Our development update communicates what we’re working on at Interdax and an indication of when these new features will become available.
In September, the major developments were:
ETH-PERP Trading Goes Live
The ETH-PERP perpetual contract can be traded with up to 50x leverage, while using ETH as underlying collateral and with the benefits of continuous settlement.
Trade ETH-PERP on Interdax with up to 50x here.
Tether Wallets Enabled
On September 25, USD Tether (USDT) wallets were enabled, along with deposits and withdrawals for the stablecoin.
Enabling wallets and introducing USDT deposits/withdrawals is the first step towards adding more perpetual contracts (more on this in the ‘Upcoming in October’ section).
The main page displays the balance for the asset you’ve selected (BTC, ETH or USDT). You can access the total USD balance across all assets by clicking on the Balance panel on the top right-hand side of the screen.
QGP Markets Partnership
In August, we announced our partnership with QGP Markets.
Over September, most of the work has revolved around internal refactoring to connect with a larger number of third-party exchanges and prepare market making and hedging algorithms to price multiple markets.
Along with the recently enabled Tether wallets, work in this area will enable us to offer new trading instruments.
The contract specs were added to the browser panel of the UI (highlighted below), allowing traders to see the contract specifications for BTC-PERP and ETH-PERP without having to navigate through the Interdax Help Centre.
Another UI improvement relates to trading battles: the countdown timer now always shows the minutes remaining (as well as hours/days), so that the exact start and finish times are much clearer. The countdown timer also displays the number of seconds left during the last minute of a battle.
We’ve received feedback from the community on other aspects of the UI, and more improvements are planned once the features listed in the ‘Upcoming in October’ section below have been released.
Upcoming in October
New Perpetual Contracts
During October, our primary focus will be on introducing new trading instruments, with the first being a USD Tether-denominated perpetual contract for LINK (Chainlink’s native token).
Chainlink provides a vital service in the DeFi ecosystem with its network of decentralised oracles. Despite the recent downturn in the LINK token price, it has displayed strong on-chain fundamentals. LINK has also recently ascended into the top 10 cryptoassets by market capitalisation and trading volume.
We also plan to release USDT-denominated perpetual contracts for Uniswap’s UNI token and Avalanche’s token, AVAX. These two DeFi projects are also gaining momentum, with September seeing the release of the UNI token in response to the SushiSwap fork and the mainnet launch of Avalanche.
All assets listed on our exchange are explained in detail in the Coin Profile section of the Help Centre.
Add Stop Triggers Based on Last-traded Price
Stop triggers are currently based on the index price and we’ve received requests to have the option to change the trigger to last-traded price. Before the launch of spot trading pairs, the last-traded price option for stop triggers will be released.
After releasing USDT-denominated perpetuals and stop triggers based on last-traded price, we’ll launch spot trading pairs. Initially, the following pairs will be available: BTC-USDT and ETH-USDT.
Our customers may have already noticed that spot trading was part of the plan for Interdax all along (from the Instruments panel, you’ll see a section for Spot instruments, and the message ‘Coming soon’ if you click on this section).
Once spot trading is live, our customers will be able to exchange BTC or ETH for the USDT stablecoin (and vice versa). For instance, a trader on Interdax might convert profits from their trades on BTC-PERP (or ETH-PERP) into USDT to protect themselves from the price volatility of bitcoin (or ether).
Traders may also exchange BTC or ETH for USDT, and use that as collateral to open a position in either of the LINK, UNI or AVAX perpetual contracts. Once they’ve exited a profitable position in the LINK perpetual contract, for example, they may take those USDT profits and exchange the funds into BTC or ETH.
During the beta stage, we have waived withdrawal fees for our customers. Withdrawal fees for all assets (BTC, ETH, and USDT) are to be implemented soon, and will be based on the current network fee.
If you have any comments or questions, please contact us via one of the methods shown below.