Getting Started with Omni
Last updated
Last updated
This is an onboarding guide for the Omni Private Beta on Arbitrum One. If you are looking for the onboarding guide for the Omni testnet, click here.
Omni is deployed on Arbitrum One. You will need an EVM-compatible wallet and USDC on Arbitrum One to deposit funds into your portfolio and trade. You do not need any Ethereum on Arbitrum One – Omni offers a gasless experience.
Visit the Omni Mainnet app at https://omni.variational.io/.
“Connect Wallet” (we recommend using Metamask or Rabby on a Chrome browser).
If you are not on the whitelist, you will see a screen requesting an access code. If you are on the whitelist, this step will be bypassed.
Accept the terms of service. If you are a Restricted Person, you are not allowed to access the app. If you see an “Access Restricted” screen, you are attempting to access the platform from a Restricted Country.
Wait for portfolio creation (a bilateral settlement pool is automatically deployed between you and OLP)
Click “Authenticate” and sign the login message.
Obtain USDC on Arbitrum One (we recommend withdrawing Arbitrum USDC from an exchange. For bridging, we like Stargate. DYOR.)
Click “Deposit Funds”. If you initially skipped the first “deposit funds” button during the onboarding flow, it can be found by clicking the “Transfer” button in the top right.
Enter the quantity of Arbitrum USDC you wish to deposit. There is a flat $0.1 fee for each deposit and withdrawal to prevent spam.
Click “Deposit”.
Sign the (gasless) allowance allowing the platform to transfer the specified amount of USDC to your portfolio.
Your funds will be credited within a few seconds, after the transaction is confirmed on chain.
You’re now ready to trade on Omni!
Order Entry Form: Omni provides a quote for the inputted order (discussed shortly in #4). Select “buy” to long, and “sell” to short. You can also switch between market and limit orders.
Market Selector: Located both in the top left of the page and in the Order Entry Form, the market selector defines which market you are trading.
Quantity: the amount you wish to buy/sell in the selected market. Keep in mind that Omni currently has fixed 5x leverage, and the quantity you are inputting is the after leverage sizing. For example, if you input “0.5 BTC” in the order entry window, you will require 0.1 BTC in USDC value as initial margin.
Quote: Omni does not have an orderbook. Instead, once an order is entered into the Order Entry Form, the platform’s liquidity provider (OLP) will offer you a quote. This quote is an estimate of the price at which the trade would be executed. Read more about the quoted price in the docs.
Slippage Limit: For market orders, this limit defines how large of a change in quote you are willing to accept without rejecting your trade. If the quote significantly changes between the time you click “Buy” and the execution of your trade, your order may be rejected depending on the slippage limit you set. Read more about slippage in the docs.
Sizing Slider: The sizing slider functions as an alternative to inputting a quantity. The slider goes between using 0% and 100% of your initial margin. Because the quote price changes depending on the quantity inputted, this slider can be a bit finicky – we are actively exploring better UI solutions for this.
Reduce Only: Sets whether or not the order should be rejected if it would not decrease your position. For example, if you have a long position open and wish to submit a sell order to close it out, you can check Reduce Only to ensure you don’t accidentally end up with an open short position due to a quantity mismatch or race with another limit.
Take Profit / Stop Loss: Extra settings to input take profit and stop loss orders for the position you are about to open. Take profits and stop losses are executed based on quoted prices, not mark or index prices. Read more about take profit and stop loss orders in the docs.
Order Execution Button: Submit the order currently in the Order Entry Form.
Portfolio / Initial Margin / Maintenance Margin Display: These show, respectively, your total portfolio value, your current initial margin usage, and your current maintenance margin usage. Read more about initial and maintenance margin in the docs.
Mark Price: the calculated “fair value” of the market, based on the index price (shown on the chart), funding rates, and more. Margin requirements and liquidations are calculated based on this price. Read more about the mark price in the docs.
Market Information: This section above the chart shows the market’s FDV, long open interest, short open interest, hourly funding rate, and time until the next funding payment, respectively. Note both that Omni pays hourly funding rates, and that funding rates on low-FDV/illiquid assets will likely be higher than funding rates on majors. Read more about open interest and funding rates in the docs.
Open Positions Table: This table shows all of your positions, displaying the market, quantity, current mark price, total notional value of the position, entry price, cumulative funding payments made/received, UPnL, and RPnL, respectively.
Add TP/SL Button: This button allows you to add take profit/stop loss orders to a position that does not already have them, or modify existing take profit/stop loss orders on a position that already has them. Read more about take profit and stop loss orders in the docs.
Close Position Button: This button will open a modal that allows you to close a percentage (up to 100%) of your position at the current quoted price. Orders submitted with the Close Position Button will bypass certain restrictions (for example, try this if you are hitting risk limits when attempting to close a position through Order Entry).
Transfer Button: This button will open a modal that allows you to deposit more funds to your portfolio or withdraw funds back to your wallet.
The primary purpose of this phased rollout of mainnet is to collect feedback on the platform from users. If you have feedback (bug reports, feature suggestions, UI/UX recommendations, etc.) please contact us through our support email (support@variational.io).
We hope you enjoy trading on Omni!
