Trading

ZEUS Exchange is a decentralized spot and perpetual exchange on the Base network. The protocol uses a hybrid liquidity model that combines oracle based pricing and a multi asset liquidity pool, enabling competitive execution for both swaps and leveraged positions.

Connecting your Wallet​

To trade on ZEUS Exchange, users need a compatible self custodial wallet such as Rabby or MetaMask. After installing the wallet and setting it up, it must be configured to support the Base network.

On the Trade page, click the "Connect Wallet" button and select your wallet from the list. If the Base network has not been added to your wallet yet, the interface will prompt you to approve adding it and switching to it automatically.

Swaps

To make a swap, open the Trade page and select the "Swap" tab. Choose the asset you want to pay with and the asset you want to receive, then enter the amount. Before confirming, the interface displays the expected output amount, estimated fees, and minimum amount you will receive.

Swaps are executed against the protocol's liquidity pool using oracle based pricing. This approach reduces price impact for most trades compared to standard constant product AMMs. However, spreads and slippage may still occur during periods of high volatility or low liquidity.

Opening a Position​

To open a leveraged position, select the "Long" or "Short" tab on the Trade page.

A long position profits when the asset price increases and incurs losses when it falls. A short position profits when the asset price decreases and incurs losses when it rises.

After choosing the direction, select the market, the collateral asset, and the desired leverage within the allowed range. The interface shows key parameters before you confirm the transaction: entry price, estimated liquidation price, position size, and a full breakdown of expected fees.

Positions can be opened using either a market order or a limit order, depending on your preferred execution method. See the section below for details on order types.

Once the transaction is confirmed, collateral is locked in the protocol's smart contracts on Base. The position remains active until it is closed by the trader or liquidated.

Order types

Market orders

A market order opens a position immediately at the current mark price. This is the default order type and is suitable when you want to enter the market without delay.

Limit orders

A limit order allows you to set a specific entry price at which you want the position to be opened. The order is placed on chain and remains pending until the mark price reaches the level you specified. Execution is handled automatically by the protocol's keeper, with no further action required from the user.

Limit orders give traders more control over their entry price and can be useful in volatile markets or when planning entries in advance.

All active limit orders are visible in the Orders section of the interface and can be edited or cancelled at any time before execution.

Stop Loss and Take Profit

ZEUS Exchange supports stop loss and take profit orders for managing open positions.

Setting TP/SL when opening a position

When opening a new position, enable the "Set TP / SL" toggle on the trading panel. Enter your collateral amount first, then specify the trigger price levels for take profit and stop loss. Both values can be set simultaneously before confirming the transaction.

Managing TP/SL on existing positions

Stop loss and take profit orders can also be added or adjusted after a position has been opened. Open the Positions section, find the relevant position, and update the TP/SL values from there.

How execution works

When the mark price reaches a specified trigger level, the protocol closes the position on chain automatically. No manual action is required at the moment of execution.

All active conditional orders are visible in the Orders section alongside limit orders and can be modified or cancelled at any time before they are triggered.

Keep in mind that execution depends on the mark price derived from the protocol's oracle infrastructure. Under conditions of extreme volatility or low liquidity, the actual fill price may differ slightly from the trigger price set at order creation.

Managing open positions

Open positions are displayed in the Positions section of the interface. For each position, users can see current size, collateral, unrealized profit or loss, entry price, mark price, estimated liquidation price, accumulated funding fees, and active TP/SL levels.

By clicking "Edit", users can add or remove collateral to adjust leverage and improve or reduce the distance to the liquidation price. If changing collateral requires a token conversion, standard swap logic applies, including any relevant fees described in the Hybrid Liquidity and Pricing model section.

Closing a position

Positions can be closed partially or fully using the "Close" button. For long positions, profits are paid out in the index asset of the trade. For short positions, profits are paid in the stablecoin used as collateral.

Users can change the payout asset in the "Receive" field when closing a position. If the payout asset differs from the collateral or index asset, the protocol executes the necessary token conversion using the same pricing and fee logic as for regular swaps. Any accumulated funding fees are settled automatically at the time of closing.

Liquidations

A position becomes eligible for liquidation when its collateral value, after accounting for unrealized losses and accrued fees, falls below the maintenance margin required by the protocol.

When a liquidation occurs, a liquidator closes the position on chain. A fixed liquidation fee in USD equivalents is paid to the liquidator. Any remaining collateral after covering losses and fees is returned to the trader. If the position's losses exceed the available collateral, the deficit is absorbed by the liquidity pool according to the protocol's risk parameters.

To reduce liquidation risk, users can add collateral to an open position at any time via the "Edit" button, which lowers the effective leverage and increases the distance to the liquidation price.

Pricing

ZEUS uses oracle based mark prices to open positions, evaluate unrealized profit and loss, and trigger liquidations and conditional orders. Prices are aggregated from a combination of on chain oracles and data from major market data providers, as described in detail in the Hybrid Liquidity and Pricing model section.

The current mark price for each market is displayed on the Trade page. Long positions are opened at the higher mark price and closed at the lower mark price. Short positions are opened at the lower mark price and closed at the higher mark price. The chart shows the average of the two mark prices for visual reference.

Fees overview

Trading on ZEUS Exchange involves several types of fees depending on the action performed.

• A swap fee is charged when tokens are exchanged, with a lower rate for stablecoin to stablecoin swaps and a higher rate for volatile token swaps.

• A margin fee is charged when opening a leveraged position and is calculated as a percentage of the total position size.

• A dynamic tax may apply on top of the base fee when a trade worsens the balance of the liquidity pool, helping to maintain pool stability.

• A funding fee accrues on open leveraged positions over time and is settled when the position is closed or liquidated.

• A fixed execution fee in ETH is charged to compensate the keeper that executes requests on chain.

• A fixed liquidation fee in USD equivalents is charged when a position is forcibly closed and is paid to the liquidator.

The exact values for all fee parameters, including current percentages and caps, are described in the Hybrid Liquidity and Pricing model section.