Introducing FXDX — A New Faster, Cheaper, and Better Derivative DEX

FXDX Exchange
5 min readApr 13, 2023

Decentralized exchanges have been the driving force behind the democratization of finance, providing an alternative to centralized exchanges, which are often criticized for being opaque and costly. However, while decentralized exchanges (DEXs) have seen significant growth in recent years, derivative DEXs are yet to be there. That’s where FXDX comes in — a new, cheaper, faster, and better derivative DEX.

Understanding FXDX

FXDX is a decentralized exchange offering derivatives products, such as perpetual futures. FXDX was built for the novice as well as experienced traders.

Unique Features — Why use us?

FXDX offers a lot of features that most of the DEXs in the perpetual space do not.

Testnet Alpha Trading UI

Here are some of our unique features:

No Trading Fees

FXDX has implemented a no trading fees model, where we do not charge any opening and closing fees on any position irrespective of the size.

Lowest Funding Fees

FXDX will charge flat funding fees to all positions in loss irrespective of duration. This will allow traders in loss to manage and maintain their position for a very long period without getting liquidated.

Multi-Asset Reward Redemption

Liquidity Providers can now redeem their rewards in any asset under composition.

Completely On-Chain & Decentralized Matching Engine

FXDX trading engine is open-source and on-chain leaving no room for manipulation or unfair liquidation via order hunting. As blockchains are getting faster and better, we are not using speed as an excuse to create an off-chain matching engine to compromise of the security of users’ assets.

Multi-Collateral

Traders can supply any asset from assets under composition as collateral to open their positions as well as can redeem their collateral and profits in any asset under composition.

Stable Rewards

All rewards are stored in stablecoin assets. Thus, risk-free returns.

Socialized Profit Model

FXDX will only charge a small commission out of the absolute profit from traders in profit along with a small increase in funding fees to redistribute it along the rest of the traders in profit while the remainder would be shared with the Liquidity Provider. This ensure LPs are compensated fairly and reduce counterparty risk.

Robust Oracle with Blackbox Pricing

Improved and secured with an advanced detection algorithm. FXDX on-chain oracle ensures transparent and fair pricing while detecting and discarding outlier prices (scam wicks and manipulated pricing). A black box function ensures that the pricing is not prone to manipulation even by our team after deployment.

Zero-Spread & Zero-Impact Execution

Thanks to our robust and fair oracle and passive LP structure, FXDX offers traders to trade with zero spread and zero pricing impact, allowing the same benefits to all traders irrespective of trade size.

Advanced LP Management

LP holders can track their LP positions (Buy and Sell) and Rewards (Claiming) easily. No need to use the calculator and block explorers.

Superior Trade Management

FXDX allows traders to place multiple Stop-Loss & Take Profit orders for the same position. More order types are to come by.

Upcoming Features- What’s Next?

We are constantly working to improve our platform, and we have several exciting features in the pipeline. These include support for more assets, additional derivatives instruments, and a mobile app that will allow traders to trade on the go.

API Trading

FXDX will soon release SDK to allow all users to build their own trading terminal, yield farming platform, or any other Dapp.

On-Chain & Off-Chain Alerts/Execution

FXDX will allow users to get announcements and execute orders on-chain via messaging or via off-chain API calls, Email, or SMS.

Leaderboard with Copy Trading Feature

FXDX will launch a leaderboard with a copy trading feature, which will allow all FXDX users to copy trades of the best traders on the platform.

Advanced Order Types — Time-based, Volume based, Price based

FXDX is working to add more order types like Event (Time-based) orders (ie. Market order request on weekend, or before the FOMC event, etc), Trailing Orders, Volume based orders (ie. If longs are more than 100M in OI, open short order in expectance of a stop loss hunt) and several more.

More Exotic Pairs — FX & NFT

FXDX plans to expand listing more to more volatile crypto assets along with Forex and NFT-based perpetual contracts.

Cross-Chain Collateralization

Traders will be able to supply collateral(s) across different chains whether FXDX is deployed in that chain or not.

Multi-Asset Collateralization (Assets not under Composition)

Traders will be able to supply collateral with any asset of their choice to open positions as well as would be able to withdraw collateral and profits in any asset of their choice.

Unified Liquidity Pool (More chains, more Liquidity, more Volume, more Fees)

FXDX aims to deliver the best of all features through its Unified Liquidity Pool Mechanism, which would allow us to offer product offerings to any chain as well as provide unlimited liquidity for trade execution across any deployed chain. This would generate more volume, which would attract more fees for LP which would incentivize them to add more liquidity, which would attract more traders to generate more volume, hence creating a flywheel effect.

Incentivized Testnet Launch

We are excited to announce the launch of our testnet in a few days, which will allow traders to test our platform and provide valuable feedback. The testnet will be open to the public and will allow traders to try out all of our unique features.

Airdrop for Testnet Users

As an incentive for traders to try out our testnet, we will be offering an airdrop in several phases. Traders who participate in the testnet will receive a generous airdrop of tokens, which they can claim once after vesting and token launch. More details will follow soon.

Summary

In conclusion, FXDX aims to be a game-changer in the world of derivative DEXs. With its user-friendly interface, secure matching engine, and unique fee mechanism, it offers a superior trading experience compared to other DEXs. We invite you to try out our testnet and see for yourself why FXDX is the future of derivative trading.

Website: https://fxdx.exchange

Twitter: https://twitter.com/fxdxdex

Telegram: https://t.me/fxdxdex

Discord: https://discord.gg/pp8xW24pxb

Quests (Crew3 now Zealy): https://zealy.io/c/fxdx/questboard

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FXDX Exchange

Derivatives decentralized exchange with lightning-fast transaction speed and minimal transactions costs with institutional-grade centralized UI/UX experience