How to close a contract on Poloniex

To close a contract on Poloniex, navigate to the "Contracts" tab, find the contract you want to close, click on the "Close" button, confirm the details, and click on the "Confirm" button to execute the closure.

Nov 27, 2024 at 03:39 pm

How to Close a Contract on Poloniex

Step 1: Log into your Poloniex account.

Navigate to the Poloniex website (https://poloniex.com) and enter your login credentials.
Ensure you have a funded Poloniex account with sufficient funds to close pending contracts.

Step 2: Go to the "Contracts" tab.

Click on the "Contracts" tab located at the top navigation bar.
The contracts page displays a list of available contracts, including those you currently hold.

Step 3: Find the contract you want to close.

The contracts list is organized by market pairs.
Locate the contract you want to close by scrolling or using the search bar at the top of the table.

Step 4: Click on the "Close" button.

Once you find the contract, click on the "Close" button in the "Actions" column.
A confirmation window will pop up.

Step 5: Confirm the closing details.

In the confirmation window, verify the contract details and the amount you want to close.
Check that the market price is favorable for closing the contract.

Step 6: Click on the "Confirm" button.

Once you confirm the details, click on the "Confirm" button to execute the contract closure.
Poloniex will automatically sell or buy the asset needed to complete the contract.

Step 7: Check your account balance.

After the contract is closed, the funds will be credited to your Poloniex account.
You can check your account balance under the "Balances" tab.

Additional Considerations

Contract Type: Different types of contracts have different closing procedures. Futures contracts are typically closed by selling or buying the underlying asset, while perpetual contracts continue until manually closed.
Market Conditions: Market conditions can impact the price of the contract at the time of closing. It's advisable to monitor the market price before initiating a contract closure.
Fees: Poloniex may charge fees for closing contracts. These fees vary depending on the contract type and market conditions. Ensure you familiarize yourself with the fee schedule before closing any contracts.
Open Contracts: You can only close contracts that are currently open. Contracts that have expired or been settled cannot be closed.

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