Getting started
Welcome to DerivaDEX! 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.
This guide will walk you through setting up your account, depositing funds, and placing your first trade.
Step 1: Connect your wallet
Choose a supported wallet (e.g., MetaMask,).
Ensure your wallet is set to the Ethereum Mainnet or Sepolia (for testnet).
Click "Connect Wallet" on the DerivaDEX platform.
Step 2: Complete KYC verification
Follow the instructions to verify your identity. You will need an ID, proof of residency, and your Ethereum address. Not all jurisdictions are eligible for trading at this time.
KYC is mandatory for all traders. For any problems with KYC, please reach out directly to Blockpass support.
Step 3: Approve USDC tokens
Click “Approve” to enable the platform to interact with your USDC.
Sign the transaction using your wallet of choice.
You will normally only need to do this step the first time you use the exchange. Token approvals are a security feature that ensures the smart contract can interact with only the specified amount of tokens, minimizing risk.
Step 4: Deposit funds
Go to “Deposit” and select the asset (e.g., USDC).
Specify the amount and complete the transaction from your wallet.
Step 5: Place your first trade
Select the trading pair (ETHP, BTCP).
Choose your order type (limit, market, etc.).
Review and place your trade.
Managing your positions
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.
Withdrawing 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 cannot 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).
Alternatively, you can choose to submit a checkpoint yourself. This process will cost some Ethereum network gas, and will enable you to complete your withdrawal immediately afterwards.
Troubleshooting
Problems with KYC: Reach out directly to Blockpass and open a support ticket: https://help.blockpass.org/hc/en-us/requests/new?ticket_form_id=5717485213081
Ethereum fees: Be mindful of Ethereum gas fees for deposits and withdrawals during high network congestion. There are no gas fees for trading.
Common Errors: If you encounter issues connecting your wallet, try refreshing or switching networks.
Need More Help?
Visit our FAQs.
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