dYdX will launch on-chain Bitcoin perpetual contracts, denominated in USDC, and support up to 10 times leverage

Ethereum-based decentralized derivatives exchange dYdX announced that it will launch a Bitcoin perpetual contract, denominated in USDC, and up to 10 times leverage, which is also the first perpetual contract launched by dYdX. The contract has no expiration time. USDC is used as margin and settlement. It will include a fund rate mechanism to ensure that the index price is anchored in the perpetual contract market. The initial margin is 10%, and the maintenance margin is 7.5%. 0.025% transaction fee, the person who pays the order needs to pay 0.075% transaction fee per transaction. All the liquidation process will be carried out on the chain. The predictor of the index price uses MakerDAO BTCUSD Oracle V2 to obtain the median price of the 7 exchanges of Binance, Bitfinex, Bitstamp, Coinbase Pro, Gemini, Kraken and Upbit. dYdX has opened the test application entrance of this function. In addition, dYdX indicates that the perpetual contract function is not open to American users.