# 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.

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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="close-position/close-market" %}
[close-market](https://docs.position.exchange/products/trading-protocol/beginners-guide/close-position/close-market)
{% endcontent-ref %}

{% content-ref url="close-position/close-limit" %}
[close-limit](https://docs.position.exchange/products/trading-protocol/beginners-guide/close-position/close-limit)
{% endcontent-ref %}