SparkDEX launches the first perps exchange on Flare

SparkDEX has officially launched SparkDEX Eternal, the first perpetual decentralized exchange (Perp DEX) on Flare, based on information shared with Finbold on Thursday, December 12.

SparkDEX Eternal is LIVE ON @FlareNetworks! 🔥 pic.twitter.com/wZb8lNZ2vE

— SparkDEX (@SparkDexAI) December 11, 2024

SparkDEX Eternal enables users to incorporate perpetual contracts into their trading strategies and provides them access to opportunities with various assets without owning the underlying instruments.

Fast decentralized data delivery

Flare’s Flare Time Series Oracle (FTSO) allows for fast and accurate decentralized data delivery required for perps trading. SparkDex founder Steve stated:

“The FTSO’s rapid 1.8-second price feed updates ensure precise and reliable funding rate calculations and a trustworthy liquidation engine for SparkDEX Eternal. This unparalleled speed and accuracy make FTSO the ideal decentralized oracle solution for our platform, delivering a high-performance experience for margin traders.”

Dhruv Shah, a Flare DeFi analyst, added:

“Perps are not only one of the most traded derivatives in the space; they’re also among the main drivers of oracle usage in the blockchain industry. With SparkDEX Eternal and future perps DEXs, the demand for Flare’s data offerings will continue to grow and become more apparent.”

SparkDEX Eternal supports leveraged positions on FLR and other cryptocurrencies and works on adding commodities and forex. Additionally, users have automated conditional orders, customizable open interest, and cross-chain-sourced liquidity, with the option to earn rFLR rewards through the Flare DeFi Emissions Program.

Perpetual contracts and other DeFi utilities

The FTSO is fundamental in ensuring fast and accurate data provision for funding rates and supporting liquidation by handling up to 1,000 price feeds across all assets, while the agility of the ecosystem now allows traders to pursue diverse DeFi strategies within Flare.

Furthermore, perpetual contracts allow traders to hold positions without expiration so long as they meet the margin requirements. The resulting environment enables short-selling, leverage, and hedging strategies.

With this addition to its DeFi services, SparkDEX hopes to boost liquidity and foster deeper participation in the trading and liquidity-providing communities.

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