How trading works - Spreader

Trading is a set of optional features for signed in users: exchange API keys, a trade panel on the spread page, an order terminal on the market page, positions, and an Auto mode that fills a position in chunks by the order books. Nothing is traded until you add a key and press a button.

Cross exchange trading carries real risk: a leg can fill while the other does not, funding can turn against you, an exchange can halt a market or close deposits. Spreader shows the numbers and sends the orders you ask for. Check balances, limits and exchange rules yourself.

Steps to the first trade

Create API keys on the exchange with trading permissions and without withdrawal, and add them in Settings › Markets API, see Exchange keys.
Review Settings › Trade, see Trade settings.
Open a spread page where both legs are on exchanges with verified keys. The Trade panel unlocks.
Open the position in Semi or Manual, or start Auto, see Opening and closing and Auto.
Follow the position in the Position tab and in Tools › Positions, see Positions.

Exchanges with trading

Bybit, Binance, Gate, MEXC, Bitget, OKX, KuCoin, HTX, WhiteBIT, Coinbase, BingX, Hyperliquid, AsterDEX, Lighter, Robinhood Lighter, Kraken. Other venues show Trading on ‹name› is not connected yet.

When the panel is locked

The trade panel blurs on hover and shows the reason for each leg:

Reason	Meaning
Log in to trade	Guests cannot trade.
Sign in and connect exchange API keys to trade	No key for this exchange, with open keys.
`key is not verified`, `key check failed`, `key expired — create a new one`	Fix the key in Settings › Markets API.
`trading is not connected yet`	The exchange has no trading support.
`spot cannot be shorted — the short leg must be a perpetual or a margin market`	The pair cannot be traded in this direction.
`margin trading is coming`	Margin legs are not tradeable yet.
Trading is temporarily disabled	No exchange route is available right now, try again in a few minutes.
Trading server is unavailable	Reconnecting, your positions and orders are kept.

Where orders are signed

Keys never leave the server, orders are signed there, so no IP whitelist is needed for your keys. Some exchanges expire a key without an IP whitelist after a number of days, the keys page warns you 7 days before.