Getting started
This is a brief guide to making your first trade on DerivaDEX. DerivaDEX uses a central-limit orderbook and cross-margin collateral, so should feel very familiar to users accustomed to trading on centralized exchanges.
Step 1: Connect your Ethereum wallet
Connect your wallet via Metamask (WalletConnect and Coinbase Wallet are available, but Metamask is actively supported).
Step 2. Deposit collateral
After connecting a wallet, click on the purple ‘deposit’ icon. You will get a Metamask pop-up confirming the deposit amount, collateral type, and your wallet address. DerivaDEX currently supports only USDC collateral deposits.
Step 3. Open an order
DerivaDEX currently supports both Market and Limit orders. To open an order, use the order form on the left hand side of the interface. A Buy (bid) order will open a long position (or close/reduce an existing short position), whereas a Sell (ask) order will open a short (or close/reduce an existing long position).
To make a limit order, select the "limit" tab, and enter a desired unit amount and price. You can select a specific bid or ask in the order book to auto-fill a price. Any outstanding open orders you have can be found in the "Open Orders" tab.
Step 4. Manage your position
When your order fills, which will be immediate if you place a market order, you should see a new open position. The table at the bottom of the interface will display your position under the "Positions" tab, and you can find your trade history under the "Filled Orders" tab.
Step 5. Withdraw collateral
Withdrawals are a two step process. First, a withdrawal request is made to the DerivaDEX operators, and then, after the withdrawal has been included in a checkpoint, the withdrawal can be finalized with a user-initiated on-chain transaction.
To make a withdrawal, select "withdraw". Then, input the following information:
Withdraw from: the strategy to withdraw from. At the moment, DerivaDEX only supports the "main" strategy, so you will not need to modify this.
Withdraw to: the Ethereum address to withdraw funds to. This will auto-populate to the connected Ethereum address, and will not need to be modified.
Collateral type: the collateral token you intend on withdrawing. DerivaDEX only supports USDC deposits at this time, and consequently, only supports USDC withdrawals, so this will not need to be modified.
Amount: The amount of the collateral token you intend on withdrawing.
After entering the information above, you can proceed by clicking "Initiate Withdrawal". Once a new checkpoint has elapsed, you will receive an alert that your withdrawal may be completed by clicking the "Complete Withdrawal" button, triggering an on-chain transfer of the tokens. Because you need a checkpoint to finalize after you have first initiated the withdrawal desire, you can expect withdrawals to take approximately 10 minutes (approximately the length of an epoch).
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