Walkthrough

This guide walks you through selecting, configuring, and managing a PERPS+ enhancer on your perpetual futures position.

Choosing an Enhancer

When you open a perp position (or navigate to an existing one), the PERPS+ panel appears with three enhancer options:

Each card shows:

• The enhancer name and a plain-English description of what it does

• The cost or income (one-time premium paid, premium received, or ~$0)

• The estimated slippage for the underlying options trade

The panel header shows "Ready to enhance" when no active enhancer exists on this asset.

Click on any enhancer to expand it and configure the details.

Configuring Each Enhancer

Limit My Loss

Select Limit My Loss and use the "Max I'm willing to lose" slider to set your risk threshold.

The panel updates in real time to show:

• Worst case: Your maximum loss, both as a percentage and a dollar amount based on your position size

• Best case: Your full profit potential (uncapped)

• A visual range bar showing the bounded loss vs. open-ended profit

• Duration options: 1W, 2W, 1M, or 2M — choose how long the protection lasts

The slider range adjusts based on the selected duration: 5–8% for 1W, 5–10% for 2W, 5–15% for 1M, and 5–20% for 2M. This applies to all three enhancers.

Tighter protection (a smaller percentage) costs more in premium. Wider protection is cheaper but allows more loss before the cap kicks in.

Click "Protect This Trade" to execute.

At the bottom, PERPS+ transparently shows exactly what option it will trade — for example: Buys BTC-24APR26-77000-C under the hood · Auto-matched to your position.

Get Paid to Hold

Select Get Paid to Hold and use the "Cap my profit at" slider to set how much upside you're willing to give up.

The panel shows:

• Worst case: Your risk remains the same as a naked perp (no added protection)

• Best case: Your profit capped at the chosen percentage, shown as a dollar amount

• The premium you receive — displayed prominently as a green "+$" amount

A tighter profit cap (closer to current price) generates more income. A wider cap pays less but preserves more profit potential.

Click "Start Earning" to execute.

Lock My Range

Select Lock My Range and use the "Set my range" slider to define the loss boundary. The profit boundary auto-adjusts to keep the net cost near zero.

The panel shows:

• Worst case: Your maximum loss, capped at your chosen percentage

• Best case: Your maximum profit — note this may differ from the loss cap (e.g., -10% worst / +15% best) due to options pricing skew

• A visual range bar with both bounds clearly marked

• ~$0 net cost — confirmed in the cost display

Click "Lock My Range" to execute.

The bottom of the panel shows both options legs that will be traded — for example: Buys BTC-24APR26-77000-C · Sells BTC-24APR26-63000-P under the hood · Auto-matched to your position.

Managing an Active Enhancer

Viewing Your PERPS+ Position

Once an enhancer is active, your position header updates to show a "Perps+ (N)" badge indicating the number of options legs attached.

Click the badge to expand and see the individual options legs:

Each leg shows:

• Option type (Put or Call)

• Expiry date

• Strike price

• Direction (Long or Short)

One Enhancer Per Asset

If you already have an active PERPS+ enhancer on an asset and try to attach another, you'll see a message:

To switch enhancers, close the existing PERPS+ option position first, then attach a new one.

Closing Positions

When you open the position detail panel to close your perp, you'll see two options:

• Close Position — Closes only the perp. The PERPS+ options leg(s) remain open as independent positions.

• Close Position and Perps+ — Closes both the perp and all attached PERPS+ options in one action.

Orphaned Options

If you close your perp but leave the PERPS+ options open (using "Close Position" only), those options become orphaned — they're still active but no longer attached to a perp position.

Orphaned options are displayed with an "Active PERPS+ (No Position)" label. They continue to function as normal options positions — they can be closed individually at any time, and will expire or settle at their expiry date.

Note: Orphaned options no longer provide the intended enhancement to a perp position. If you close your perp, consider whether you still want the standalone options exposure, or if you should close them as well.