Making a Trade
Once your wallet is connected and your trading account funded, you’re ready to open your first position on the Twilight Perpetual Exchange.
Twilight’s exchange is designed for basis-free, privacy-preserving perpetual trading — meaning you can open leveraged long or short positions without paying ongoing funding costs, while keeping your PnL fully encrypted.
Pre-Trade Requirements
Before trading, ensure that:
Your Keplr wallet is connected to the Twilight Testnet.
You’ve funded a Trading Account via the Wallet page.
You hold enough NYKS for gas fees (transactions are signed via Keplr).
You have been verified (you will be prompted to do so before your first trade). Please see ZK Region Verificationfor more details.
💡 All trades are executed through your Trading Account on zkOS — balances, PnL, and liquidation status are private and verifiable through zero-knowledge proofs.
Trading Interface Overview
The Trading page allows you to:
View available perpetual pairs (e.g., BTC/USDT).
Check current mark price and 24h stats.
Open Long or Short positions.
Monitor active trades and realized PnL privately.
Each trade interacts with the Twilight Pool, not an order book. Liquidity providers back the pool, and all trades are settled directly against it — this design eliminates traditional matching, reduces slippage, and ensures deterministic settlement.
Opening a Position
Navigate to the Trade page on the frontend: https://frontend.twilight.rest/trade
Select in the Orders form for Market Order or Limit Order.
Enter your trade size (in BTC) and desired leverage.
Review position summary — collateral, liquidation price, and PnL are shown privately.
Click Buy to go long or Sell to go short.
Approve the transaction (only if needed).
Once confirmed:
Your collateral is committed from your Trading Account.
The position is registered privately in zkOS.
Settlement occurs directly against the Twilight Pool.
Order and Position Details
The Details Card is where you will find all the information on all current and past orders and positions.
If you opened a limit position that has not been filled, you can monitor and adjust it from the Open Orders tab.
If your position has been filled, you can view the Positions tab to see your active positions.
Both open orders (marked as pending) and filled orders can be found in the Order History tab.
View Details
You can view the following details of your orders, updated in real time:
Entry Price – average execution price.
Mark Price – current reference price.
Collateral Used – margin held in zkOS.
PnL (Private) – encrypted until settlement.
Health Ratio – liquidation threshold indicator.
Adjust or Close
Close Market – Close the position at the market price, usually executed immediately.
Close Limit – Close the position at a certain price. For long positions, Twilight will attempt to close the position at a price that is equal to or above the limit price set.
After closing a position, you will receive confirmation dialogs. You can also check the Trade History tab to see a history of all the completed trades.
⚠️ When your health ratio drops below the minimum threshold, the position becomes eligible for liquidation. Liquidations are verified cryptographically via zk-proofs to prevent false triggers.
Settlement and PnL Privacy
Twilight’s unique settlement system ensures:
PnL remains private while the network verifies that gains/losses are correct.
No funding rate volatility — traders don’t pay or earn periodic funding fees.
Liquidation events are publicly provable but don’t expose user positions.
All settlements occur directly against the Twilight Pool, ensuring continuous liquidity for both traders and LPs.
Example Trade Flow
1
Deposit BTC into Trading Account
Nyks → zkOS
Convert public BTC to shielded collateral
2
Open Long 2x on BTC/USDT
zkOS
Position created privately, collateral locked
3
Twilight Pool adjusts exposure
zkOS + Pool
Trade settled directly against pool
4
Close position
zkOS
PnL calculated privately, verified on-chain
5
Withdraw profits
zkOS → Nyks
Encrypted balance withdrawn to public account
📘 Twilight supports multiple position types and leverage configurations, depending on market conditions. For a detailed overview of trading mechanics, pricing, and liquidation rules, see the Exchange Mechanics section.
Security Notes
Twilight enforces non-custodial trading — all positions are owned and signed by the user.
zk-proofs guarantee integrity of settlements and liquidation logic.
Private balance verification prevents manipulation or MEV-based attacks.
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