Decibel currently offers perpetual futures (perps), with spot trading coming later in the roadmap.
What Are Perpetual Futures?
Perpetual futures are a contract for difference. You’re speculating on whether an asset’s price will go up or down, without the actual asset changing hands.
Key Characteristics
- No expiration. Unlike traditional futures, perps never expire.
- Leverage. Trade with more capital than you deposit.
- Long or short. Profit from both rising and falling prices.
- Cash settlement. Positions settle in USDC, not the underlying asset.
Example
If you believe BTC will increase in price:
- Open a long BTC-PERP position with 10x leverage
- Deposit $1,000 USDC as collateral
- Control $10,000 worth of BTC exposure
- If BTC rises 5%, your position gains $500 (50% return on collateral)
Leverage amplifies both gains and losses. A 10% adverse move with 10x leverage would result in a 100% loss of your collateral.
What Is Spot Trading?
Spot trading involves actually swapping tokens. When you buy BTC on a spot market, you receive real BTC in your wallet.
How It Differs from Perps
| Perpetuals | Spot |
|---|
| Asset ownership | No (cash-settled) | Yes (receive tokens) |
| Leverage | Yes (up to 40x) | No (1x only) |
| Short selling | Native support | Requires borrowing |
| Funding rates | Yes | No |
| Collateral | USDC | Various tokens |
Why Start with Perps?
Perpetual futures represent the majority of crypto trading volume. They offer capital efficiency (trade larger positions with less capital), hedging capabilities (protect existing holdings without selling), and price discovery that often leads spot markets.
Roadmap
| Product | Status | Notes |
|---|
| Perpetual Futures | ✅ Live | BTC, ETH, APT markets |
| Spot Trading | 📋 Planned | Swap tokens directly |
| RWAs | 📋 Planned | Real-world asset exposure |
Spot trading will launch after the multi-collateral update, enabling seamless swaps between supported assets.
