How to do a trade on Penals?

Penals perpetual contracts empower traders to engage in long or short positions on the floor prices of their desired NFT collections, all without the requirement of owning any NFTs. By utilizing ETH as collateral combined with leverages, traders can effectively hedge against risks and explore potential arbitrage opportunities. To facilitate a seamless trading experience on the Penals platform, we recommend following the step-by-step tutorial and familiarizing yourself with the perpetual contract guidelines.

Step-by-Step Tutorial for Trading Penals Perpetual Contracts:

1. Account Creation: Begin by creating an account on the Penals platform. This process typically involves providing necessary information, such as email, username, and password, to set up your trading account securely.

2. Asset Selection: Explore the available NFT collections and choose the ones you wish to trade perpetual contracts on. Penals offers a diverse range of popular NFT collections to cater to various trading preferences.

3. Collateral Allocation: Determine the amount of ETH you want to allocate as collateral for trading the Penals perpetual contracts. This collateral enables you to access leverages and take positions on the floor prices of the selected NFT collections.

4. Long or Short Position: Decide whether you want to take a long position (betting on the price increase) or a short position (betting on the price decrease) for the chosen NFT collection. Penals allows traders to engage in both strategies, providing flexibility to adapt to market conditions.

5. Leverage Selection: Choose the desired leverage level that suits your risk appetite and trading strategy. Leverage amplifies your trading power, enabling you to control a larger position size with a smaller amount of collateral.

6. Monitor and Manage Positions: Once you have entered a position, closely monitor the market movements and manage your positions accordingly. Penals provides real-time market data and trading tools to help you make informed decisions and optimize your trading outcomes.

By following these steps and adhering to Penals's perpetual contract guidelines, you can effectively trade on-chain NFT perpetual contracts and capitalize on the dynamic opportunities present in the NFT market. Penals is dedicated to providing a user-friendly and secure trading environment that empowers traders to unlock the full potential of NFT derivatives trading.