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Perpetual futures, or perps, let you trade the price of an asset without owning it. You go long if you think the price will rise and short if you think it will fall. Unlike traditional futures, perps have no expiry date: a position stays open until you close it or it is liquidated. DYXY Perps gives you two interfaces and a high-leverage mode in one place.

V1

A simple interface. Pick a direction, size and leverage, and trade.

V2

A full terminal with an order book, advanced orders and margin modes.

Degen mode

BTC and ETH with up to 1000x leverage. Available in V1.

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At a glance

V1 and V2 share the same engine, the same balance and the same positions. A position you open in V1 also appears in V2, and you can switch interfaces at any time without affecting it. Degen mode runs on a separate engine with its own balance and positions.

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Deposits and balances

To trade perps, you first deposit funds from your wallet into a trading balance. DYXY keeps a separate balance for each of these products:
1

Deposit

Click Deposit, choose the amount and confirm in your wallet. The funds arrive in your perps balance and become available as margin.
2

Trade

Open and close positions from that balance. Profits are added to it and losses are deducted from it.
3

Withdraw

Click Withdraw to move free funds back to your wallet. Funds used as margin for open positions cannot be withdrawn until those positions are closed or the margin is released.

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How a perp position works

  1. You post margin. Margin is the collateral that backs your position.
  2. You choose leverage. Leverage multiplies your exposure. With $100 of margin at 20x, you control a $2,000 position.
  3. Your profit and loss follows the price. A 1% move in the asset’s price changes your position value by 1% of its full size. With 20x leverage, that is 20% of your margin.
  4. You pay or receive funding. Small periodic payments between longs and shorts keep the perp price close to the spot price. See Funding.
  5. You close, or get liquidated. You can close any time. If losses use up too much of your margin, the position is closed automatically. See Liquidations.

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Long and short, by example

You have $500 of margin and BTC trades at $100,000. Fees and funding are left out of this example for clarity.

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Key prices

Leverage multiplies losses exactly as much as gains. At 100x, a 1% move against you can wipe out your entire margin. Start with low leverage until you are comfortable with how positions behave.

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Fees

You pay a DYXY trading fee on the notional size of the position when you open and when you close. Funding payments are separate and flow between traders. With a referral code, all your trading fees are 10% lower. See Fees.