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

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