Trading derivatives is not easy, however we made it very simple for wide range of customers.
Everything is settled in crypto currencies so far, but you don't need to worry about the exchange rate of Bitcoin or other cryptocurrency, because your funds normally are stored is stable coins (DAI, USDC or other). Stable coins are linked to the real currencies through the collateral mechanism, mathematical algorithms etc. We recommend to use DAI coin at the moment, its price mathematically set to be equal to 1 USD. You can read more in the documentation of Maker DAO project.
All you need is to choose the wallet where your cryptofunds will be stored. Opium.Exchange is a non custodial platform and that's why you need to use a wallet. We currently work with MetaMask wallet and WalletConnect that are trusted by most of the crypto community, but planning to extend range of wallets later.
After choosing the wallet you'd like to connect, you need to confirm message in your wallet.
By signing the login message.
Then you need to enable your tokens, in our case you enable DAI, to facilitate trades specified by you.
To enable it, you need to confirm message in your wallet.
Then you will be transferred to "My account" page, where you can always enable other tokens and disable them. Under "ERC-20 tokens" tab you see your normal expose of Ethereum network and do pretty much the same actions as any Ethereum wallet.
After it you can go to the "Exchange" page and start trading. You can choose the derivative contract by the unique ticker. Each ticker has a description of the contract terms on the Exchange page and detailed description in the Derivatives Explorer page.
In the "trade" section you can choose a price and quantity you want to trade and "place buy order".
After it you will see a pop up with detailed information about you order.
Sign a message in your wallet to place the order.
Your matching orders you will see in the "orders" section. Every order is delivered instantly to the order book, but when it will be settled you need the blockchain to confirm it. That is why settlement, executions take some seconds for the final and trustless confirmation.
After your order is matched, the trade will be confirmed on the Ethereum blockchain. The trade will appear in the section "trade history"
While your order is matching, you can still cancel it. When the trade will be settled on the blockchain, you won't be able to cancel it.
After you bought a derivative it is shown in the "My account" under "Derivatives" tab. You can see number of contracts that you hold, the ticker, type of the position (long or short) and perform some actions: wrapping several position into one portfolio-token (to operate with it as one position), sending tokens to other address or executing expired position (to receive your profit or loss).
Opium.Exchange is not available in the United States or other prohibited jurisdictions.