> For the complete documentation index, see [llms.txt](https://elysia.gitbook.io/elysia-perps/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://elysia.gitbook.io/elysia-perps/reference/faq.md). # FAQ Answers to common questions about Elysia Perps: accounts, collateral, EL$, leverage, funding, liquidation and custody. Short answers to common questions, with links to the full pages. ## Getting started **Do I need to sign up or create an account?** No. You log in with a wallet signature (EIP-712), with no email and no password. See [Connect & Login](/elysia-perps/getting-started/connect-and-login.md). **Who holds my funds?** An on-chain smart contract you can verify, not a private wallet. You can request a withdrawal to your own wallet at any time. Each request is reviewed within 48 hours. See [Smart Contract Security](/elysia-perps/risk-and-security/smart-contract-security.md). **How do I start trading?** Connect your wallet, deposit collateral, and place an order. See [Deposit](/elysia-perps/getting-started/deposit.md) and [Order Types](/elysia-perps/trading/order-types.md). **Why does the documentation say "on Elysia Perps" next to values like fees and leverage?** Elysia Perps is a perpetuals **module**: parameters such as fees, leverage, tick size, and maintenance margin are set **per market**. The figures in these docs are the current values on the live Elysia Perps market (the app always shows the live value), while another market launched on the module can set its own. The module's direction is for these to be configured per market and to evolve through multi-party governance rather than a single operator. See [What is Elysia Perps](/elysia-perps/introduction/what-is-elysia-perps.md). ## Collateral **What can I use as collateral?** The collateral supported depends on the market. The live markets use **EL**, credited inside the protocol as **EL$**. See [Collateral](/elysia-perps/getting-started/collateral.md). **Is EL$ a stablecoin?** No. Inside the protocol EL$ behaves like a $1 unit for margin, PnL, and fees, but on-chain you always hold the real EL token, whose price floats. That price is a second exposure. See [Collateral Risk](/elysia-perps/risk-and-security/collateral-risk.md). **Why did my deposit convert at a rate other than 1:1?** Each collateral token is credited into its own $1 unit at a **fixed per-token rate**, set once from the token's reference price when it is onboarded, so it differs from token to token (for a token priced near one cent, \~100 tokens ≈ 1 of its $1 unit). Deposits and withdrawals use the **same** rate, so a round trip returns the same amount of the underlying token. See [Collateral](/elysia-perps/getting-started/collateral.md). **If EL's market price moves, does my conversion rate change?** No. The rate is **fixed**. It is set once when the token is onboarded and it does **not** track the token's live market price. There is no automatic re-pegging or periodic reset, so \~100 EL stays 1 EL$ whether EL trades higher or lower afterwards. Because the peg is fixed, the market value of your collateral still moves with EL's price: that price exposure is real and is covered in [Collateral Risk](/elysia-perps/risk-and-security/collateral-risk.md). **Can I get pure dollar exposure?** Use a stablecoin collateral where your market offers one. With a non-stablecoin token you also carry that token's price. See [Collateral Risk](/elysia-perps/risk-and-security/collateral-risk.md). ## Trading **What can I trade?** Perpetual futures: BTC-PERP-EL and US500-PERP-EL today, with more markets to follow. See [Markets](/elysia-perps/trading/markets.md). **What leverage can I use?** Leverage is set per market; on Elysia Perps it runs 1× to 5× (default 2×). Higher leverage means a closer liquidation price. See [Margin & Leverage](/elysia-perps/trading/margin-and-leverage.md). **What order types are there?** Limit and market orders, with fill-or-kill and reduce-only options. See [Order Types](/elysia-perps/trading/order-types.md). **Why does my equity change over time even when the price hasn't moved?** Funding accrues to open positions every hour. It counts toward your equity right away, and it is settled into your position margin when you change the position's size, close it, or change leverage. See [Funding](/elysia-perps/mechanics/funding.md). ## Funding & fees **What is funding and do I pay it?** Funding is a payment exchanged directly between longs and shorts to keep the perp tethered to the index. When the perp trades above the index, longs pay shorts; below, shorts pay longs. The side leaning against the crowd tends to *receive* it. If you hold no position, it doesn't affect you. See [Funding](/elysia-perps/mechanics/funding.md). **Does the protocol take a cut of funding?** No, funding flows directly between traders. See [Funding](/elysia-perps/mechanics/funding.md). **What are the trading fees?** A maker/taker fee applies per trade; makers pay less than takers. See [Fees](/elysia-perps/mechanics/fees.md). ## Liquidation **When do I get liquidated?** When your position's equity falls to or below the maintenance margin (a per-market setting, 2.5% of position value on BTC-PERP-EL and 3.0% on US500-PERP-EL), measured against the mark price. See [Liquidation](/elysia-perps/mechanics/liquidation.md). **What price does a liquidation close at?** The bankruptcy price, which has the 0.5% liquidation fee built in. See [Liquidation](/elysia-perps/mechanics/liquidation.md). **My position was profitable, so why was it partially closed (ADL)?** Auto-deleveraging can close part of a profitable position on the opposite side of a liquidation the market and insurance fund couldn't absorb. It settles at the bankruptcy price, so a winning position can be closed below its mark value. This is standard across major perp venues, and highest-profit, highest-leverage positions are picked first. See [Liquidation Risk](/elysia-perps/risk-and-security/liquidation-risk.md). **How do I lower my liquidation risk?** Use less leverage, keep spare available balance, and watch your liquidation price. See [Liquidation Risk](/elysia-perps/risk-and-security/liquidation-risk.md). ## Security & custody **Is this self-custodial?** Custody is on-chain: your collateral is held in an auditable contract, and you can request a withdrawal to your wallet at any time, reviewed within 48 hours. Matching is off-chain for speed, and centralized today. The honest trade-offs (the contract key, off-chain execution, upgradeability) and the decentralization roadmap are laid out in [Smart Contract Security](/elysia-perps/risk-and-security/smart-contract-security.md). **Why can't I call withdraw myself?** You submit a withdrawal request and the authorized contract key executes the on-chain transaction, which lets the protocol settle your positions first. The withdraw function can **only** return your funds to you. It cannot send them elsewhere. Each request is reviewed within 48 hours. See [Withdraw](/elysia-perps/getting-started/withdraw.md) and [Smart Contract Security](/elysia-perps/risk-and-security/smart-contract-security.md). **What happens in an emergency?** The contract can be paused, halting deposits and withdrawals while an incident is handled. See [Smart Contract Security](/elysia-perps/risk-and-security/smart-contract-security.md). ## Still stuck? * Look up a term: [Glossary](/elysia-perps/reference/glossary.md). * New to Elysia Perps? Start at [What is Elysia Perps](/elysia-perps/introduction/what-is-elysia-perps.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. 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