Long and short

Kawase Margin lets you bet on a price going up (long) or down (short) with more than you put in. It runs on Aave V4 on Arc mainnet, through your own Aave account: no exchange account, no flash loan, and nothing held by Kawase. Aave V4 has no testnet, so on testnet the screen explains this and offers the switch.

Long or short, step by stepCopy Anchor Link

123

1234

123

12

1. 1The markets

   Markets → Long or short shows Arc's majors with leverage, live: the price, its move since the hour's open ("Longs ahead since 8:45 PM") and how far each side goes.

   1. 1A market, its live line, and who's ahead
   2. 2Long: up to the market's leverage, or Not offered
   3. 3Short
2. 2Long / Short

   Pick the market, read the chart (one hour to one month), see your open positions, then Long or Short.

   1. 1cirBTC, WETH, EURC: live prices
   2. 21H · 1D · 1W · 1M
   3. 3Long cirBTC, up to 3.4×
   4. 4Short cirBTC, up to 2.4×
3. 3The ticket

   Choose a side, type your margin, tap a leverage. The strip under it shows what you put in, the exposure and the liquidation price before anything is signed.

   1. 1Long or short
   2. 2Leverage, capped by the market
   3. 3You put in · exposure · liquidation price
4. 4Take-profit and stop-loss

   Fold open Take-profit · stop-loss to close by itself at +10% or +25%, or −5% or −10%. Kawase closes it with a permission your wallet signs on Arc, and closing the position switches that permission off with the same signature. You confirm the whole ticket by sliding, then Face ID.

   1. 1Take-profit and stop-loss presets
   2. 2Slide to open (here: sign in to trade)

1 of 4

The captures are a guest's view of mainnet: the last step asks a guest to sign in. Signed in, it reads Slide to open Long, and the ticket follows the transaction from checking to final. Any change to the plan resets the slide, so you never confirm numbers you didn't see.

How a position is builtCopy Anchor Link

• Long X: your USDC margin is swapped to X and supplied as collateral, then Kawase borrows USDC against it, swaps it to more X and supplies that, a few times in a loop.
• Short X: your USDC is supplied as collateral, then Kawase borrows X, swaps it to USDC and supplies that, in a loop.
• Closing runs it backwards: withdraw, swap, repay, then the rest comes back to your wallet.

The whole position opens or closes as one transaction from your own wallet (an EIP-7702 batch). The swap legs come from KyberSwap with checked calldata. Each loop borrows only down to a safe health at oracle prices, and the account opens at a health of 1.10 or more. Before you slide, the whole batch is simulated on the chain from your address; a position that would fail stops there.

Markets and leverageCopy Anchor Link

Markets come from Aave V4's live reserves on Arc: cirBTC (Circle's Bitcoin) and WETH, long and short; EURC, short only, because EURC can't be collateral on Aave V4. Leverage is capped by each asset's collateral factor (today about 3.4× long cirBTC, 4.1× long WETH and 2.4× short). Margin is paid in USDC.

Your positionsCopy Anchor Link

Each position has its own page: P&L split into price and borrow interest, entry and mark price, size, equity, a health gauge and the liquidation price, and Close 25% · 50% · 75% · All, which drafts the unwind into the same ticket ("Slide to close"). Home warns you when an open position's health drops under 1.25 or liquidation is within a 10% move.