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v1/v2 Final Settlement for Layer 1 Perpetuals
v1/v2 Final Settlement for Layer 1 Perpetuals

This article describes the process for Final Settlement for Layer 1 Perpetuals as well as how to withdraw remaining collateral.

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Written by James Jia
Updated over a month ago

On April 20, 2021 at 12pm PST (Final Settlement Date), all dYdX perpetual trading contracts on Layer 1 entered Final Settlement. All traders were strongly encouraged to close out their positions and withdraw from Layer 1 Perpetual Contracts prior to the Final Settlement Date.

Final settlement is now complete. Withdraw any remaining equity from your Layer 1 Perpetual positions here. Join us over on Layer 2 for instant trades, no gas fees, and up to 25× leverage.

What is Final Settlement?

dYdX will not be supporting perpetual contracts on Layer 1 following the Final Settlement Date. For any positions that are still open following the Final Settlement Date, they will be automatically closed at the oracle price recorded on-chain on the Final Settlement Date.

The Final Settlement Prices are outlined below:

For ETH-USD Perpetual Users: Due to limitations in our system, your collateral will be withdrawn as WETH instead of ETH. WETH tokens have the same value as ETH tokens and are exchangeable for ETH at a 1:1 ratio through multiple DEXes: 1inch, Uniswap.

Account

At the time of the Final Settlement Date, the ability to place new orders will be removed and all existing, un-matched orders will be canceled.

What are the Fees for Final Settlement?

All open positions following the Final Settlement Date will be closed at the final oracle price with 0 fees. Users will have to pay on-chain gas costs to withdraw their collateral.

What Do I Do If I Didn’t Close My Position Prior to the Final Settlement Date?

Any positions that are still open are automatically closed immediately following the Final Settlement Date. Users whose positions were closed will have to withdraw the remaining collateral here.

What Do I Do If I Didn’t Withdraw Prior to the Final Settlement Date?

Following the Final Settlement Date, users can withdraw from the Layer 1 Perpetual Smart Contracts at any time by going here.

Where Can I Trade Perpetuals Moving Forward?

If you haven’t already, we strongly encourage all users to trade perpetuals on our Layer 2. To learn more about our Layer 2, head here.

You can read more about our authors here.

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