> For the complete documentation index, see [llms.txt](https://docs.yellow.pro/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.yellow.pro/perpetual-trading/faq.md).
# FAQ
## Perpetual Basics
What is a perpetual contract and how is it different from spot trading?
A perpetual contract is a derivative — you trade a contract that tracks an asset's price, not the asset itself, so you never own the cryptocurrency. Unlike spot, perpetuals offer leverage, can lose more than your initial margin, and have **no expiry** (they stay open until you close them or are liquidated). See [What is Perpetual Trading?](/perpetual-trading/what-is-perpetual-trading.md).
What does it mean to go long or short?
Going **long** means you expect the price to rise (you profit if it rises, lose if it falls). Going **short** means you expect it to fall (you profit if it falls, lose if it rises). This lets you profit in both bull and bear markets. See [Long, Short & Hedge Mode](/perpetual-trading/long-short-hedge-mode.md).
What is cross margin and how does it work on Yellow.pro?
Cross margin uses your **entire account balance** as shared collateral for all open positions. A profitable position can buffer a losing one, but a single bad position can draw from your whole balance. Yellow\.pro uses cross margin as the primary mode. See [Margin & Leverage](/perpetual-trading/margin-and-leverage.md).
What is two-way mode (hedge mode), and can I hold a long and short on the same pair at once?
Yes — Yellow\.pro currently uses **Two-Way (Hedge) Mode by default**, so you can hold independent long and short positions on the same pair simultaneously. **One-Way Mode** (where opening the opposite side reduces or closes your existing position) will be supported in a future update. See [Long, Short & Hedge Mode](/perpetual-trading/long-short-hedge-mode.md).
What is leverage and how does it affect my position?
Leverage lets you control a position larger than your balance (e.g. 100 USDT at 10x = a 1,000 USDT position). Profit and loss are calculated on the full position size, so higher leverage means higher reward potential **and** higher liquidation risk. See [Margin & Leverage](/perpetual-trading/margin-and-leverage.md).
What is Unrealized PnL and how is it calculated?
Unrealized PnL is the current profit/loss on an open position; it changes as the mark price moves. Long: `(Mark − Entry) × Quantity`. Short: `(Entry − Mark) × Quantity`. It's "unrealized" because it's not locked in until you close. See [Understanding PnL](/perpetual-trading/pnl.md).
What is Realized PnL?
The profit or loss locked in when you fully or partially close a position. Once realized it's added to or subtracted from your balance and isn't affected by future price movements. See [Understanding PnL](/perpetual-trading/pnl.md).
Why is my available balance lower than my total balance?
Open positions and orders reserve a portion of your balance as margin. **Total Balance** is all funds; **Available Balance** is what isn't committed to positions or orders. In cross margin this is calculated across all positions together.
What time-in-force (TIF) options can I use?
The order form's **TIF** dropdown supports **GTC** (Good 'Til Cancelled — the default for limit orders), **IOC** (Immediate Or Cancel), and **FOK** (Fill Or Kill). Market orders are always IOC. See [Order Types](/spot-trading/order-types.md#time-in-force-tif).
## Position Management
Can I add or remove margin on an open position?
Yes. In cross margin you add to your buffer by adding funds to your account — this benefits all positions at once. You can withdraw only your available balance, not margin committed to open positions. See [Adjusting Margin & Leverage](/perpetual-trading/position-management/adjusting-margin-and-leverage.md).
Can I change my leverage after a position is already open?
If supported, yes — but it changes your required margin and liquidation price. **Increasing leverage moves your liquidation price closer to the current price.** Always check the new liquidation price afterwards. See [Adjusting Margin & Leverage](/perpetual-trading/position-management/adjusting-margin-and-leverage.md).
How do I partially close a position?
In the Positions panel, click Close on the position, enter a quantity **less than** your full size, choose market or limit, and confirm. The rest stays open at the original entry price. See [Closing a Position](/perpetual-trading/position-management/closing-a-position.md).
How is margin calculated when I have opposing positions open?
In Two-Way Mode, long and short on the same pair are independent and margin is calculated separately for each. In cross margin both draw from the same balance, so the combined requirement is the sum of both positions' maintenance margins.
Why did my liquidation price change after I adjusted margin or opened a new position?
In cross margin your liquidation price is dynamic — based on total balance, total unrealized PnL, and total maintenance margin. Any change (adding margin, opening a position, price moves) recalculates it for all positions. This is expected.
## Risk & Liquidation
What triggers a liquidation, and what happens to my funds?
Liquidation triggers when your account margin ratio reaches 100% (equity at the maintenance-margin level). Your positions are then taken over and settled against opposing traders through auto-deleveraging (ADL), at your liquidation price (or the bankruptcy price as a fallback). Any balance left after settlement stays in your account, and you never owe more than you deposited. See [Liquidation & Mark Price](/perpetual-trading/risk-and-liquidation/liquidation-and-mark-price.md).
What is Mark Price, and why was I liquidated before the market reached my liquidation price?
The mark price is a fair-value price from external reference data, used for liquidation and PnL instead of the last traded price. The chart (last traded price) can differ from the mark price — if the mark price reaches your liquidation level, you're liquidated even if the chart hasn't moved as far. See [Liquidation & Mark Price](/perpetual-trading/risk-and-liquidation/liquidation-and-mark-price.md).
How does cross margin affect my liquidation risk across multiple positions?
All positions share one collateral pool, so liquidation is assessed on your whole account. A large loss on one position can raise the account margin ratio and liquidate everything — including profitable positions. See [Cross-Margin Risk & ADL](/perpetual-trading/risk-and-liquidation/cross-margin-risk-and-adl.md).
What is ADL, and how do I know if I'm at risk?
Auto-Deleveraging (ADL) is how liquidations are settled: a liquidated position is matched against opposing traders, whose positions are partially closed. Your ADL priority rises with high unrealized profit and high leverage — so take profit or reduce leverage to lower it. Being ADL'd is not a penalty: you realize your PnL up to the settlement price. See [Cross-Margin Risk & ADL](/perpetual-trading/risk-and-liquidation/cross-margin-risk-and-adl.md).
I received a margin warning email — what should I do, and how do I enable alerts?
Act immediately: log in, check your margin ratio, add funds or reduce exposure. Alerts go to the email linked to your account, and your email is **never linked automatically** — whatever your login method, link it manually under `yellow.pro/settings` → Linked Socials, or you won't receive warnings. See [Margin Warnings & Risk Management](/perpetual-trading/risk-and-liquidation/margin-warnings-and-risk-management.md).
How can I reduce my liquidation risk?
Use stop-losses, add margin, reduce position size or leverage, keep free margin, and monitor your margin ratio. See [Margin Warnings & Risk Management](/perpetual-trading/risk-and-liquidation/margin-warnings-and-risk-management.md).