You can close an open position through the perpetuals detail page for that specific contract.

1. Find the contract you want to close

• Go to the Invest tab or search for the perpetuals detail page to locate your position

2. Select Close
3. Enter your order details:

• Order type: Market or limit
• Price: If placing a limit order, enter the limit price
• Quantity: Enter the quantity up to your total position size

4. Review and submit

• Before placing the order, carefully review the summary. After you ensure all the details are correct, submit your order.

• Fees: Be aware of any closing fees associated with closing your position. View Closing fees for details.
• Pending orders: If you have pending close orders, including take profit and stop loss orders, you may need to cancel them in order to proceed with a closing order. Alternatively, you can use Exit & cancel all.
• Settlement: After closing a position, collateral is immediately returned to your perpetuals buying power. Settled P&L will return to your perpetuals buying power after settlement (typically within 15 minutes).
• Pre-liquidation warnings: If your position is at risk of liquidation, 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 already in the process of being liquidated, attempts to close it will fail.

Settled funds

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

If you fully close a position, collateral is immediately returned to your perpetuals buying power. Settled P&L will return to your perpetuals buying power after settlement (typically within 15 minutes). You can then transfer it back to your investing account.

If you partially close a position, the excess collateral remains on the remaining position. Settled P&L on the remaining position will remain as excess collateral.

Unsettled funds

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

Perpetuals 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 collateral balance is updated accordingly.
2. Closed: When you close a position or a position is liquidated, there is one final settlement. Any unrealized P&L is realized and returned to your buying power.

Once your position is closed your collateral is returned to your perpetuals buying power.

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

• Robinhood commission: 0.005% of notional exposure
• Venue exchange fee: 0.005% of notional exposure
• Regulatory fee (NFA): $0 (covered by Robinhood)

Check out our fee schedule for more details.

Perpetuals 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.