You can close an open position through the perpetuals details page for that specific contract or from the Perpetuals page, which shows all of your open positions in one place.

From the Perpetual detail page:

1. Find the contract you want to close by searching for the Perpetuals detail page or tapping it from your list of open positions on the Perpetuals page.
2. Tap to expand your position if it’s collapsed
3. Tap Close position to open a review screen
4. Review the estimated P&L, margin impact, and fees
5. Swipe up to submit your order

From the Perpetuals page:

1. Tap the position you want to close
2. Select Close position in the expanded view
3. Review the details
4. Swipe up to submit your order

• Order types for closing: If you close a position, a market order is submitted. If you enter a manual order in the opposite direction for the same position size, you can choose other order types like limit orders.
• Fees: Be aware of any closing fees (including maker/taker fees) associated with closing your position. View Fees for details.
• Margin holds: If you close a position with a loss, the partner venue may hold some or all of your remaining margin until the end of the 15-minute settlement window.
• Settlement: All P&L settles in USD. If the closed position was the last position for that margin mode, any USD will be converted to EUR. The EUR is added to your buying power immediately but may won’t be available to withdraw for up to 1 business day.
• Pre-liquidation warnings: If your position is at risk of liquidation (e.g., IMR > 100% or MMR > 80%), you may only be allowed to place orders that reduce your exposure—like reducing position size or closing the position.
• Order failures: If your position is being liquidated, attempts to close it will fail.

Settled funds

Every 15-minutes, your positions will settle. At that point, unrealized P&L and position fees will become settled P&L. Settled P&L gains are paid into your margin balance for the active position in USD. This USD profit will now act as margin on your position.

If you close a position, any remaining margin and unrealized P&L becomes settled at the 15-minute settlement mark. At this point whether funds are returned to your buying power depends on a few scenarios:

• If you closed an isolated margin position and do not have a live isolated margin position of the same asset → funds are returned to your buying power
• If you closed a cross margin position and do not have other live cross margin positions → funds are returned to your buying power
• If you closed a cross margin position and have other live cross margin positions → funds are added to your cross margin balance

Unsettled funds

Unsettled profits and losses from open positions that have not been realized. They are unsettled until the next 15-minute settlement window.

Perpetual futures don’t have an expiration date, but there are 2 types of settlements:

1. Periodic: Open positions are settled every 15 minutes. Your P&L during the 15-minute window is realized and your margin balance is updated accordingly.
2. Closed: When you close a position or a position is liquidated, there is one final settlement. For isolated positions and cross positions with no other open cross positions, any unrealized P&L is realized and returned to your buying power. If you close a cross position, unrealized P&L is realized and added to your cross margin balance to support the other open cross positions.

Once your position is closed:

• Your margin is returned to your Robinhood buying power under these circumstances:
  • If the position closed was isolated margin
  • If the position closed was cross margin and there were no other open cross margin positions at the end of the 15-minute settlement window
    • Otherwise, margin on the closed position is applied to your current cross margin balance
• Any gains or losses are realized and deducted from your net settlement amount at the end of the 15-minute settlement window
• Funds are settled in USD

When you close a position, you will incur fees based on the notional value of the position.

• Venue maker-taker fees: fees charged by our partner venue to execute trades
• Robinhood maker-taker fees: fees charged by Robinhood to execute trades

Maker fees typically apply if you place a limit order that is not filled immediately. And taker fees typically apply if you place a market order that fills immediately.

When you close a position with USD margin, it is converted to EUR using the exchange rate at execution if there are no other positions in that margin mode. There is no fee for this conversion. View Perpetual futures fees and RHEU’s Fee schedule for a breakdown of different fees.

Perpetual futures are complex derivative products, and trading involves significant risk and is not appropriate for all investors, particularly for perpetuals referencing assets which experience volatile price movements. Further, leveraged trading is risky as it can amplify the speed of your losses and increases the chance of you losing all of your initial investment. Please carefully consider if investing in such financial instruments is appropriate for you in light of your specific experience, risk tolerance, and financial situation. Restrictions and eligibility requirements apply.