A long position (or simply ‘long’) is the act of purchasing an asset in the hopes that its value will rise in the future. An investor holds this asset until they can ideally sell at a profit.
How does it apply to Phemex?
On Phemex.com, to Buy or Long means to place a purchase order for a predefined number of Perpetual Contracts at a specified price. If the price of your underlying asset increases, you then have the option of purchasing these contracts at your original Entry Price. The difference between the Final Price at the moment you execute your position and your Entry Price is equivalent to your profits minus any associated fees and costs.
Of course it is possible that the price of your underlying asset may drop and yield a loss. Because Phemex deals with Perpetual Contracts, you are allowed to hold your position for as long as you want or as long as your funds will allow.