> For the complete documentation index, see [llms.txt](https://docs.avantisfi.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.avantisfi.com/support/faqs.md). # FAQs **1. What are Perpetuals?** Perpetual contracts, also known as "perpetuals" or "perps," are a type of derivative that let you speculate on the price of an underlying asset — crypto, forex, commodities, equities, indices — without owning it. They're called perpetual because they don't expire and can be held indefinitely. **2. What is Base?** Base is an Ethereum Layer 2 (L2) offering a secure, low-cost way to build and use apps onchain. It's developed by Coinbase. Avantis is built on Base, and the Base Ecosystem Fund is an investor in Avantis Labs. **3. What is USDC?** USDC is a digital stablecoin from Circle, pegged 1:1 to the US dollar. It's the collateral for trades on Avantis, and what LPs deposit into our market-making vaults. **4. What's the best way to get started?** Head to [avantisfi.com](https://avantisfi.com). Log in with email, SMS, Google, X, or an EVM wallet (MetaMask, Rabby, Phantom, Zerion). You'll need USDC on Base as collateral. Social logins get a wallet created for you automatically. For a deeper walkthrough, see our [Tutorials.](/tutorials/onboarding.md) **5. Do I need ETH to trade?** No. Avantis is gasless by design for trading actions — you sign an intent, and Avantis pays the gas. Social login is gasless by default. EVM wallets enable **Smart Wallet** at login for the same experience (EIP-7702, same address and keys). Leave Smart Wallet off and you pay gas yourself. There's also **no keeper fee**. Avantis runs its own relayer, so no third-party keeper cost is passed on to you. **6. What's new in V2?** The things that change day-to-day the most: * **TWAP orders** for entries and exits, alongside market and limit * **Partial TP/SL** — multiple exit levels on one position * **24/5 equities and indices** (Mag 7 and US indices through the overnight session) * **Funding fees** — dominant side pays minority; holding the lighter side can pay you * **Maker/taker pricing** — fees depend on whether you balance or skew open interest; RWAs trade with **zero commission** while in growth mode (spread and funding still apply) * **Gasless by default**, with no keeper fee * **Size in the coin** (e.g. 1.5 ETH of exposure), not only in dollars * **Upside Perps** (formerly Zero-Fee Perpetuals) on select markets with high leverage **7. Why is the coin/asset I want to trade not listed?** Assets are listed when we can provide a reliable trading experience — enough price sources, volume, and liquidity behind the feed. If a market is in **close-only**, you can't open new positions on it, but you can always close or reduce what you already have. **8. Where does the collateral go when I close for a profit / loss?** If you close in profit you will **always** be paid out, from the USDC vault that acts as counterparty. If you close at a loss, you get back the remaining collateral; the loss goes to the vault (and on a full liquidation, all collateral goes to the vault). That capital stays available to pay other traders and support the protocol's risk buffers. **9. What do TP / SL / LIQ mean?** * **TP** — take profit: close automatically at a target price or profit % * **SL** — stop loss: close automatically when price moves against you past your limit * **LIQ** — liquidation price: where the protocol closes the position In V2 you can set **multiple** TP/SL levels on one position, each closing a portion. You can also set an SL **in profit** to lock gains once you're already green (the level still has to sit on the valid side of the current mark). Max take profit is typically up to **2500%** of collateral. Stop losses can run out to about an **80%** loss of collateral; around **-85%**, liquidation takes over. **10. What order types does Avantis support?** * **Market** — execute at the current oracle price plus spread, usually within seconds. Slippage tolerance is set on the order; if price moves past it, the order cancels instead of filling badly. Unexecutable market orders expire after a short window and cost nothing. * **Limit** — rest at your price. A long below market buys a dip; a long above can catch a breakout (shorts reverse). There isn't a separate "stop" order type — limits cover those entry styles. * **TWAP** — splits size into equal slices over a duration you choose (fixed 30s frequency, minimum size per slice). Fills merge into one position at a blended entry. Cancel anytime; unused collateral returns. TWAP also works for exits on fixed-fee markets. Upside Perps do not use TWAP. **11. Can I go into debt?** **No.** You can only lose the collateral you post. Positions liquidate before a loss can outgrow what you put up — there are no margin calls and no negative balances. **Do not put up more collateral than you can afford to lose**, and use stop losses and take profits to manage risk. **12. Can I use other stablecoins as collateral?** Trading collateral is USDC. Other stables can be converted to USDC in-app. Native support for more collateral types may come later. **13. How do fees work in V2?** Fees are charged on **notional** (collateral × leverage), not collateral alone. Every quote is shown before you confirm. On fixed-fee markets, pricing is **maker/taker by skew** (Avantis isn't an orderbook — "maker" means you improve open-interest balance; "taker" means you worsen it): * Join the lighter side → maker rate (cheaper), on open and close * Add to the heavier side → taker rate, on open and close * Trades that flip the balance pay a blend **RWAs** (forex, commodities, equities, indices) currently trade with **zero maker/taker commission** in growth mode. Spread and funding still apply. While you hold, **net rate** accrues: **funding** (trader-to-trader; dominant pays minority) plus **borrow** (to LPs). Upside Perps accrue **funding only** — no borrow. Most fees go to the vault that takes the other side of your trades. Stake AVNT in the Security Module for discount tiers. **14. Why is spread (price impact) necessary?** Spread protects against oracle manipulation and lets us quote against real market depth. In V2 it's **flow-based**: it scales with order size and is capped per market. It applies on **opens and closes**. Large orders usually pay more — that's what TWAP is for. **15. What are Upside Perps?** Upside Perps are the evolution of Zero-Fee Perpetuals: **no fee to open or close**. If the trade loses, you pay no trading fee. If it wins, the protocol takes a share of the profit and you keep the rest (typically **75–95%**, by ROI). You only pay on the upside. Holding cost is funding only (no borrow). Upside markets are separate pairs (e.g. BTC Upside next to BTC), market-only — no limit/TWAP opens. Liquidation is at about **-85% ROI**. **16. What happens when a market is closed?** Your position stays open. Nothing executes while the market is shut, but net rate can still accrue. Orders and TP/SLs can trigger at **reopen** if price has crossed them. You can be liquidated at reopen if price gapped through your liquidation level — including over weekends on 24/5 names. See [Market Hours](https://docs.avantisfi.com/trading/market-hours) and [Price Gaps](https://docs.avantisfi.com/trading/market-hours/price-gaps). **17. Who has Avantis been audited by?** V1 was audited by Zellic and Zokyo. **V2 is audited by Sherlock, Zellic, and Guardian.** Learn more on our [Security](https://docs.avantisfi.com/security/audits) page. **18. Where else can I find help?** Our Discord is live — post in **General** and a community member or moderator will help ([invite](https://discord.com/invite/avantisfi)). Please read the chat rules. For 1:1 help from the team, open a ticket. Builders: the Avantis SDK and APIs are at [sdk.avantisfi.com](https://sdk.avantisfi.com) / the [SDK docs](https://veranta.mintlify.site/). *** *Nothing here is investment advice. Do your own research. Protocol risk includes smart contract and market risk.*