Dextoro is a decentralized derivatives trading platform that offers perpetual futures trading on Optimism. The Synthetix protocol and Ethereum power the trading activities. It gains exposure to a variety of on-chain and real-world assets while having access to advanced trading functionality using the DexToro Smart Wallet.
Its trading protocol leverages Synthetix’s unique peer-to-contract (P2C) trading model. Dextoro offers various benefits to its traders including infinite liquidity and zero slippage. The P2C model refers to the model that doesn’t have to fight the limitations of an order book. Users don’t have to worry about order filling or suffering from slippage. Big traders always give importance to the above criteria when trading on centralized exchanges or automated market makers.
Comparison of Dtoro with Existing Traditional Cryptocurrency Exchange
Dextoro offers similar performance and features to traditional cryptocurrency exchanges, including some advanced order types, with the additional features of supporting Forex, crypto, and commodities. Moreover, it completely remains trustless and self-custodial.
Their philosophy is based on trust without compromise. With this philosophy, they imagine DeFi optimizing for actually important things. It gives users full control of their assets without sacrificing performance as it is a self-custodial exchange.
Products Offered by Dextoro Exchange
Perp: Dextoro’s Futures Swap with Indefinite Maturity
Perp stands for perpetual futures and is also known as perpetual swaps. They are a type of derivative contract that enables traders to speculate on the price of an underlying asset with a fixed expiration date. It can be understood that the contract can be held for an infinite period. The trader has the right to choose to either hold the position or set off the position at any time.
Understanding Terminology: Dtoro makes It Simple to Operate
Price
Prices are tracked in real-time from ‘CoinGecko’. The value may be different from the actual oracle price used by Dextoro.
24- hr Change
It refers to the change in price of the underlying asset in the last 24 hours. The value can be positive or negative, depending on the asset’s price change.
24-hr Volume
It represents the notional volume traded through Dtoro over 24 hours. The total volume of the Synthetix protocol will be different since other protocols are also built on it.
24-hr Trades
It is the total number of trades executed on Dextoro in the last 24 hours.
Open Interest
In Perps, open interest refers to the total number of outstanding contracts in a particular market. It presents the total number of contracts that traders have entered but are not closed yet.
Unrealized P&L
It is the potential profit or loss that would be earned if a position is closed at the current market price.
Realized P&L
It is calculated as the difference between the entry and exit price including trading and funding fees.
Collateral/ Margin
It is the minimum amount required to maintain a leveraged position on DexToro. It is a stablecoin sUSD.
Liquidation
It is the process of selling a trader’s assets to repay outstanding debts or obligations when their margin balance falls below the required level.
Initial Margin
It refers to the amount of money required to be submitted to open or maintain a leveraged position.
Keeper Deposit
It is the minimum deposit required to run a keeper bot, used for delayed and off-chain orders. Then, the entity executes the order when the time expires and the order becomes eligible for execution.
Funding Rate
It is the periodic fee paid between long and short positions to ensure price alignment with the underlying asset.
Steps Involved in Trade on DexToro
- Connect Wallet: The Web3 wallet is connected to the exchange.
- Create a smart wallet and deposit into the smart wallet: It uses a smart contract to access the exchange.
- Getting sUSD into the wallet
- Add sUSD to MetaMask
- Add margin
- Open a Position
- Managing Position
- Expired Order
- Closing or Reducing a Trade Position
Conclusion: DexToro Token
The DexToro token is presented as DTORO. It is the utility token for DexToro used to sustain long-term protocol growth. It has three primary functions, including Staking, Trading Rewards, and Governance.
Stakers receive a share of protocol revenue with an additional reward, inflated for traders staking the most DTORO. Token holders are eligible to vote on upcoming protocol upgrades and token listings.
FAQs
What kind of orders are executed on Dextoro?
There are types of orders executed on Dextoro including limit orders, stop orders, take profit, and stop loss orders.
What is the maximum leverage offered on Dextoro?
The maximum leverage is 50x.
What are the fees charged for a standard order or keeper deposit?
It charges zero fees for standard orders and execution fees of up to 10 bps (0.10%).
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Source: https://www.thecoinrepublic.com/2024/01/10/understanding-terminologies-and-steps-to-trade-on-dtoro-platform/