Next generation DeFi platform offers perps with sourced liquidity from 12+ chains
SparkDEX is following in the footsteps of QuickSwap by bringing perpetual trading to its extensive DeFi suite. Users can now bet with leverage on the future price of certain cryptocurrencies, utilizing financial services that are ground-breaking in Web3.
Last summer, Flare Network welcomed SparkDEX as one of its premier DeFi hubs. The DeFi protocol now leverages Flare’s enshrined data protocols, the Flare Time Series Oracle (FTSO). These fast-updating price feeds are crucial to protect users against front running and false liquidations.
Moreover, SparkDEX uses a chain abstraction mechanism to aggregate liquidity from decentralized exchanges across 12 chains, including Arbitrum, Optimism and Polygon. They are now bringing SparkDEX Eternal to Flare Network.
SparkDEX Eternal offers perpetuals with leverage
SparkDEX Eternal is a perpetual exchange designed for advanced cryptocurrency trading. Built on the Flare Network, it provides tools for traders, liquidity providers, and yield farmers to execute sophisticated strategies in a seamless and efficient environment. At its core, SparkDEX Eternal focuses on perpetual contracts, enabling users to speculate on asset prices without needing to own the underlying assets.
It supports up to 100x leverage, allowing traders to amplify their positions significantly. SparkDEX Eternal also features automated trading tools, including conditional orders like stop losses and take-profits, ensuring trades are executed at desired price points even during volatile markets.
Perpetual contracts explained
Perpetual contracts are a type of derivative that allows users to speculate on the price of an asset without owning it. Unlike traditional futures, perpetual contracts don’t have expiration dates and are always settled in cash. Traders can use them to increase exposure to an asset (leveraging capital) or protect existing investments through hedging. By providing decentralized liquidity and efficient capital use, perpetual contracts empower traders to deploy advanced strategies in the crypto market.
Key features of SparkDEX Eternal
- Perpetual Contracts: Trade without owning the asset; no expiration dates.
- Extensive Asset Range: Blue-chip crypto-assets, with commodities and forex planned.
- High Leverage: Up to 100x leverage for enhanced trading opportunities.
- Automated Tools: Conditional orders like stop losses and take-profits.
- Data Accuracy: Powered by Flare’s FTSO for reliable price feeds every 1.8 seconds.
- AI Integration: Tools to streamline and enhance trading strategies.
- User-Friendly Design: Tailored for margin traders and liquidity providers.
How to start trading on SparkDEX Eternal
Perpetual trading with leverage is not for the faint of heart. This type of trading can be very rewarding, but also comes with additional risks. Before you get started, be aware that it’s best to first trade with small amounts. This will allow you to fully understand the platform and the trading mechanics. In addition, while trading, make sure to set conditional orders, such as stop-loss. This will help you to minimize your potential losses.
Now that you keep your risk management in mind, let’s start trading on SparkDEX Eternal.
- Install a software wallet, such as MetaMask and create your own wallet
- Make sure there’s some funds in your wallet that you can use for trading
- Connect your wallet to SparkDEX Eternal, it may ask to change to Flare Network
- Now start trading by selecting an asset, including crypto tokens.
- Decide on your leverage level, which goes up to 100x. The higher your leverage the bigger your gains and losses may be.
- Set automated actions, such as stop-loss or take-profit, or use trailing stops. This allows you to manage your trades effectively.
- Now review your funding rates and liquidation thresholds, and keep an eye on the price action.
Closing words
SparkDEX Eternal’s launch on the Flare Network marks a new era for decentralized finance, bringing advanced perpetual trading to Web3 users. Thanks to cutting-edge features like access to diverse assets, up to 100x leverage, and automated trade execution, SparkDEX Eternal empowers traders and liquidity providers alike.
Follow SparkDEX
If you’re interested in SparkDEX and want to stay in the know, make sure to follow SparkDEX on social media. Simply go to the Linktree and pick your favorite platforms.
