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A short profits when the price falls and loses when it rises. Losses on a short have no fixed ceiling, because a price can keep rising: watch your health factor.
1

Pick the market

On Trade → Perps, choose SOL, ETH, BTC, TSLA or META and check the market is Open.
2

Select Short

In the order panel click Short, with Market selected.
3

Set collateral and leverage

Enter the USDC Collateral (or use MAX / the slider) and choose Order leverage. Position size updates.
4

Check the order

Order on Phoenix shows the estimated entry price and the min entry price your slippage allows, plus the account’s health factor after the order.
5

Place it

Click Short and approve. Collateral moves to Phoenix and the order fills in the same transaction.

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Funding on shorts

When funding is positive (most of the time in a rising market) shorts are paid every hour. When it turns negative, shorts pay. This is the same funding Vanna’s delta-neutral vaults earn by holding spot and an equal short.

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Closing

Click Close on the position (all or a percentage, as a reduce-only market order) or Close All. When nothing is left open, the USDC goes back to your margin account. Flash repay also closes every perp position as its first step.