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.
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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:
Margin Currency: XBT
Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
XBT Contract Value: DYDXUSDPrice * Bitcoin Multiplier (10,000 Sat / 1 USD)
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%
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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