In face of widespread risk aversion and Celsius' Bankruptcy filing, BTC is trading 3% up on the day at around $19,820, and decentralized exchange Contango plans to offer expiring futures without order books or liquidity pools. LedesmaLyllah reports
Perpetual swaps are like futures contracts without expiration dates; they can be held indefinitely without the need to roll over contracts as they reach maturity.says it's pushing back against that crypto-market convention – with plans to offer"expirable" contracts that more closely resemble the traditional futures traded on exchanges like CME, linked to everything from bitcoin to crude oil and pork bellies.
Contango says its offering will be the first of its kind on a decentralized exchange, or DEX. The firm said Thursday in a statement that it raised $4 million in a seed round in December, at a $45 million valuation, from an investment group led byThe company says its platform is undergoing security audits and that it plans to launch a beta version later in the summer.
The downside of perpetual futures is that funding rates are largely unpredictable, according to Contango’s co-founder, Kamel Aouane.“With perpetual futures, if you are on the wrong side of the market, you are bleeding money,” said Aouane, in an interview with CoinDesk. Contango prices futures using spot and interest rates, as implied by the interest rate parity, a formula well known in traditional finance.
There are currently no other DEX’s that offer expirable futures in the crypto market, according to a report on the state of the crypto derivatives market by
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