Good morning
Well if you have read any of my posts you may be aware that I can't pick a meme coin to save my life (evidence is here in this post of mine how-are-my-memes-doing-xdkzyqk or on Bulb how-are-my-memes-doing) So what can I do to get my degen fix? Perping on Solana's Jupiter is how. Now I like the sound of perping but it is actually perpetuals or perps for short.Several protocols have emerged on Solana specifically for perpetual trading. Some of the most prominent platforms include Mango Markets and Drift Protocol, both of which allow you to trade a variety of perpetual contracts on major assets like Bitcoin, Ethereum, and Solana itself. These protocols typically use automated market makers (AMMs) and liquidity pools to provide liquidity to the traders.
The speed and low costs of transactions on Solana mean you can minimize slippage and so far all of my trades have been executed very quickly with no issues, my fees have been low and Mr Trump helped my pre-election trades by pumping the market.
Now there are a few different places you can trade perps as I said before but I used Jupiter because it is really easy, also I have been using Jupiter as much as possible in the hopes of Jupuary (The Jupiter airdrop in January hopefully)
It is quite simple to set up your trade on Jupiter, pick your market (I used SOL) Put in the amount of SOL you want to trade with, set your leverage and away you go. (As I am not a totally mad degen, I have not used more than 5X but you can go up to 100X, although I would not recommend that!) As it is perpetual, your trade will just continue until you close it or it you have set a stop loss or when it reaches that or the dreaded liquidation level. Also even though fees are low you may still need to consider them and your collateral.
I had a plan, when to enter the trade, when to exit and funds on the side to 'prop' up the trade if needed or add to my trade also. I am not using a huge amount of funds as leverage can be risky if the price moves against you, yes there can be huge gains, but also huge losses. I was taking advantage of volatility but it could also have worked against me. I was 'betting' the market would move up with a Trump election win. I could have been wrong and was also prepared to cut my losses if that was the case.
I would also mention that as usual DYOR on trading perpetuals before jumping in and be aware of the market and what you are trading.
Have you been trading the election? What are your thoughts on Perpetuals? As always, thank you for reading and please feel free to comment.
Links below for more information about Perpetuals on Jupiter.
https://station.jup.ag/guides/perpetual-exchange/overview
