How to trade Plasma (XPL)
On BRVX, XPL trades as a XPL/USDT perpetual with 5x–100x leverage on XPL and a 0.05% fee to open. You take a view on the Plasma token's price in either direction from one order form.
- 100x Max leverage on XPL
- 0.05% Fee per side on XPL
- 0.0023% / 0.0023% Funding long / short on XPL
- 6 Margin tokens for XPL
Plasma guide contents
What an XPL perpetual is
Plasma is a blockchain built for stablecoin payments, with fee-free USDT transfers as its headline feature. XPL secures the network and pays for non-stablecoin activity.
The BRVX perp tracks the XPL price with no expiry and no activity on Plasma itself.
Plasma launched its mainnet beta in 2025 with billions in stablecoin deposits on day one. Whether those deposits stay, and whether payments apps actually route USDT through the chain, is the long-term test for XPL.
What moves the XPL price
XPL is a bet on stablecoin rails.
- Stablecoin deposits on Plasma and the number of payment apps using it.
- Token unlocks after its 2025 launch.
- Competition from other stablecoin chains.
Long or short Plasma?
An XPL long bets on stablecoin payments moving to Plasma.
An XPL short bets on unlocks and on rival stablecoin chains winning users.
Opening an XPL position on BRVX
Find XPL · USDT
Choose XPL in the crypto group.
Size the XPL position
Post margin; set 5x–100x.
XPL: Buy or Sell
Buy for long, Sell for short; TP / SL Triggers for exits; fills at market.
Hold or close XPL
Funding is 0.0023% per hour.
Leverage works both ways: a small move against you can lose you the whole margin.
When XPL trades
XPL trades 24/7. As a new token, it moves most around unlock dates and exchange news.
XPL price moves around Plasma announcements tend to arrive during Asian and US evening hours, when crypto news flow and trading volume on stablecoin chains peak.
XPL example: a 10% move
$100 margin at 5x through a 10% XPL move:
XPL worked example
| Plasma trade | Amount |
|---|---|
| XPL margin | $100 |
| XPL leverage | 5x |
| XPL position size | $500 |
| XPL fee, open + close | $0.50 |
| XPL funding per 24 h, long / short | $0.27 / $0.27 |
| XPL +10% | XPL long +$50.00 (+50% of margin), XPL short −$50.00 |
| XPL −10% | XPL long −$50.00, XPL short +$50.00 (+50% of margin) |
| XPL liquidation | not modelled |
Plasma risks to know
- Price discovery is still going on.
- Unlocks add supply.
- Funding runs on both sides.
New token, short history.
Plasma FAQ
Can I short XPL?
Yes. Press Sell on XPL · USDT: the short gains when the price falls. Leverage goes up to 100x, the fee to open is 0.05%, and funding is charged every hour.
What does trading XPL cost?
0.05% to open XPL, 0.05% to close it, and funding every hour.
Is XPL a stablecoin?
No. XPL is Plasma's network token; its price floats.
Why fee-free USDT on Plasma?
Plasma sponsors USDT transfers to attract payment flows; XPL pays for other activity.
How is XPL different from USDT?
USDT is a dollar stablecoin that holds a fixed price; XPL is the token securing Plasma, and its price floats with demand for the network.
Leverage works both ways: a small move against you can lose you the whole margin.