, max short OI capped at $900K. All profits can always be fully paid out regardless of price action.
Synthetic Markets
These are where things get spicier. Example: a BTC perp backed by WIOTA-USDC. The index token (BTC) is different from the backing tokens. While max long OI might be capped at a fraction of the WIOTA in the pool, it's possible for WIOTA to moon so hard that the pending profits exceed the pool's total value (imagine BTC doing a 10x while WIOTA only does a 2x).
Auto-Deleveraging (ADL)
When pending profits in a synthetic market exceed a configured threshold, ADL kicks in — profitable positions get partially or fully closed to keep the market solvent. This is the safety valve that ensures the pool can always pay out at the time of closing.
It's not ideal if you're on the receiving end, but it prevents a scenario where the pool owes more than it has. That's the tradeoff with synthetic markets.
Fee Breakdown
Position Fees (Open & Close)
Every time you open, close, increase, or decrease a position, you pay a fee based on the position size:
0.04% if your trade helps balance longs and shorts
0.06% if it pushes the imbalance further
Swap Fees
Standard swaps:
0.05% if the swap improves token balance in the pool
0.07% if it worsens it
Stablecoin-to-stablecoin swaps:
0.005% (balance-improving)
0.02% (balance-worsening)
Slippage
Slippage is the difference between the price when you submit and the price when the order actually executes.
Slippage ≠ price impact. They're separate things. Slippage is about price movement during the execution window; price impact is about OI imbalance.
Price Impact & Rebates
Here's where Cyberperp differs significantly from orderbook exchanges:
No price impact on entry. When you open a position, your entry price is purely the oracle price (maxPrice for longs, minPrice for shorts). Price impact is calculated based on the net OI imbalance from both opens and closes, but it's only applied when you close or decrease — that's why it's called "net price impact."
Net price impact can be positive (you get paid) or negative (you pay), but it's capped per market. Unlike an orderbook where a big order eats through the book, you'll never pay more than the cap regardless of order size.
Caps:
Max positive price impact: 0.4% (40 bps) across all markets
Max negative price impact: varies by market from 0.5% to 10% depending on liquidity depth
Major pairs like BTC and ETH have a 50 bps negative cap. Lower-liquidity tokens can go up to 1000 bps.
Price impact rebates: If a decrease order gets hit with negative price impact exceeding the market's cap, the excess amount becomes claimable as a rebate after a 5-day delay. Check the claims section on the trade page.
For large orders, consider using TWAP to spread the execution out and reduce your net price impact.
Funding Fees
Funding fees are the mechanism that keeps long and short OI balanced.
If longs > shorts → longs pay shorts
If shorts > longs → shorts pay longs
The rate adjusts gradually over time (adaptive funding). When there's a big imbalance, the rate ramps up until it either brings things into balance or hits an upper limit. Once the imbalance flips, the rate gradually reverses direction.
If you're earning positive funding, claim it from the "Claimable Funding" section on the Trade page.
Borrowing Fees
Separate from funding, borrowing fees prevent a specific exploit: someone opening equal long and short positions to lock up pool liquidity cheaply without actually taking directional risk. The side with more OI pays the borrowing fee.
When all liquidity is reserved, borrowing fees spike — which naturally incentivizes new LP deposits and discourages further position opening.
Rate is visible in the trade interface and adjusts based on pool utilization.
Network Fees (Gas)
Every trade involves two transactions:
You send the request (open/close/edit collateral)
Keepers detect and execute the order on-chain
The "Max Network Fee" shown in the UI covers the keeper's execution cost. It's intentionally overestimated to handle gas spikes — any excess gets refunded to your wallet after execution. You can adjust the overestimation buffer in Settings.
Risks
Standard DeFi caveat: despite testing, audits, and bug bounties, smart contract risk is never zero.
Smart contract risk — vulnerabilities in protocol code are always possible.
Liquidation risk — leverage cuts both ways. Manage your positions actively, especially at high leverage over multiple days.
ADL risk — in synthetic markets, profitable positions can be force-closed if pending PnL exceeds thresholds.
Token risk — collateral and profits may be in bridged or pegged tokens. Bridges can be exploited, pegs can break.
Stablecoin Pricing Edge Case
If a stablecoin depegs from $1, there may be a spread between the Pyth-reported price and the $1 reference. If Pyth Data Streams are being used, the spread comes from the data stream and may not be anchored to $1 at all. Just something to be aware of during extreme market stress.
Slippage
Slippage is the difference between the price when you submit and the price when the order actually executes. Default allowed slippage is 1%, adjustable in settings.
Example: you submit a long at $4,000 expected execution, but by the time it processes the oracle shows $4,080 (2% higher). If your slippage tolerance is only 1%, the order won't execute. Set it to 2%+ and it goes through.
Slippage ≠ price impact. They're separate things. Slippage is about price movement during the execution window; price impact is about OI imbalance.
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