Users can open a long position by depositing their collateral into the long vault(s) at any point in time before the vaults are locked for auction. Users who opened a long position mid-epoch would join a deposit queue which is shown as “pending long contracts” in the UI. Users can cancel their pending long contracts anytime before the vaults are locked for auction.
The user’s “pending long contracts” would automatically enter the new epoch. Note that because the premiums are paid upfront after the auction, the user’s “active position” would be higher as compared to the amount shown in the “pending long contracts”.
Users can close their long positions anytime before the current epoch expires and the assets would be immediately credited back to the user’s connected wallet. If a user chooses to close their long position(s) before the epoch has expired, they would lose any potential upside from the respective long vault(s).