Short position, outside range of satellite (6)
I believe the answer is:
phobos
'satellite' is the definition.
(I know that Phobos is a satellite)
'short position outside range' is the wordplay.
'short position' becomes 'pos' (abbreviation; 'short' asks for an abbreviation).
'outside' indicates putting letters inside.
'range' becomes 'hob' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'pos' enclosing 'hob' is 'PHOBOS'.
'of' acts as a link.
Can you help me to learn more?
(Other definitions for phobos that I've seen before include "another world" , "heavenly body" , "Moon of Mars" , "Satellite of Mars" , "Planetary moon" .)