> For the complete documentation index, see [llms.txt](https://docs.position.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.position.exchange/products/trading-protocol/beginners-guide/close-position.md).

# Close Position

As soon as you have your position open, you will be able to monitor its status. You can track all of them in **Positions** tab.

<figure><img src="/files/zbf0otPHtfjjsMGtAIKW" alt=""><figcaption></figcaption></figure>

The definitions of some indexes are as below in case of need:

* Entry price refers to the price at which you bought an asset
* Last price refers to the latest trade price of the futures contract.
* Liquidation price refers to the price at which the margin drops to zero
* Margin ratio is calculated as maintenance margin divided by margin balance.
* Margin is the amount of money you are required to keep in your account to enter into a futures position
* Funding fee refers to payments between traders to make the perpetual futures contract price close to the index price
* PnL refers to profit and loss on a position

If you wish to close your position – you have two options. A market close is instant, and you close at the best available spot price. In contrast, a limit close lets you specify the price at which you would like to close the position.<br>

{% content-ref url="/pages/Y5laJd6FP4CsMRKUbm2u" %}
[Close Market](/products/trading-protocol/beginners-guide/close-position/close-market.md)
{% endcontent-ref %}

{% content-ref url="/pages/NjfLE1jw12wplbUz68Vk" %}
[Close Limit](/products/trading-protocol/beginners-guide/close-position/close-limit.md)
{% endcontent-ref %}