# Open Short Positions

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

<figure><img src="/files/dA2onPlJ5aYoJzlTLUKo" alt=""><figcaption></figcaption></figure>

**Step 1**

* When opening a KLAY 3x short position, the user deposits 1,000 USDT of deposited assets into KLAYswap USDT single pool.
* USDT single pool deposits allow users to earn deposit interest and KSP rewards

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**Step 2**

* Based on his or her deposit assets of 1,000 USDT, the user will utilize 6,000 KLAY. Utilization costs are accumulated for the 6,000 KLAY used at this point.
* Utilized 6,000 KLAY will be swapped for 2,991 USDT in KLAY/USDT pool.
* 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**

* 2,991 USDT acquired through swap are deposited in a single USDT pool to open a short position.
* Before the close of short position, the user may receive KSP rewards and deposit interest on 2,991 USDT deposited in the USDT single pool.

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The following rewards and costs apply to users who have completed the short 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 USDT single pool deposit interest on secured assets 2,991 USDT (3.00% per year), Earn KSP reward

3\) KLAY Utilization cost for utilized asset 6,000 KLAY incurs (7.00% per year)


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