The decentralized exchange dYdX has announced the launch of a bitcoin perpetual contract offering up to 10 times leverage

BlockBeats news, the decentralized trading platform dYdX today announced the launch of bitcoin perpetual contract trading. This is the first time DEX has offered a bitcoin perpetual contract transaction, the company said. The new derivatives are designed to compensate for problems with perpetual swaps traded on centralised trading platforms.

Andreessen horowitz (a16z) backed dYdX on Monday launched an alpha test of bitcoin perpetuity contracts, the first time the company has supported a non-ethereum asset, the company said. It is also the first time perpetual contracts have been traded on a decentralised trading platform, the company said.

DYdX was founded in 2017 and has raised $12 million from a16z, Polychain and 1confirmation. Perpetual contracts, also known as perpetual swaps, were created by BitMEX, a derivatives trading platform. Since BitMEX was first launched in 2014, a number of centralised trading platforms have launched bitcoin-related perpetual contracts.

The dYdX contracts will be tied to the price of the underlying asset and will be settled in cash at the USDC. According to dYdX, users will be able to trade at up to 10 times leverage.

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