BitDEX: A decentralized exchange for perpetual swaps

Universal Market Access (UMA) is a platform for financial product innovation on the Ethereum. The project is comprised of two intersectional products: a synthetic token issuance platform and an oracle mechanism. 

Recently, the UMA team published a paper, BitDEX: Building a Decentralized BitMEX using Priceless Financial Contracts, outlining a specification for a bi-lateral Contract for Difference (CFD) architecture like that employed by BitMEX’s perpetual swap product.


BitDEX brings severalincremental advantages versus centralized counterparts like BitMEX.

In theory, BitDEX’s ‘decentralized’ structure helps avoid both financial and non-financial costs. Traditional centralized exchange operators provide some or all of the following services: aggregating liquidity via hosted order books; custodying margin; trade clearing; liquidations; and settling.

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BitDEX: A decentralized exchange for perpetual swaps written by Matteo Leibowitz @ October 21, 2019 Matteo Leibowitz

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