TetherPlus User Guide

① An Overseas Futures Exchange Account — Futures involve leverage, short-selling and derivatives, so you must trade on a reputable, well-regulated overseas futures exchange only.

② USDT / USDC (Stablecoins for Trading) — The base currency for futures is mostly USD stablecoins. Your margin, the basis for PnL, and the asset for liquidation decisions are all stablecoins.

• USDT — The oldest with the largest liquidity. Controversy over reserve transparency persists
• USDC — Highly trusted on a US-regulated basis, but liquidity is lower than USDT
• USDT if you prioritize fast trading and mobility; USDC if you prioritize regulation and stability

A position means a state where you have bet on a price direction (up/down). It is not 'buying' a coin but entering a contract on price movement.

• Long — Betting on a price rise
• Short — Betting on a price fall

Leverage is a multiplier that lets you trade an amount larger than your own capital. E.g., 1 million KRW seed × 10x leverage → operating a position worth 10 million KRW.

• Seed — The entire account assets
• Margin — The amount actually tied to a specific position

When you use leverage, profit/loss and liquidation are calculated based on margin, not the entire seed. That is, even if seed remains, the position is forcibly closed if the margin cannot hold. This differs depending on Cross/Isolated mode.

• Isolated — Uses only that position's margin → the loss range at liquidation is clear
• Cross — Uses the entire account seed as margin → one position can put the whole account at risk

Forced Liquidation is the exchange forcibly closing a position before losses exceed the margin limit. It is a safeguard to prevent larger losses, and at liquidation the margin is mostly wiped out.

The key point is that liquidation is not a 'mistake' but a structural result of the combination of leverage, margin, and volatility. If you receive a liquidation warning (email/app push) during trading, it is a signal that your margin has already entered the danger zone.

• Market — Executed immediately at the best currently available price Slippage possible during sharp moves
• Limit — Specify your desired price; executes only when reached
• Quantity Input — Enter the contract quantity directly / enter by amount or percentage (ratio to margin) When entering by percentage, you must check the position size including leverage
• Margin Mode — Cross (shares the whole account's margin) / Isolated (only that position) With Cross, one position's liquidation affects the entire account
• Reverse — Instantly flips the current position to the opposite (long↔short) Quantity and leverage flip as is
• Trigger — The order executes automatically when a specific price is reached Trigger price ≠ actual execution price
• Position Mode — One-way (single direction) / Hedge (long and short simultaneously) When changing, existing positions must be cleared
• Asset Mode — Single-Asset / Multi-Asset Multi-Asset makes liquidation calculation complex

• Entry Price — The average execution price of the held position (changes to the average when adding to it)
• Liquidation Price — The price at which margin falls below maintenance margin (varies by leverage, margin, and mode) With Cross, it varies in real time
• Unrealized PnL — Profit/loss while the position is not closed (reflected in real time) May be a figure before fees/funding fees are applied

Futures trading is not simply a structure where only fees are deducted. Due to funding fees, partial liquidation, position adjustments, slippage, etc., the unrealized PnL you saw on the chart often does not come in as realized PnL as is. To check "where my money went" and "what my actual net profit is", checking the History is essential.

Pressing the document-shaped icon at the top right of the position panel usually lets you check the following 5 items.

Entering a position is not the act of pressing a button once, but a 'result of decisions'.

• ① Decide Direction — Long (rise) / Short (fall)
• ② Approach to Leverage — Not a profit-amplifying tool but a risk-amplifying device. The multiplier is decided according to your stop-loss range, not your 'conviction'
  (e.g., 2% stop × 5x = 10% actual loss / 2% stop × 20x = 40% actual loss)
• ③ Cross vs Isolated — For beginners, Isolated with a clear loss limit is the default
• ④ Market (Taker) vs Limit (Maker) — Instant execution/slippage vs desired price/execution uncertainty

Even for the same profit, realized profit differs depending on the entry method. Frequent market orders eat into profit through fees.

Take-profit and stop-loss are not a response after entry but a 'plan' that must already be set before entry. An entry with no criteria is less a trade than a bet left to emotion.

After holding a position, emotion takes over judgment, like delaying the stop-loss when losing and shrinking the take-profit when winning emotion replaces judgment. So calculate the take-profit/stop-loss prices and the risk-reward ratio first before entry, and set TP/SL at the moment of entry.

Partial Fill — A phenomenon where the order quantity is not all filled at once but filled in parts. It occurs often with limit orders; only the volume present in the market is filled first, and the rest waits unfilled. It is not an error.

Situations Where an Order Cannot Be Canceled

• An already partially filled order → the filled quantity cannot be canceled, only the unfilled quantity can
• A trigger order (TP/SL) not yet triggered → being a conditional order, it is easy to mistake for an instant cancel
• A Reduce Only order → it does not execute if the position direction does not match
• Network delay / UI sync → cases where it was actually canceled but the screen reflects it late

Closing a Position — ① Take-profit (TP) ② Stop-loss (SL) ③ Manual close. Closing a position = finalizing realized PnL. A market close is fast but has higher fees; a limit close has favorable fees but carries execution risk.

In futures, profit/loss is not determined by price alone. If you do not understand the fee and cost structure, you will keep experiencing situations where "I clearly did it right, but money is decreasing."

A trading fee is incurred once each when you open and close a position (round trip) , and the more leverage you use, the more it is calculated based on the position amount. E.g., 100 USD seed × 10x = 1,000 USD position → the fee is charged based on 1,000 USD.

• Maker — A limit order that places an order on the order book to supply liquidity to the market. It stabilizes the exchange's execution environment, so it gets a fee discount/preferential rate
• Taker — A market order that immediately fills an existing order, consuming liquidity. It increases volatility, so as the price of convenience it gets a higher fee

General benchmark: Maker 0.01–0.02% / Taker 0.04–0.06%.

A funding fee is a cost you pay or receive to maintain a position, and it is incurred simply by holding, regardless of price movement. It is a mechanism that keeps expiry-free perpetual futures from diverging significantly from the spot price.

Crypto has strong bullish sentiment, so there are many long participants and futures tend to be higher than spot. So for most of the time, a positive funding fee (longs pay shorts)is the default, and when fear is extreme, a negative funding fee (shorts pay longs) can also occur.

• Usually once every 8 hours settled
• Normal range ±0.01–0.03%, overheated range 0.1% or more
• Major coins are stable, but altcoin funding fees spike("alts die by funding fees") → continuous monitoring is essential

This phenomenon is mostly due to ① accumulated Taker fees ② continuous funding fee outflow . Especially if your entry was right but you hold the position long and use frequent market orders, it becomes a structure where you lose even by just holding, like spot.