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Why Perpetuals?

4 min

X10 is a self-custody exchange that aims to match the product portfolio and trading experience of best-in-class centralized exchanges, while enforcing self-custody, on-chain trade settlement, and complete transparency. We start our journey with an MVP featuring perpetuals.

Why start with perpetuals?

Derivatives, with perpetual contracts making up over 90% of this segment, account for approximately 50% of the total trading volume in the cryptocurrency market. 

Derivative volumes

Despite the significant expansion of decentralized finance (DeFi) in recent years, the volume of derivatives trading in DeFi significantly lags behind that of centralized finance (CeFi), especially in comparison to spot trading. CeFi derivatives outperform DeFi derivatives by a factor of 40x, while CeFi spot trading surpasses DeFi spot trading by only a factor of 20x.

CeFi vs DeFi Volumes

As a result, we firmly believe that there is a substantial opportunity to bridge the gap in trading volume between DeFi and CeFi perpetual contracts, at least to the level observed in CeFi and DeFi spot trading. Moreover, we are confident that by providing a product that mirrors the product portfolio and trading experience of leading centralized exchanges, while offering self-custody, on-chain trade settlement, and complete transparency, we can significantly contribute to the overall growth of the DeFi ecosystem by attracting existing CeFi users.

What can I trade on X10?

At launch, users on X10 will gain access to linear perpetual contracts utilizing USDC as collateral, with leverage of up to 50x across more than 30 markets boasting robust liquidity. Initially, X10's MVP will center around providing linear futures contracts. However, our short-term roadmap includes plans to introduce inverse futures contracts as well.

Our decision to use USDC as collateral stems from its status as the most widely adopted stablecoin in the DeFi ecosystem, recognized for its transparency and security compared to alternatives like USDT.

Regarding our strategy for listing trading markets, we employ a methodical approach. We prioritize tokens based on several criteria:

  • Perpetuals trading volume on other decentralized exchanges (DEXs), with a focus on tokens ranking in the top quartile.
  • Perpetuals trading volume on centralized exchanges (CEXs) and the total spot volume across both CEXs and DEXs. We concentrate on tokens not yet available for perpetuals trading in DeFi but exhibiting notable trading activity elsewhere.
  • Total spot volume across both CEXs and DEXs for tokens not yet offered for perpetuals trading on either CEXs or DEXs.

This analytical process will be conducted weekly to ensure that X10 consistently offers a comprehensive selection of markets for perpetuals trading, thereby providing users with timely access to desired trading opportunities.

What are the fees on X10?

X10 was designed with the user trading experience as our top priority. The fees and rebates on X10 will be aligned with those offered by the most competitive centralized exchanges. Our platform offers gas-free transactions, with fees contingent on the user's cumulative volume over the past 30 days.

L30D Cumulative Trading VolumeTaker fee %Maker fee %

Qualified market makers will benefit from a fee rebate, with the rebate size determined by the market makers' share of total makers volume on the exchange in the preceding calendar week.

MM's share in the total maker's volumeRebate %
≥ 0.1%-0.003%
≥ 0.5%-0.005%
≥ 0.7%-0.007%

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