Trading Perpetuals on MYX: What Traders Should Know

Perpetual futures remain one of crypto’s most traded instruments. In 2025, on-chain perpetual DEXs continue to gain share versus centralized venues, supported by faster, cheaper Layer 2 infrastructure and better oracle design. If you’re looking at trading perpetuals on MYX, here’s a structured guide to help you evaluate the platform, manage risk, and improve execution.

Quick refresher: how perpetuals work

• Perpetual swaps are futures contracts with no expiry; a periodic funding payment keeps contract prices tethered to the spot index. If the perp price trades above spot, longs usually pay shorts; if below, shorts pay longs. See this primer on perpetual swaps for a clear explanation (good context for funding, mark price, and basis dynamics) at the end of this section: What Are Perpetual Swaps.
• Because there’s no settlement date, mark price, funding rate calculation, and liquidation mechanics matter as much as the “last trade” price. For a high-level introduction to perps and why funding exists, you can also reference What Are Perpetual Futures Contracts.

The 2025 backdrop: why on-chain perps matter

• Volumes and open interest on decentralized derivatives have trended higher, helped by lower L2 fees and a maturing risk stack. You can monitor total DEX derivatives share and venue-level activity on DefiLlama Derivatives.
• Ethereum’s 2024 proto-danksharding (EIP-4844) reduced L2 data costs and improved throughput, which directly benefits order placement and liquidations on perps DEXs. Learn more here: Ethereum EIP-4844 (Proto-danksharding).

Before your first trade on MYX: a due‑diligence checklist

Because perpetuals rely on a chain of assumptions (oracles, risk engines, liquidators), your edge often comes from understanding the venue itself. Use this checklist to evaluate MYX.

1. Contract specs and pricing

• Index and mark price: What is the reference index (exchanges, weights, and exclusions)? How is mark price computed? Look for transparent index methodologies and resilient oracle aggregation. For oracle design basics, see What Is a Blockchain Oracle.
• Funding rate: Interval, caps/floors, and calculation inputs (time-weighted premium vs instantaneous). Funding “clamps” can soften volatility but affect carry trades.

2. Margin and liquidation engine

• Margin modes: Isolated vs cross, and whether portfolio margin is supported for correlated hedges.
• Liquidations: Partial vs full, price bands, and bankruptcy handling. A robust insurance fund or backstop helps absorb tail events; DEXs often document this in their risk or insurance sections. Compare common models in public docs like GMX v2 Funding and Fees for reference.

3. Market structure and execution

• Order type: Order book, RFQ, or AMM-style perps. If MYX uses an order book, look for maker rebates, queue priority, and iceberg/post-only functionality. If AMM-based, review how virtual AMMs manage skew, inventories, and price impact under stress.
• Slippage and depth: Check live depth and historical realized slippage. Cross-compare with venue-level stats on DefiLlama Derivatives.
• MEV and latency: On-chain trades may face MEV. Platforms mitigate with batch auctions, frequent batch auctions, or private orderflow. Background on MEV and why it matters for execution is here: MEV on Ethereum.

4. Fees and economic incentives

• Trading fees: Maker/taker or swap-style fees, plus borrow and price impact fees. Small differences compound for active strategies.
• Funding carry: For swing or basis trades, model expected funding versus your edge and borrow cost.
• Rebates and incentives: Points, rebates, or liquidity mining can offset costs, but they’re not substitutes for sound risk management.

5. Collateral, custody, and chain choice

• Multi-collateral: What assets are accepted as margin and how are haircuts set? Stablecoin-only margin can reduce volatility; multi-asset margin increases flexibility but adds correlation risk.
• Network and bridging: If MYX runs on a specific L2 or appchain, verify the bridge’s security assumptions and upgrade authority. See consolidated bridge risks on L2BEAT Bridges.
• Approvals and allowances: Review token approvals regularly and revoke unused permissions when you’re done trading. A simple tool for EVM approvals: Etherscan Token Approval Checker.

6. Security posture

• Audits and disclosures: Look for recent audits, formal verification notes, and any public postmortems. The presence of a live bug bounty is a positive signal; you can browse active programs on Immunefi.
• Upgrades and admin keys: Check whether contracts are upgradeable, who holds the keys, and whether timelocks and multisigs are in place.

7. Regulatory and trading risks

• Leverage and liquidation risk: High leverage magnifies both gains and losses; thin books can trigger cascading liquidations. The U.S. CFTC’s consumer advisory on crypto risks is a useful general reference: CFTC Crypto Risks Advisory.
• Jurisdiction and KYC: Some perps venues restrict regions; ensure you comply with your local laws.

Funding, mark price, and liquidations: how to read the fine print

• Funding rate design: Note the interval (e.g., hourly, 8‑hour), cap/floor, and any dampening during volatility. Funding that references a time‑weighted premium can be more stable than instantaneous last-price premiums.
• Mark price: This drives unrealized PnL and liquidations. A mark based on robust index feeds is critical. Ask: Are outlier exchanges excluded? Are there circuit breakers during oracle outages? See general oracle principles: Chainlink Oracles Overview.
• Liquidation thresholds: Understand maintenance margin, partial liquidation steps, and the “bankruptcy price.” Transparent insurance/backstop funds help smooth extreme moves; reading public DEX docs (e.g., GMX docs) can help you benchmark designs even if MYX uses a different model.

Execution tips for MYX perps

• Reduce slippage: Use limit or post‑only orders when market conditions are thin. If using market orders, size in tranches.
• Monitor funding windows: Rebalancing just before or after funding windows can change expected carry materially.
• Test in small size: New venue, new behaviors. Start small to learn hidden costs like adverse selection or partial fills.
• Watch gas and chain conditions: Spikes in gas can delay liquidations or order updates. Post‑EIP‑4844, L2s are cheaper, but demand spikes still occur. Keep an eye on network status on ethereum.org.

Risk management that actually sticks

• Position sizing: Define max leverage and per‑trade risk as a percent of portfolio, not as “what looks good.”
• Use isolated margin for high‑beta bets: Cross margin is efficient but can turn one bad trade into a portfolio‑level drawdown.
• Hard stops and invalidation: Pre‑commit invalidation levels; adjust for funding costs and potential wicks.
• Scenario testing: Model mark‑price wicks, not only last price. Stress test liquidation cascades and how partial liquidations affect residual leverage.

Operational hygiene for on‑chain traders

• Use dedicated wallets for trading: Separate hot wallets for approvals from cold storage. Periodically rotate trading wallets and revoke stale approvals using Etherscan Token Approval Checker.
• Prefer clear‑signing flows: Typed‑data (EIP‑712) makes intent readable; avoid blind signing when possible.
• Track PnL and funding: Good record‑keeping matters for strategy evaluation and tax reporting. Export fills from the DEX and reconcile with your wallet history.

Where a hardware wallet fits

Trading perps means frequent signing—approvals, order placements, cancels, and withdrawals. A hardware wallet helps keep keys offline while you interact with MYX via your browser or mobile app:

• Cold key, hot actions: Sign transactions securely while keeping the private key isolated from your online device.
• Clear signing and multisig: Use EIP‑712 clear signing to reduce phishing risk, and consider multisig or policy‑based spending for desk operations.
• Open‑source transparency: OneKey is open‑source and designed for multi‑chain workflows. If you actively trade on-chain, combining a dedicated trading wallet with OneKey for custody of core capital and profits can materially reduce operational risk without slowing you down. Learn more security best practices on ethereum.org Security.

Bottom line

Perpetuals amplify both opportunity and risk. Before trading on MYX, get comfortable with its pricing, funding, liquidation, and oracle design; verify audits and permissions; and enforce disciplined sizing and execution. The on‑chain stack is stronger than ever in 2025, supported by cheaper L2s and better market structure, but the edge still belongs to traders who respect venue mechanics and secure their keys. If you want stronger operational hygiene while trading, pairing a dedicated hot wallet for execution with a OneKey hardware wallet for cold storage and clear‑signing is a practical, battle‑tested setup.