Trading
Take a quote
Pick a flag on the mast, lock collateral, and the position opens in the same transaction.
The mast
Next to the funding chart the app draws every open quote as a flag on a mast, at the height of its rate on the chart's own scale. Payers hang on the left, receivers on the right, and the length of a flag shows the size of the lot. Your own quotes fly in cloth; the quote the ticket is about to take flies yellow.
To receive fixed you take a payer's quote, so the highest payer is the best rate for you. To pay fixed you take a receiver's quote, and the lowest is best. The ticket starts on that best quote; pick any flag on your side to take it instead.
What taking does
Taking a quote opens a position in one transaction:
- The maker's quote is marked filled and its collateral becomes the maker's side of the position.
- Your collateral moves from your wallet to the market's vault and becomes your side.
- A position account opens, recording both sides, the notional, the fixed rate, and the time and funding total it started from.
The lot is whole. Its notional and rate are the maker's; what you choose is how much collateral to put behind your side.
Collateral
The ticket fills in the program's minimum, the initial margin for this lot at this moment, and you can add more with the field or the slider up to the lot's full notional. More collateral moves the liquidation line further away; it does not change what the swap pays. The maker's quote already holds at least the same minimum, checked again when you take it.
Below the field, the ticket shows:
- Liquidates if floating averages above or below a rate: the constant floating rate that would take your balance down to maintenance by maturity. Collateral and margin explains the estimate.
- If floating stays at the current rate, what the position makes or loses by maturity.
Review and signing
Pressing Take quote opens a review that says what will happen in plain terms: the lot and the rate, the USDC that leaves your wallet, and the rent for the position account, about 0.0026 SOL, which is not refunded.
The Tack service builds the transaction; the app reads it back before your wallet sees it. It checks that you are the fee payer, that it calls only the Tack program and the associated token program, and that the collateral in each instruction is the amount you entered. If anything differs, the app refuses to ask your wallet to sign.
When a take fails
The program checks everything again when the transaction lands, and the app says why in its own words.
| You see | Because |
|---|---|
| That quote was filled or cancelled a moment ago. | Someone took it first, or the maker cancelled. |
| Collateral is below the margin this lot needs right now. | Your collateral, or the maker's, is under the initial margin at the moment the trade lands. |
| This fill would take Tack past its open-interest cap. | The maturity, or all maturities together, would hold more than the cap allows against Phoenix's open interest. |
| A new funding record is waiting to be checkpointed. | Phoenix has recorded funding that the market has not published yet. It clears within seconds. |
| The funding source is stale. | Phoenix's funding or index price is older than the market allows. No trade opens until it updates. |
| Trading on this maturity has ended. | The maturity has passed. |
| You can't take your own quote. | The quote's maker is the connected wallet. |