A new listing featuring – ethDYDX (dYdX) – the token of the dYdX – non-custodial decentralised cryptocurrency exchange, will be available to trade on BitMEX, and with up to 10x leverage from tomorrow. For the lowdown on the latest listing, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for verified users- you can register here.
DYDXUSD Quanto Contract Specs
As with all quanto contracts, the DYDXUSD product has a fixed Bitcoin multiplier, regardless of the DYDX/USD price. This allows traders to long or short the DYDX/USD exchange rate without ever touching DYDX or USD. Traders can post margin in XBT, and earn or lose in XBT as the DYDX/USD rate changes. This quanto risk premium may be one of the factors that results in the DYDXUSD swap trading at a premium/discount to the DYDXUSD spot price.
Key contract details for our DYDX token listing:
- Symbol: DYDXUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: DYDXUSDPrice * Bitcoin Multiplier (10,000 Sat / 1 USD)
- Underlying: .BDYDX
- Max Leverage: 10x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 10.00%
- Base Maintenance Margin: 5.00%
You will be able to trade the DYDXUSD perpetual contract here, or refer to the full contract specs here.
What Is DYDX (dYdX)?
ethDYDX (dYdX) is the governance token for the layer 2 protocol of the non-custodial decentralised cryptocurrency exchange DYDX. It serves to facilitate the operation of layer 2 and allows traders, liquidity providers and partners to contribute to the definition of the protocol’s future as a community.Token holders are granted the right to propose changes on the dYdX’s layer 2, and are presented with an opportunity to benefit through token staking and trading fee discounts. Layer 2 is used for trading of cross-margined perpetuals on the platform. The scaling solution allows dYdX to increase transaction speed, eliminate gas costs, reduce trading fees and lower minimum trade sizes on the protocol.
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