What is dYdX?
Founded in 2017, dYdX is an open trading exchange that offers decentralized derivatives, margin, and spot trading services for crypto assets. The exchange, headquartered in San Francisco, California, was founded by Antonio Juliano to build open, secure, and powerful financial products that anyone can access from anywhere. It runs on audited smart contracts on Ethereum. Users can earn interest or borrow funds leveraging their crypto holdings as well. In January, dYdX had crossed a milestone of 3 billion US dollars worth of transactions since its launch.
Crypto Services of dYdX
With dYdX, you can trade, borrow, lend and manage crypto assets. In dYdX trading services, you can take both open short or leveraged positions with leverage up to 10x. You can also trade on margin. As a borrower, you can leverage the exchange to borrow any dYdX-supported asset directly to your wallet. The only thing you need to do is collateralize your existing crypto holdings. As a medium of earning, dYdX lets you deposit funds and earn interest over time from your deposits. It offers variable interest rates so that your earnings never go below what you would have got in the market. With dYdX, you can track the performance of the market and your portfolio over time. This feature helps you close margin positions profitably.
dYdX BTC Perpetual
It is a newly introduced service that offers perpetual contracts for two of the most popular crypto assets BTC and ETH. You can access these contracts on the exchange and take both long and short positions with high leverage and no expiry. The BTC-USD trade allows you up to 10x leverage and settlements in both USDC and USDT. The ETH-USD contracts also allow you 10x leverage with settlements in ETH. The trade and liquidation data is fully open and verifiable.