Risk disclosure
Leverage, liquidation, the oracle, the contracts and the pool: what can go wrong here, and the mechanism that does it.
Trading perpetual futures with leverage can cost a trader the entire collateral behind a position, and routinely does. Liquidation can happen on a day the price barely moves, because borrow and funding accrue whether or not it does. Nothing on this site is investment advice or a recommendation to trade.
Leverage
Leverage multiplies a price move against collateral in both directions. At twenty times, a move of five per cent against a position is the whole of it. The amount typed into the pay field is what the trade can cost, which is why the order ticket asks for that number rather than for a position size.
Liquidation
A position is closed against its holder when its health reaches the market's maintenance margin, and what comes back after the loss, the accrued fees and the keeper's reward is usually little. Borrow and funding accrue every block, so health falls on a quiet day as well as a bad one, and a position left open long enough is liquidated by its own fees. See Liquidation.
The price is an oracle's
Entries, marks, liquidations and vault settlement are all measured against a published oracle round, not against a book on this exchange. A feed that stalls, or that publishes a price the wider market disagrees with, moves money here. The publishers are a separate deployment, which is deliberate and is also the dependency. See Oracle prices.
The contracts
The collateral is held by Soroban contracts on Stellar, not by an operator and not by this application. That removes one class of risk and adds another: a defect in a contract, or in the keeper that calls it, is a risk to the funds those contracts hold, and no interface can stand in front of it. See How settlement works.
Providing liquidity
A deposit in the Vault takes the other side of every position on the exchange. A day traders win is a day the pool loses, and a share is worth its fraction of whatever the pool is worth afterwards. Withdrawals are paid only from what the pool has not reserved against open positions, so a stake is not always available in full on the day it is asked for. See Deposit and withdraw.
Availability
This interface can be unavailable, and the exchange does not stop when it is. Positions stay open, fees go on accruing and the keeper goes on liquidating while a browser cannot reach the site. A position with a stop loss on it does not depend on a screen being open; a position without one does. See Take profit and stop loss.
Practice and copying are not forecasts
Backtrack charges the closing fee and no borrow or funding, so a replay is cheaper than the same trade would have been in the market. A place on the leaderboard is a record of what has already happened, not a prediction of what comes next. Copy Trading sizes a suggestion against the copier's own balance; it does not judge whether the trade is a good one.
Eligibility, and the law where you are
Perpetual futures are restricted or prohibited for retail traders in a number of jurisdictions, and the tax treatment of a gain on one differs everywhere. Whether a person may lawfully use an exchange like this, and what they owe on it, is theirs to establish. This site does not check, and cannot advise.
Nothing here is advice
The documentation describes how the software behaves. It makes no claim, anywhere, about whether a trade is a good idea, and no page in it should be read as a recommendation, an offer, or a solicitation. See the terms of use.