As we close in on $1.3B in cumulative volume on our Layer 2 Perpetuals, we are excited to share that SNX-USD is now live as our 12th market. Eligible traders outside of the United States can now trade $SNX with up to 10x leverage, cross margining, and zero gas fees.
📜 Contract Specs
Underlying market: SNX-USD
Margin/settlement asset: $USDC
Tick size: $0.0100 USD
Minimum order size: 1 SNX
Quantity step: 0.1 SNX
Expiry: Perpetual (no expiration)
Maximum leverage: 10×
Initial margin requirement: 10.00%
Maintenance margin requirement: 5%
Fees: See here for latest perpetual trading fees on dYdX.
Mark price for liquidations: The index price, given by Chainlink's Layer 2 SNX-USD price feed.
Funding: Funding payments are credited or debited at the start of each hour, and are included in the realized PnL for the position. The funding premium is scaled so as to have a realization period of 8 hours (8-hour funding rate). You can read more about the funding rate calculation here.
Contract loss mechanism: Deleveraging (centralized, but verifiable insurance fund is the first backstop before deleveraging). Read more here.
Trading hours: 24 x 7 x 365
dYdX is the developer of a leading decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. We combine the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.