Hedge Mode is a new function available on Phemex’s Contract Trading platform. Hedge Mode allows you to keep a long and short position at the same time for your trading pair. To understand more about Hedge Mode, check out What Is Hedge Mode & Its Benefits?
Here is a step-by-step guide on how to use Hedge Mode on Phemex.
1. Register or make sure you are logged into your Phemex account.
2. On the left hand corner of the website, hover on Contract and click on Contract Trading.
3. Once you have navigated to the Contract Trading page, select the currency that can support Hedge Mode. For this example, we’ve selected USD-S Perpetual.
4. Next, navigate to the right hand side of the screen. At the top right corner, hover over the Settings button to reveal the options. Click on Position Mode.
5. Once you’ve selected Position Mode, a pop up will appear. Make sure to select Hedge Mode (note that you can only adjust the position mode when there is no position or open orders) and click Confirm.
6. After selecting Hedge Mode, you can adjust the leverage by navigating through all the different tabs such as Limit and Market. Here, we have selected the Market order. To change the leverage, click on the tab labeled “Cross”.
7. Once you have selected Leverage, a pop up will appear. Click on Cross and read the explanation below to understand what cross margin mode is. Next, you can adjust the leverage for short and long according to what you would like to see. When you are done adjusting the leverage, click on Confirm.
8. And that’s it! Congratulations, you officially know how to use the Hedge Mode function on Phemex. Have fun trading!