> For the complete documentation index, see [llms.txt](https://whitepaper.vnst.io/hakifi-documents/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://whitepaper.vnst.io/hakifi-documents/buy-cover/how-to-open-a-contract.md).

# How to Open a Contract?

* **Step 1:** Select the token pair you would like to open a cover position on.

<figure><img src="https://lh7-us.googleusercontent.com/lUHuzYVeL4DBDBkzIa6vKu4_DKjKZ4kQMnSDHz6z_UBY0uUQl7GIW5hjIzGHwsBeVwqKdSl7XBMmvh9qqEYdFP0jLaeguf8YNv9qKQFwzcrFJGkxHY7GkNXmvonWWA-ob_uLp_jR6ql70D_d3jA7eIc" alt=""><figcaption></figcaption></figure>

* **Step 2**: Choose Bear or Bull depending on which movement you would like to open a cover on your position.

<figure><img src="https://lh7-us.googleusercontent.com/oHJONni2EKR55N_isHEJ0FcwCb55Wv3Wy7Psvkvricun1HROf9HZR-93FIlZXZG1TlGxFL40cVepFppdmsJA-kcsh7JofizKnV_W4akxiKpYc9jZN9xAGU8owhJ3YH3L5aO1x_7BFXGX0_VaYsylXng" alt=""><figcaption></figcaption></figure>

* **Step 3**: Fill in the amount you would like to cover, the margin you would like to deposit, the price at which you would like to earn a payout and choose the contract period.&#x20;

<figure><img src="https://lh7-us.googleusercontent.com/Bfj3qcFKLYQjVbZbF5fiC8IABPRHFYEsTpZV3fSksj_RBQkXjj-AmHl2kKXTB3KilzzFEJyzHKnT4sPbDUxkdOZZeXlAT8oiCFb4NDSM6R7-nZjXDk7nTBI1rMrmgJ6cAHaVAbsjp_bE7xPcLOVaFOY" alt=""><figcaption></figcaption></figure>

**Attention:**&#x20;

\- The current limit of the cover amount is 75-10,000 USD

\- You need to deposit 2-10% of the cover amount as a margin

\- The allowable range of claim price for each token pair is provided by our algorithm

The Claim price and Expire price are automatically provided by our system

Claim amount is automatically calculated with our algorithm based on margin amount, claim price and contract period

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