Get ready for perps trading on Polygon zkEVM to be taken to a completely new level.
The original QuickPerps was launched in May 2023 and was QuickSwap’s very first decentralised Perpetual Exchange on the chain. It allowed users to trade with up to 50x leverage on several large blue-chip tokens and deposit liquidity into the QLP pool to earn rewards.
In only 1 year, the perps DEX amassed $140M+ in cumulative trading volume, a peak of $10M+ in TVL, and 12K+ users - all while Polygon zkEVM was in its infancy. Now, with the network undergoing major improvements and upgrades, it’s now far faster and cheaper to use while also garnering greater adoption.
QuickPerps: Hydra now enters the waters.
Hydra is a rebrand of the V2 version of the original QuickPerps on Polygon zkEVM. More advanced features. A lightning-fast trading experience. Extremely low gas fees.
Read more to find out what this means for the DragonFi and broader Polygon ecosystems.
Hydra Core Features & Utilities
As mentioned in the governance proposal, Hydra is the V2 iteration of the original QuickPerps on Polygon zkEVM. The previous version of QuickPerps is in the process of being deprecated over the next few weeks - please refer to this post for more information.
Hydra is a more advanced and powerful version of the existing perps DEX, offering users the following features:
- 3 Asset Classes: Features a perp aggregator where users can leverage trade across 3 different asset classes (crypto, forex, and commodities)
- Higher Leverage: Trade with up to 100x leverage with all possible order types (stop loss, take profit, reduce only) and an innovative trailing stop loss feature
- Optimised for LPs: The perp DEX mechanism allows for individual pools to exist on each chain for each collateral asset, enabling asset isolation, payouts, and the possibility to manage open interest. Moreover, LPs can better manage their risk and optimise their ROI that has the potential to draw in more liquidity and benefit all LPs and traders
- Chain Abstraction Mechanism: Efficiently settles orders by selecting the most favourable route and rate for each trade (more information below)
- Faster Trades & High Liquidity: Traders benefit from faster transaction execution times and deep liquidity for open interest when creating leverage positions
- Guaranteed Price Execution: When opening or closing trades, there will be a guaranteed price execution, regardless of what happens on the chain (i.e. reorgs, slow RPC response times)
- QUICK As Collateral: The QUICK token will be able to be used as collateral, giving it an extra use case/utility while also enabling a 15% discount on trading fees for users.
- Collateral Flexibility: Users can settle and trade in their preferred collateral asset, versus the existing version where this was limited
- Improved UI/UX: Enjoy a faster, smoother, and more seamless trading experience with a new user interface
- Powerful Oracle Solutions: Reliable price feeds to optimise on-chain trades that will be sourced (currently in the exploration phase) from major oracle providers - Chainlink, Pyth, and API3
- Audits and Security: The perp DEX’s smart contracts have been audited by a top-tier blockchain auditing firm both Hacken and Protofire, plus are also being consistently monitored by Hypernative Labs to maintain the utmost security for users
One standout feature that truly differentiates Hydra from other perp DEXs is the multi-chain trading experience it offers users, which is powered by Metavault’s underlying tech.
What this means is that liquidity from the largest decentralised perp DEXs are aggregated and made available on each chain supported by Metavault’s DeFi hub, currently standing at 12 different networks.
More liquidity. Smoother transactions. Better price execution.
Tutorial: How To Open A Leverage Position On Hydra
Ready to dive into the waters and begin your journey with leverage trading on Hydra?
Thanks to the new smooth and powerful user interface, it’s easier than ever to get started.
Simply follow the steps below to complete your first leverage trade:
1. Go to https://hydra.quickswap.exchange/ and connect your wallet. Make sure the network is switched to Polygon zkEVM
2. Next, select whether you want to go “Long” or “Short” and enter the amount of the asset you want to use as collateral (you can trade crypto, commodities, or forex). Then, move the leverage slider to select the amount of leverage you want to use.
In this example, 50 USDC.e is used as collateral and 60x leverage has been selected for a total position size of $3,000.
3. Before you proceed with opening the trade, you can select “Pro Trading” mode to set a variety of different order types and features, such as a Limit / Stop, Stop Loss, Take Profit, and more.
4. Once you’ve entered in all the information, open your position by paying the transaction fee.
Your open position(s) will be displayed on the bottom left of the screen.
