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Sovryn Perpetual Futures are launching on mainnet today, and to celebrate, we’re kicking things off with a week-long trading competition!
Registration for the trading competition closed yesterday. For all the entrants that have been selected to participate, the competition will start today at 12:00pm UTC.
The top 3 traders will win a share of 0.5 BTC plus a share of the profit/loss that the AMM incurs during the competition.
An email outlining the process to join the competition has already been sent to entrants.
A futures contract is an agreement to buy or sell an asset at a predetermined price at a specified time in the future. Unlike the spot market, you do not buy the asset itself. Instead, you trade a contract based on the price movement of the underlying asset.
A perpetual futures contract is like a futures contract but with no expiry date. You can hold an open position as long as you like. Perpetual futures use an incentive mechanism, called a Funding Rate, that causes the contract price to closely track the spot price.
Trading perpetual futures on Sovryn, you can gain exposure to market movements in either direction, so you have the potential to profit regardless of whether price is in an uptrend or a downtrend. And, because you can use leverage when trading perpetual futures, you can open long or short trading positions that are larger than your trading account balance.
The Sovryn Perpetuals AMM will enable you to use your BTC to gain long or short exposure to other assets, while transacting only in BTC. This opens the possibility for trading on basically any asset that has a publicly trackable price using a perpetual futures contract. We’re starting with a BTC/USD perpetual, with margin in BTC, but we’ll be adding more assets as this product matures. We hope to have a gold perpetual soon. Imagine that... trading gold with your bitcoin... take that Peter Schiff!
Decentralized perpetual futures on Sovryn have a number of advantages over perpetual futures on centralized exchanges or other DeFi platforms:
Happy trading & Stay Sovryn
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