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.
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 five spot exchanges: Bitstamp, Bittrex, Coinbase Pro, Gemini, and Kraken.
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