What is dYdX? 🤔
dYdX is currently one of the best perpetual contracts trading platforms, taking advantage of the cheap fees of Starkware’s StarkEx layer-2 technology.
Setting a short order on dYdX 📉
Using this example, we’re going to use a simple market order to short Ethereum(ETH) for simplicity’s sake. Feel free to use limit orders and stop-loss orders.
- On the Market tab, click on the Sell button
- Enter in the amount of ETH or the value in USD that you want to short
- Type in how much leverage you want to use, or just use the slider option for convenience
- When you’re happy with everything, click on the Place Market order button
- Confirm the transaction
You have now made a short trade. Hope you win your trade!
is dYdX safe and secure? 🧐
dYdX is considered a decentralized exchange or “DEX” — hence your funds aren’t really at risk of an exploit, besides your funds that are currently in a trade, or your funds that you staked to dYdX’s Liquidity Pool or Safety Pool.
dYdX’s developer team seems very competent hence we can assume that a DeFi exploit will be very unlikely, but always take the risks into consideration when staking/lending/depositing funds on any DeFi platform like dYdX.
