The dYdX BTC–USDC perpetual market gives traders exposure to BTC–USD via a decentralized synthetic product governed by smart contracts on the Ethereum blockchain.

Overview

  • Underlying market: BTC–USD
  • Margin/settlement asset: USDC
  • Tick size: $0.50
  • Min order size: 0.001 BTC (~$7.20)
  • Quantity step: 0.00000001 BTC (1 satoshi)
  • Max order size: None
  • Max position size: None
  • Expiry: Perpetual (no expiration)
  • Maximum leverage: 10x
  • Initial margin requirement: 10%
  • Maintenance margin requirement: 7.5%
  • Fees: -0.025% Maker, 0.075% Taker
  • Custom fees for ‘Small’ orders: 0.5% Taker
  • ‘Small’ order size: 0.01 BTC (~$72.00)
  • Mark price for liquidations: The mark price is the on-chain index price, given by the MakerDAO BTCUSD Oracle V2 which reports a median of the following seven spot exchanges: Binance, Bitfinex, Bitstamp, Coinbase Pro, Gemini, Kraken, Upbit.
  • Funding: Funding payments are made every second according to a rate which is updated hourly. The funding premium is scaled so as to have a realization period of 8 hours.
  • Contract loss mechanism: Deleveraging (centralized, but verifiable insurance fund is the first backstop before deleveraging)
  • Trading hours: 24 x 7 x 365
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