> For the complete documentation index, see [llms.txt](https://fx100.gitbook.io/fx100-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fx100.gitbook.io/fx100-docs/reference/faq.md).

# FAQ

The questions that come up most.

### Why is my fill price different from the oracle price?

The dynamic spread — constant, depth, and skew components — is applied in the direction unfavourable to you, and larger orders differ more. The order preview shows the estimated execution price with the spread included. See [pricing and execution](/fx100-docs/trading/pricing-and-execution.md).

### Why is the leverage on my position higher than what I opened at?

Position leverage is computed on net collateral (collateral minus pending funding). As funding accrues, net collateral shrinks and the ratio rises. This is your true current leverage. For actual risk, read the liquidation price rather than the leverage number. See [leverage and margin](/fx100-docs/trading/leverage-and-margin.md).

### Why doesn't my unrealized PnL match what I'd receive if I closed?

Unrealized PnL is pure price PnL. It excludes closing price impact, the closing fee, and pending funding. **Est. receive** is the figure that accounts for all three. See [PnL and closing](/fx100-docs/trading/pnl-and-closing.md).

### When is funding charged?

Funding accrues continuously, per second, and settles into your margin when a transaction occurs on the platform — not necessarily one touching your own position. There is no hourly charge and nothing to claim. Even before it settles, accrued funding already counts against your net collateral and liquidation price. When the market is balanced, longs pay a small floor fee to the vault and shorts pay nothing; when it is skewed, the crowded side pays more and the lighter side can receive. See [funding](/fx100-docs/how-the-system-works/funding.md).

### What happens after the 15-minute protection window?

Standard liquidation rules resume. The position can be liquidated once price reaches the liquidation level.

Protection is timed from the **first open**. Adding to a position does not reset or extend it. The only way to get a fresh window is to close the position and open a new one. See [liquidation protection](/fx100-docs/start-here/liquidation-protection.md).

### Can I set a worst acceptable fill price on a limit or stop order?

No. Trigger orders always fill at market once triggered — the trigger price is not a cap or floor on the fill, and max slippage applies only to market orders. This is deliberate: it guarantees stop losses fill in fast markets. See [order types](/fx100-docs/trading/order-types.md).

### Why was my order cancelled instead of filled?

Most likely one of:

* Available liquidity could not accommodate the order — see [available liquidity](/fx100-docs/how-the-system-works/available-liquidity.md)
* A market order's execution price exceeded your slippage tolerance
* The oracle price was stale, or the market was paused — see [oracle and price risk](/fx100-docs/how-the-system-works/oracle.md)
* The order was below the minimum collateral or notional size

### Can I close a position immediately after opening it?

There is a short minimum wait — at least {{\~30s — TBD}} — between opening a position and being able to close it. Once that brief window passes, you can close whenever you like. It applies to every position.

### Can I lose more than my collateral?

No. Margin is isolated per position, and liquidation cannot produce a negative balance. Your maximum loss on a position is the collateral backing it.

### Does FX100 charge a borrowing fee?

No. FX100 charges no borrowing fee at all. Funding is the only ongoing cost of holding a position. See [fees](/fx100-docs/how-the-system-works/fees.md).

### How do I get access?

FX100 is on private testnet and access requires a referral code. Without one you cannot connect a wallet or trade. See [your first trade](/fx100-docs/start-here/your-first-trade.md).

### Does FX100 hold my funds?

No. FX100 is non-custodial and there is no account balance held by the protocol. Each position is backed by its own collateral, posted when you open it and returned when you close, and each position is isolated.

### As an LP, how long does withdrawing take?

You submit a request, then wait a seven-day cooldown before claiming. Your capital stays fully active throughout — it keeps earning fees and funding and keeps absorbing trader PnL for the whole period. See [the USDC vault](/fx100-docs/providing-liquidity/the-usdc-vault.md).

### Is FX100 live?

Not for public trading. FX100 is currently on testnet. Parameters described in these docs are subject to change before mainnet.