Parameters
Each combo trades with its own parameters. This page explains what each one controls. You set the values in Trade.
Combos
A combo is one long leg and one short leg, each with its own exchange, account and market. It has its own target, order and risk parameters, its own combo position and its own run state. Combos don’t affect each other.
The exchange, account and market of both legs define the combo and can’t be changed after creation. To trade another market, create a new combo. A reverse combo swaps the long and short legs.
A new combo starts in reduce-only. It opens a position only after you resume opening.
Legs
| Leg parameters | |
|---|---|
| Exchange and account | Where the leg trades. The two legs can use different exchanges and different accounts, and one account can serve several combos. |
| Market | Market type, asset, quote currency and settlement currency. Both markets must be tradable and open to new positions when you create the combo. |
| Leverage | Set per leg and applied on the exchange. If the exchange rejects a change, that leg keeps its previous leverage and Trade shows the result for each leg. Trade trades on cross margin. Instruments the exchange allows only in isolated margin trade isolated. If you switch a market to isolated on the exchange yourself, Trade doesn’t switch it back, and isolated positions may appear in that market. |
Size
| Size parameters | |
|---|---|
| Target position | The total notional value the combo aims to hold, in USD. Orders not yet fully filled count toward it. Lowering it stops further opens but doesn’t reduce the existing position. |
| Minimum order size | The smallest size of a regular order. When less than this is left to reach the target, the remainder goes out as one final order. |
| Maximum order size | The largest size of each order, including liquidation guard, automatic alignment and manual closes. If it is below the exchange minimum, no order is sent and Trade tells you. |
Open and close
| Spread triggers | |
|---|---|
| Open trigger | The combo opens and adds while the spread is at or above this value, in %, until it reaches the target position. |
| Close trigger | With a position open, the combo closes while the spread is at or below this value, in %. Both triggers can be negative. The open trigger must be higher than the close trigger. |
The spread is calculated from the price each leg would trade at: the best opposite price for a market leg and the resting price for a post-only leg. A resting order stays only while its price still meets the trigger; otherwise it is repriced or cancelled. When open and close conditions hold at the same time, closing takes priority.
Order types
| Order parameters | |
|---|---|
| Market | An IOC order with price protection. |
| Post-only | Rests as a Maker order and never takes liquidity. |
| Post-only, catch up at market | Rests as a Maker order. If this leg falls behind the other, it can send an IOC order to close the leg gap. |
| Order price | For a post-only leg. Join best rests at the best price on its side. Improve by 1 tick rests one tick ahead of it without crossing the spread. |
The liquidation guard, automatic alignment and small-position cleanup always use market orders, including on post-only combos. A post-only leg closes a leg gap only when its order fills; until then the leading leg stops adding.
Risk parameters
pause-opening line, alert line, liquidation guard line and exit buffer are each set as a liquidation distance. They set when a combo stops opening, switches to reduce-only and reduces at market. Risk controls explains each one.
Alerts
Unrealized return, open spread alert, close spread alert and Funding fee paid. Alerts only notify you and never place orders. An alert with no value is off.
System settings
Some settings apply to all combos: reconciliation policy, alert channels and coin mapping. You find them in Trade’s settings.