The Official CVEX Testnet Guide
In this guide, you’ll learn about all the features we presented in our Crypto Valley Exchange Closed Testnet. We approached our UX/UI with much love and hope you won’t need this guide. But let’s go through the CVEX functionality step-by-step so you don’t have any questions left.
Please note that all transactions on our Testnet are test ones. No real funds will be used!
Table of Contents:
· Step 1: Connect Your Wallet
· Step 2: Choose Your Chain
· Step 3: Increase Your Balance
· Step 4: Place Your First Order
∘ Additional settings of orders on CVEX:
· Step 5: Analyse Your Portfolio
∘ 1. Leverage
∘ 2. Margin Utilisation
∘ 3. Equity
∘ 4. Open P&L
∘ 5. USDC Collateral
∘ 6. Required Margin
∘ 7. Available to Decrease
· Step 6: Analyse Your Trades
∘ 1. Open Positions
∘ 2. Trade History
∘ 3. Open Orders
∘ 4. Order History
∘ 5. Transactions History
· Step 7: Analyse Charts
∘ 1. Choosing Contracts
∘ 2. TradingView Charts
∘ 3. Contact Details
∘ 4. Order Book
· Step 8: Adjust Your Settings
∘ Leave Your Feedback
· Conclusion
· About Crypto Valley Exchange (CVEX)
Step 1: Connect Your Wallet
To enter the wonderful world of decentralised trading, you need a key. In our case, that key will be one of the 170 crypto wallets we support. So, how do you connect to the platform?
Note: We support only those wallets supporting EIP-712 Standard.
1. Go to the official website of our testnet. Make sure that the link in your browser search bar and this link: https://testnet.cv.exchange/ match. The scammers are not sleeping, don’t let yourself be fooled!
2. Now, you will see a window “Welcome to CVEX”, where you will find more detailed instructions and explanations of the wallet connection process and a link to our Terms of Service. When you have read everything, click “Connect”.
3. Choose one of the 170 options we support. But you’ll choose Metamask, we know.
4. Your wallet will ask you to confirm that you want to connect to CVEX. Don’t worry, no funds will be used. The confirmation is purely a security function. Read the terms and conditions and agree to all offers
5. After connecting the wallet, you’ll need to verify the ownership. Just one more dialogue window from your wallet, but it’s very important. All in all, how do we know that’s your wallet?
6. Now, if you are on our Whitelist, you’ll get access to the platform. But if not, you’ll see this message:
Please fill in your email, and we’ll notify you personally when our Testnet launches in the public phase so you can try it.
7. If everything’s fine, you’ll notice your address in the top-right corner of the website. Like this:
Step 2: Choose Your Chain
After connecting, you may want to choose the preferred chain to use. Click on your wallet’s address in the top-right corner and see this:
Here, you can switch between Sepolia, Arbitrum Sepolia, Base Sepolia and OP Sepolia chains. Choose your fighter, and let’s proceed.
Step 3: Increase Your Balance
So, you’re connected. But to trade, you need some money, right? We’ve prepared a built-in faucet that will increase your balance on the platform without requiring many actions.
It is important to note that the CVEX testnet does not involve working with real funds. All balances are test ones!
1. Find the “Increase” or “Deposit” buttons and click them.
2. After clicking, your wallet will ask to verify a transaction. Agree with it. And now, in “Account Details”, you’ll see how your test deposit on CVEX is growing.
3. Here, in the “Account Details”, you can also test decreasing your balance, seeing your available collateral and total equity.
Step 4: Place Your First Order
Now let’s take apart the main window of the interface:
First, look at the “Place Order” section on the right side of the screen. This is where all trading on CVEX takes place. Here you can:
- Choose to place Buy or Sell orders
- Choose whether you want to place a Limit or Market Order
If you want to engage with an asset right now, then choose market order:
Here, you just need to fill in the quantity of the desired asset to buy/sell and hit the “Place Buy” button. Also, you may want to use the “Reduce-Only” (read further about it) option. Right below the buy button, you can see the trading and operational fees you will pay from your test balance.
If you are aimed at a specific price level, you may find it better to use Limit orders:
The main difference here is the ability to choose the price level at which your order will be executed (e.g., buy BTC at $75,000). Also, you’ll find different types of orders from which you can choose. Let’s break them down:
Additional settings of orders on CVEX:
- Reduce-Only: This option is handy if you already have open trades. Say you’ve gone long on 0.5 BTC and want to set up a short position for 0.2 BTC as a Reduce-Only order. CVEX will simply adjust your long position down to 0.3 BTC. If you then add another short for 0.4 BTC, CVEX will close out your long position completely.
- Post-Only: This feature is used in limit orders to ensure your order only gets added to the book if it can’t be filled immediately by matching it with an existing order. It’s a way to ensure you pay the maker fee instead of the taker fee.
- Good-till-Cancel (GTC): This type of order remains active until the trade is executed or you decide to cancel it. It’s a “set and forget” option for traders waiting for their price target.
- Fill-Or-Kill (FOK): This is an all-or-nothing order that needs to be filled entirely and immediately, or it gets cancelled. It’s used when you want to ensure a complete fill without partial executions.
- Immediate-Or-Cancel (IOC): Similar to FOK, this order type seeks immediate execution. CVEX will immediately fill as much of the order as possible and cancel any unfilled portion. It allows for partial fills, offering flexibility in fast-moving markets.
Step 5: Analyse Your Portfolio
Now, after opening your first position, your account details should have changed, which you can see in the bottom-right corner of the platform:
Let’s take a closer look at what information you can find here and how to use it to improve your profitability in CVEX trading:
1. Leverage
At the very top, you will see Leverage and a number after it. Currently, CVEX does not allow you to select the desired Leverage size yourself. Considering many factors, the platform automatically selects the maximum allowable Leverage for you. But the main one is risk management.
Our website has a whole section dedicated to calculating Leverage for different scenarios. We recommend that you read it in detail to understand how to maximise the potential Leverage for your account: https://cv.exchange/.
2. Margin Utilisation
Margin Utilisation is the percentage of your total portfolio that is currently spent on maintaining open positions. If the percentage exceeds 90%, the user has a high chance of getting their orders closed, as they will not have enough money to maintain the margin.
In our example, the total value of the portfolio is $100k. At the same time, a position is opened for a long $BTC worth $20,000. Since the Leverage of the account is 10x, we only need to cover 1/10th of the order value from our balance, or ~$2000 ($1,987 to be exact), or 2% of the total portfolio value.
Now, let’s open another position. For example, to short $ETH for the same amount of $20k. Even though we now have 40% of our portfolio in open trades. We are only paying 2.68% in margin collateral, or $2,664.89. CVEX, thanks to its VaR-based margin system, realises that $BTC and $ETH are largely correlated assets, so if one trade fails, the second one must cover the potential losses.
This means that the overall riskiness of the portfolio is reduced, and the trader can pay less for margin utilisation. By the way, a lot is written about it in our documentation: https://docs.cv.exchange/
3. Equity
Equity is the current value of the account and fluctuates with every tick when looking at your trading platform on your screen. It is calculated using the formula USDC Collateral — Open P&L.
4. Open P&L
How much money you will gain or lose if you close all your positions at the current market price.
5. USDC Collateral
All of the trader’s assets that are on the balance sheet are used to cover the margin on open orders or will be used to cover losses from failed trades
6. Required Margin
The amount of funds required to maintain open positions at a given moment.
7. Available to Decrease
The amount of funds available for withdrawal from the trader’s balance to his wallet now.
Step 6: Analyse Your Trades
At the bottom of the screen, you can find a tab dedicated to open positions and orders, as well as the trading history of this account:
Here a trader can keep track of all open positions, as well as get full analytics of his actions on the platform to further study and improve his trading.
Let’s get more detailed!
1. Open Positions
In this tab, CVEX shows the trader all of his currently open positions. These include:
- Contract name (e.g., BTC-28JUN24);
- Size of the position in tokens;
- Net Value of the position;
- Average entry price (average price at which the asset was bought/sold);
- Mark price;
- Margin (isolated to maintain this position);
- Leverage (used to open this position);
- Unrealised P&L (how much money will the trader get or lose if decides to close the position right now using the market price);
- ADL rank (If the insurance fund is insufficient or the liquidation order is not fully executed due to low liquidity, Auto-Deleveraging, or ADL, will be activated. Once ADL is activated, the system will reduce the counter positions of the liquidated traders by profit and leverage based on the Mark Price at the time of trigger).
2. Trade History
Here, a trader can view the entire history of his positions (their opening and closing) for a specified period of time (1 day, 1 week, 1 month, 3 months, or a custom date value).
Among other things, CVEX shows when a position was opened or closed, the initial and average entry price, position size, selling price, realised P&L, and the number of commissions paid.
3. Open Orders
In this section, the trader is shown all his open orders, including Order ID, Contract Name, and additional information on price, quantity, and number of tokens already filled in the order. There is also an important button to close an open but unexecuted order.
4. Order History
Pretty similar to the “Trade History” tab but makes accents on orders and their peculiarities, not on positions, like the trader’s role (taker/maker), the type of the order, etc.
5. Transactions History
Here, a trader can see all the information about depositing or withdrawing funds from the platform and sort it based on the execution date.
Step 7: Analyse Charts
The main window of the CVEX platform, where the trader can see all information regarding contracts, current price, orderbook, and so on:
1. Choosing Contracts
On the left side of the screen, a trader can see a list of all available contracts for trading and search by name or ID. In the contract name, you can read the name of the token being traded (e.g., ETH means ETH/USDC) and the expiration date (e.g., 28Jun24 means June 28th, 2024). Also, next to the contract name, you can see the Last Price in this token pair.
2. TradingView Charts
This is where the entire technical analysis toolkit is located for the user. The trader can view the chart, change the timeframe, draw technical analysis elements like Fibonacci grids, calculate the potential profit, etc. You can read more about the functionality of TradingView, which is fully integrated into the CVEX platform, here: https://www.tradingview.com/charting-library-docs/latest/getting_started/Key-Features
In the same window, the trader is shown information about Mark, Index, and Last Price. You can read more about them in our recent article on Medium.
3. Contact Details
In Contract Details, the trader can access information about the token being traded (their website and documentation for basic fundamental analysis) as well as details about the CVEX contract, such as tick size.
4. Order Book
Finally, on the right side of this large window, the trader can see the order book of the selected contract, with all the long or short orders, their total value at different price values, and the number of tokens that will be bought or sold at these values. If the “Trades” tab is clicked, the user will get information about all recent trades made within this contract.
Step 8: Adjust Your Settings
In the top-right corner, you can adjust your settings and get some useful links:
In these three tabs, you can get to the rest of the CVEX protocol, such as our social media, documentation, Affiliate Dashboard, and so on. Also, under the gear icon, you can see the platform’s appearance settings. You can hide or reopen additional tabs by clicking on it, such as TradingView Charts.
Leave Your Feedback
Clicking on the icon with an exclamation mark opens a menu for communication with the CVEX development team. Here, the trader can report bugs and offer his vision of the platform through the “Suggest Feature” button.
Also, you can suggest an improvement directly by following this link and basic authorisation via social media or email: https://cvex.nolt.io/.
Conclusion
We hope this guide has given you a clear understanding of what to expect from our Public Testnet. Our team has worked tirelessly to ensure the features and UX/UI meet and exceed your expectations. Your feedback is invaluable as it helps refine and perfect our platform. We encourage you to report bugs, suggest new features, or simply share your experience. Connect with our vibrant community and stay updated through our official channels:
- Website: https://cv.exchange/
- Twitter: https://twitter.com/cv_exchange
- Telegram: https://t.me/cv_exchange
- Discord: https://discord.gg/DRma7Z9BTz
Let’s make the world of DeFi trading better, one step at a time. Your journey with CVEX is just beginning, and we’re thrilled to have you on board.
About Crypto Valley Exchange (CVEX)
Crypto Valley Exchange (CVEX) is a pioneering force in decentralised finance, offering advanced Options & Futures trading with over 1000x leverage. It features real-time Value-at-Risk (VaR) portfolio management and cross-margin capabilities, enabling efficient and dynamic trading across cryptocurrencies and commodities. From inception, CVEX supports major chains like Ethereum and Arbitrum, allowing seamless USDC transactions. Its commitment to security and efficiency positions CVEX as a leader in DeFi innovation.
