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- 1 Perpetual (Perps) trading or crypto perpetual is a financial derivative in the cryptocurrency marketplace, allowing traders to bet on the future value of an asset.
- 2 The concept gained popularity among crypto traders in the past few years, showing daily trading volumes of around $180 Billion.
The idea of Perps trading is somewhat similar to future contracts allowing traders to scheme on the future price shifts of cryptocurrencies. The only fact that differentiates both the terms is, perpetual trading does not have expiry dates, instead uses a funding rate mechanism. The mechanism simply balances the long and short-term positions of perps trading.
Here are some Decentralized Exchange (DeX) to use for Perps trading to gain more profits in the near future.
GNS
GNS or the Gains Network is considered one of the most unique and efficient exchanges for perps trading. The network was launched in January 2021 and its native token GNS was introduced in October 2021.
Synthetic leverage is used by the platform to offer high-leveraged trades with any asset class. Low trading fees and the availability of 100+ trading pairs offering different assets from different classes make the platform more compatible with traders.
In addition, lucrative referral programs and efficient use of NFTs to boom earning potentials for stakes made GNS a strong platform to discover in 2023.
dYdX
Another powerful name in the list is dYdX, a Layer-2 DeX supporting perpetual trading. The platform was designed by Antonio Juliano in 2017 and is considered one of the most efficient platforms offering spot training, lending, and borrowing as well as Perps trading.
The platform offers gasless transitions and the deepest liquidity, making the platform more compatible with traders. Low trading fees, high interest, and a user-friendly interface make dYdX more powerful as a perpetual trading platform.
Foxify
Foxify is the best to discover as a trading platform. The platform was launched in June 2023 and is one of the most innovative crypto trading platforms to date. It is one of the best examples of trading platforms offering the simplicity of CeFi, freedom of DeFi, and along with a high level of security in one.
The platform offers peer-to-peer trading options and leveraged liquidity, allowing users to earn extra yield. The platform also trains freshers to get familiar with the trading world.
GMX
Another power and largest DeX for perpetual trading on the Arbitrum Layer-2 is GMX. The platform was launched as Gambit Exchange in September 2021 and allows users to trade on Avalanche or Arbitrum.
It is one of those platforms that distribute 100% of the fee to the liquidity providers and stakers along with offering deep liquidity for perpetual trading. The swapping interface is easy to use and motives to offer a zero price impact, making it one of the most popular exchange platforms.
Level Finance
Level Finance is another popular name in the list of Perps trading platforms launched in December 2022. The platform has two native tokens that are: LVL and LGO which uses auctions to sell LVL.
Further, Perps traders are allowed to set their risk tolerance when offering liquidity, making it an efficient platform for Perps trading. Other benefits include loyalty programs, tokenomics, and low trading fees.
Conclusion
GMX, dYdX, Foxify, Level Finance, and GNS are some most effective and compatible DeX platforms to explore in 2023 for Perps trading. One should research thoroughly and analyse each platform well before using them for trading.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
