> For the complete documentation index, see [llms.txt](https://bound-1.gitbook.io/bound-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bound-1.gitbook.io/bound-docs/boundary-perps/quotes-and-opening.md).

# Quotes & Opening a Position

A Boundary Perp opens through a quote-and-accept flow. No position exists until the acceptance transaction succeeds.

## Requesting a Quote

Provide the inputs required by the selected product. For Vanilla Boundary Perps, these are:

* Underlying asset
* Upper boundary
* Lower boundary
* Chosen boundary
* USDC stake

The contract checks the request before returning a quote.

## Validation

A request may be rejected if:

* The current mark is not strictly between the boundaries.
* A boundary is outside the supported distance from the mark.
* The non-chosen boundary is closer than the supported minimum.
* The stake is outside the supported range.
* The wallet does not have enough USDC for the stake and fee.
* The resulting payout does not satisfy protocol requirements.
* The active book does not have enough capacity.
* A safety restriction or pause prevents new positions.

Validation rules can vary by asset because leverage, volatility, liquidity, and gap risk differ across markets.

## Accepting the Quote

Acceptance happens atomically. The contract:

1. Revalidates the position against current state.
2. Recomputes the payout using the current mark and book exposure.
3. Checks the recomputed payout against your minimum payout.
4. Transfers the stake and fee.
5. Locks the boundaries and payout.
6. Opens the position and adds it to the book.

If any check fails, the transaction reverts and no position opens.

## After Opening

The position becomes **Active**. Its maximum loss, boundaries, and payout are fixed, and Bound has updated the protocol's hedge to account for the change in net exposure.