Perps v3 Beta: The Future of Onchain Trading

Kwenta is thrilled to announce the beta launch of Perps v3, a transformative leap forward in our perpetual futures trading platform. This isn't merely an upgrade; it's a comprehensive reimagining of decentralized futures trading, designed to dramatically enhance flexibility, efficiency, and the overall user experience. Through the combined efforts of Kwenta and Synthetix, we've crafted an upgraded perps trading experience atop the cutting-edge Synthetix v3 architecture.

Using v3

Accessing the Beta

Perps v3 is currently hosted on its own URL, separate from our battle tested v2 deploy. This ensures no interruption for our existing v2 users as we test and refine the v3 experience.

🔗 Use Perps v3 here:

Bridging to v3

For those eager to get started but not yet on Base, bridging your assets is a straightforward process. We've prepared a comprehensive guide to help you bridge to Base, ensuring you can participate in Perps v3 from day one.

🌉 Learn how to bridge your assets here:

Be one of the first to use Perps v3. Your insights, feedback, and experiences are invaluable as we refine and enhance Kwenta, building an exchange that truly reflects the needs and aspirations of our traders.

What’s New in Perps v3?

Perps v3 Beta is a limited release of our new Perps v3 trading experience. Kwenta and Synthetix have spent the last several months working side by side on an upgraded perps trading experience built on the new Synthetix v3 architecture.

Here’s the TL;DR on what’s new in the beta release:

  • USDC Deposits: Simplifying the trading experience, Perps v3 Beta allows for direct USDC deposits and withdrawals, streamlining the process for traders.

  • Native Cross-Margin: This feature provides traders with the ability to use their entire portfolio as collateral, enhancing trading efficiency and risk management.

  • Better Pricing: New in Perps v3, the price at the moment of order commitment—when you submit your order—is the price at which your trade is executed. This upgrade eliminates the frustration of price slippage due to execution delays.

  • Support for Base L2: Perps v3 Beta will support trading on the Base network, built on the OP stack and home to the popular Friend.Tech platform. If you don’t have assets on Base, you can bridge on Kwenta.

While the full launch of Kwenta’s v3 perps will include a host of new backend improvements, UX upgrades, and a ground-up redesign of Kwenta’s UI in Q2, early users can enjoy these features.

Why is it a Beta? What are the limitations?

Perps v3 Beta is available to the public for testing and evaluation, and your feedback will provide valuable insights for the Kwenta and Synthetix teams as we work to refine and scale the experience.

Here is how we expect Perps v3 to develop:

  • Scaling Liquidity: The initial launch of Perps v3 will have limited liquidity, and limited OI caps. As Synthetix attracts more liquidity providers and tests Perps v3 in a real world environment, liquidity is expected to improve in steps, eventually matching or surpassing v2.

  • Scaling Markets: Just as liquidity must be scaled slowly, the addition of new markets comes with additional risk and higher LP collateral requirements. Markets will be added steadily as the system grows.

  • Additional Margin Types: While Perps v3 will launch using only USDC for margin, the v3 system is designed to support multiple collateral types. Traders should be able to trade collateral such as ETH or other ERC-20 tokens.

  • Additional Networks: The Synthetix Andromeda release on Base will enable our first network for perps trading outside of Optimism.

What’s Under the Hood?

Perps v3 introduces several protocol-level changes which will help bring fully on-chain perps to the next level. These low-level changes stack up to a vastly more flexible, scalable, and efficient system for traders. Here are some of the ways Perps v3 has changed, which will allow Kwenta to build and offer more.

  • NFT Accounts: A novel approach to account management, NFT accounts in Perps v3 offer a more flexible and user-friendly way to manage trading activities.

  • Supermarkets: Supermarkets are the core risk management tool which allows Kwenta to offer native cross margin without limiting the breadth of market offerings. Each “Supermarket” contains one or more perps markets which share collateral. If a new perps listing is too risky to include in an existing Supermarket, it can be listed alone, or in a new Supermarket configuration.

  • Wrapped Deposits: Wondering what happened to sUSD? The decentralized stablecoin powering v2 has been reimagined for v3. While v3 markets still use a synthetic version of USD for accounting, every deposit and withdrawal moves through a wrapper, abstracting this process from the trader. The result? Simple USDC deposits and withdrawals can live in harmony with other collateral types.

What’s Coming?

Perps v3 Beta is only the first step in Kwenta’s road to building the most functional, flexible, user-friendly perps exchange in DeFi. Our roadmap for v3 caters to power users and DeFi newbies alike.

Here’s what’s coming in Q2:

  • Social Login: Trade from the same Smart Margin account on any device.

  • Custom Alerts: Stay updated on your account and general Kwenta news and updates through email, SMS, or social apps. Receive only the information you want, where you want it.

  • Updated Design: Take in Kwenta’s new features through a freshly redesigned UI. It’s the Kwenta you love, with a sleek, fresh, more intuitive design.

  • Mobile Focus: Enjoy a mobile fire experience on any Android or Apple device.

  • Native Derivatives: Trade or LP new derivatives exclusive to Kwenta alongside our Synthetix integration.

A Trading Revolution

The launch of Perps v3 Beta on Base marks a pivotal moment in the evolution of onchain futures trading, but it's just the start of our journey together. We extend an open invitation to our community to engage in this thrilling new era—by trading, exploring, and providing valuable feedback, you play a crucial role in sculpting the future of Perps v3 and Kwenta. Your input doesn't just contribute to incremental improvements; it propels us forward, helping us navigate through our roadmap and bring our vision into reality.

At Kwenta, we’re building for our traders. Join us in shaping the future of DeFi and elevate the onchain experience.

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade synthetic assets and futures, visit Kwenta.

Subscribe to Kwenta
Receive the latest updates directly to your inbox.
Mint this entry as an NFT to add it to your collection.
This entry has been permanently stored onchain and signed by its creator.