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dYdX introduces perpetual contracts for XRP and other tokens

EditorHari Govind
Published 02/12/2023, 12:16 am
© Reuters.

Cryptocurrency traders have gained new opportunities for leveraged trading as the decentralized exchange (DEX) dYdX has rolled out perpetual contracts for Ripple's XRP, alongside markets for other tokens such as UNI, TRX, OP, and ADA. This expansion brings the total number of cryptocurrencies offered on the platform to thirteen, all paired against the U.S. dollar for advanced trading services.

Traders looking to leverage their positions can now do so with up to 10x leverage on XRP trades through the platform's website. The minimum order size for these trades is set at 10 XRP. In the past day, dYdX has seen a trading volume of $47 million with open interest reaching $3 million, indicating robust activity following the launch.

One of the key features of dYdX is that users maintain custody of their cryptocurrencies while trading. Additionally, they have the potential to earn DYDX tokens as a reward for conducting transactions on the platform. However, it is important to note that these services are not accessible to users in certain regions, including the U.S. and Canada, due to regulatory restrictions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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