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: $1 USD
- Min order size: 0.1 BTC
- 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, 0.15% Taker
- Custom fees for ‘Small’ orders: variable depending on gas cost
- Min order size to avoid 'Small' order fees: 1.5 BTC
- 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