Trading
Positions and withdrawals
Following a position to maturity: settlement, top-ups, and getting collateral back.
The dock
Below the board, the dock has three tabs:
- Positions: your open swaps.
- Your quotes: quotes you posted that are still waiting, each with Cancel.
- Closed: swaps that have ended, each with Withdraw until you have.
Each position row shows its side and fixed rate, maturity and time left, notional, the floating rate since you entered, the result so far, and your collateral against maintenance on a meter. Open the row for the rest.
- TradeA quote is taken. Both sides' collateral moves to the vault; both legs start at the next record.
- Every hourPhoenix records funding; a checkpoint lands; the position settles.
- MaturityFriday 08:00 UTC. New trades closed at 07:00.
- Final recordThe record that starts at maturity settles the last stretch.
- WithdrawEach side takes its balance back, when it likes.
Reading a position
Opening a row draws the position's wake: the fixed leg as a straight line to maturity and the floating leg as it has actually accrued, checkpoint by checkpoint. The gap between them is the result.
| Field | Meaning |
|---|---|
| Settled into collateral | The result already moved between the two balances. |
| At the latest checkpoint, not yet settled | What the next settlement will move. |
| Liquidates if floating averages | The liquidation line for your balance. |
| Counterparty | The wallet on the other side. Every swap is between two traders. |
The first hour
Both legs start at the first funding record after you enter, at the top of the next hour. A position opened at 10:40 starts at the 11:00 record: neither leg counts the twenty minutes before it, and the 11:00 settlement moves nothing. From then on each record counts in full for both legs, so the fixed and floating legs always cover the same hours.
Settlement
Tack's crank settles every open position after each funding record. A position never needs you to do anything to stay current, but you can settle it yourself: when a position is more than one checkpoint behind, its row offers settle now, which sends the settlement from your wallet. One transaction applies up to eight checkpoints.
Maturity and withdrawal
Trading on a maturity stops at its time, Friday 08:00 UTC. The first funding record at or after it is the final checkpoint; settling it closes every open position in the market as Matured.
Closed positions move to the Closed tab. Press Withdraw to move your balance from the market's vault to your wallet; the app opens your USDC token account first if you no longer have one. Each side withdraws its own balance, once, whenever it likes: nothing expires.
Closing early
Tack has no early close. To stop a position's exposure before maturity, open the other side in the same maturity: take or post a quote on the opposite side for the same notional. The floating legs cancel, the difference between the two fixed rates is locked in, and both positions settle at maturity.