Trading
Orders & leverage
Vael runs a central limit order book with sub-second matching. You get every order type a modern trader needs, cross or isolated margin, and up to 20x leverage.
Order types
Market
Fills immediately at the best available price. Use when you need in or out right now.
Limit
Rests on the book at a price you set. Fills only if the market reaches it. Post-Only and IOC / FOK variants supported.
Stop-market
Triggers a market order once the mark crosses your stop price. The standard tool for stop-losses.
Stop-limit
Triggers a limit order at your stop price. Gives you price control on the exit, at the cost of possible no-fill in a fast move.
Take-profit
Attach a TP level to an open position. Closes automatically when the mark reaches your target.
Reduce-only
A flag on any order. Guarantees the order can only shrink your position, never flip it or grow it.
Leverage & margin
Every position uses either cross or isolated margin. You choose per symbol, and you can hold both a cross and an isolated position on the same market simultaneously. They are calculated independently and can liquidate independently.
Cross margin
Your whole USDG balance backs every open position. Most capital-efficient, but a liquidation on any single position eats into the collateral supporting all the others.
Isolated margin
You allocate a fixed amount of USDG to a single position. If it liquidates, only that allocation is lost. The rest of your account is untouched. Right for risk-managing individual trades.
Margin & liquidation numbers
- Max leverage (base tier)
- 20x
- Initial Margin Ratio (IMR)
- 5%
- Maintenance Margin Ratio (MMR)
- 2.5%
- Standard liquidation fee
- 1.2%
- Insurance fund discount
- 0.6%
- Collateral currency
- USDG
A position is liquidated when its margin falls below the maintenance ratio. The liquidation engine closes the position at the mark price, deducts the liquidation fee, and returns any remaining margin to your account.
Liquidation exists so the exchange can guarantee counterparties get paid, even in fast markets. If you're liquidated, you paid the fee and lost the position, but no more than that. Cross margin can cascade across positions; isolated cannot.
Funding rate
Perpetuals use funding payments to keep the mark price aligned with the index. When the perp trades above the index, longs pay shorts; when it trades below, shorts pay longs.
- Funding pays every 4 hours
- Rate is capped at ±2% per funding period
- Applied to your position notional at the moment of the payment
Fees
Vael charges standard maker-taker fees on every fill. Referral rebates and volume tier discounts reduce the effective rate for active accounts. Full fee schedule is shown in the app before you submit an order.