What is a perpetual position?
A perpetual position gives exposure to an underlying price without a scheduled futures expiry. A long benefits from a rise; a short benefits from a fall. Unlike buying spot, opening a leveraged position does not give you ownership of its full notional value in the underlying asset.
Perps platforms use different accounting and liquidity models. SDICE Perps implements synthetic positions with a loss-backed FIFO payout pool on Solana and MagicBlock. An explanation of order-book futures or funding rates on another exchange should not be assumed to describe this platform.
What does 1000× actually mean?
Notional exposure is the accepted entry value multiplied by leverage. At $10 and 1000×, that is $10,000 of reference-market exposure. A 0.01% price move corresponds to about $1 of raw market PnL before the platform’s other calculations.
At 1000×, the market liquidation threshold is roughly 0.05% against entry. That is already an approximately 50% raw margin loss; a recorded liquidation crossing forfeits the whole margin. The bar is distance to liquidation, not a promise that its last pixel is the last dollar of recoverable collateral. Always use the displayed position-specific liquidation price.
Why the winning claim differs from raw PnL
New positions use the ETH asymmetric-impact curve across SOL, BTC, ETH and ZEC, with no deadband. A further 2% reduction applies to post-impact profit, not returned collateral. Very small favorable moves can still produce positive profit, subject to integer rounding.
The curve reduces the claim owed by the pool; it is not a separate payment to stakers. Collateral depreciation, backing consumption and executable swap quotes can also affect settlement. See the technical PnL guide for the formula and activation rules.
Closing, claiming and receiving are different steps
A close records the position’s outcome. Delegated trading state must commit back to Solana for base-layer custody and settlement. A winning claim enters the venue’s oldest-first queue; USDC arrives when that queue can pay it.
A confirmed close is not proof of an immediate USDC payment. Check the position receipt, queue status and confirmed available wallet balance. A withdrawal cannot spend an unpaid claim or collateral still reserved by an open position.
Before opening a position
- Confirm the venue and token contract address, not just their symbols.
- Inspect the accepted collateral quote, backing and liquidation price.
- Read the venue’s payout queue and settlement rules.
- Keep enough SOL for the wallet mode and actions shown.
- Start with the devnet walkthrough if the flow is unfamiliar.