# Open Long Positions

## **Detailed procedures for opening long/short positions**

<figure><img src="/files/hcgrv4ZhTrMyujUgzI6d" alt=""><figcaption></figcaption></figure>

**Step 1**

* To open a KLAY 3x long position, the user deposits 1,000 USDT of deposited assets into a single pool of KLAYswap USDT.
* The user can earn interest on USDT single pool deposits and KSP rewards.

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**Step 2**

* The user will use 3,000 USDT based on his or her deposit assets of 1,000 USDT. Utilization costs are accrued at this time for the 3,000 USDT utilized.
* The utilized 3,000 USDT will be swapped for 5,982 KLAY in the KLAY/USDT pool.&#x20;
* This rate is calculated based on 1 KLAY = 0.5 USDT, and a 0.3% swap fee will incur.

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**Step 3**

* 5,982 KLAY acquired through swap are deposited into a single deposit pool to open long positions.
* Before the close of long position, the user may receive KSP rewards and deposit interest on 5,982 KLAY deposited in the KLAY single pool.

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The following rewards and costs apply to users who have completed the long position deposit as described above.

1\) Earn USDT single pool deposit interest on my asset 1,000 USDT (3.00% per year), Earn KSP reward

2\) Earn KLAY single pool deposit interest on position asset 5,982 KLAY (2.00% per year), Earn KSP reward

3\) USDT Utilization cost for utilized asset 3,000 USDT incurs (6.00% per year)


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