Interdax Development Update July 2020
Interdax logo with dark blue background

Interdax Development Update July 2020

By Interdax | interdax | 5 Aug 2020

Our development update communicates what we’re working on at Interdax and an indication of when you’ll be able to use these new features.

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July Updates

Progress made in July:

Reduce-only Order Flag Added

The reduce-only order flag was released on July 14th for all order types. The reduce-only option ensures that a trader does not open an unintentional position.

See how to use reduce-only order flags in our Help Centre article.

This order flag ensures that traders do not have to monitor their positions constantly, which makes competing in battles easier and more enjoyable. At present, the time in force for reduce-only orders is Immediate or Cancel.

Take Profit and Take Limit Orders Added

Take profit and take limit orders became available on the platform on July 27th. These order types allow traders to exit positions automatically at a certain level of profit.

More on take profit/take limit orders here.

As with reduce-only orders, this development improves the trading and battle experience, since you can execute an order to close a profitable position automatically.

Multi-account Withdrawals Enabled

On July 29th, we enabled multi-account withdrawals were enabled allowing traders to withdraw from any sub-account they wish. Previously, withdrawals were only available from the main account.

Restrictions on deposits and transfers still apply to battle accounts (no transfers are permitted until the battle is finished).

Hidden Order Flag Added

We also added the hidden order flag on July 29th, which ensures a limit order is not visible on the order book. When using this order flag, the user pays the taker fee.

Read more about hidden orders here.

What’s Upcoming in August?

During August, we will release a few new features:

  • Margin Bonus:

A 5% margin bonus will be introduced this month. You can earn a margin bonus for your first deposit only. The bonus is only to be used for trading and cannot be withdrawn.

For example, if you deposit 1 BTC you will receive a 5% margin bonus amounting to 0.05 BTC. The 0.05 BTC bonus can be used to trade BTC-PERP — but cannot be withdrawn. Any further deposits are not eligible for a margin bonus.

When you make a profit using your initial funds of 1.05 BTC and your account reaches a value of 1.50 BTC, you can withdraw a maximum of 1.45 BTC. However, if your total balance drops and goes below 0.05 BTC, you cannot perform any withdrawals (you can only trade with the remaining margin bonus).

  • Trading Battle/UI Improvements:

Trading battles will become more dynamic as it will soon be possible to re-enter if you have been liquidated or join after the trading battle has started.

We will also be introducing a surveillance system for trading battles, allowing us to detect and disqualify cheaters automatically. To ensure you are not flagged by the system, we will clarify battle rules before this change takes place. We will also introduce penalties for recurrent cheaters.

Finally, tooltips for the order panel of the UI will be added soon, to display a brief description for each order type as you hover over them.

With these new improvements and more order flags/types available, a summer-themed trading battle with bigger BTC prizes is on the horizon. Stay tuned for more details.

  • Market Maker Program:

The market maker program will be introduced in August to incentivise market makers to provide as much liquidity as possible through passive orders.

To participate, passive volume must be at least 5% of the exchange’s total monthly volume to be eligible to receive BTC rewards (only non-battle volume will be counted). Market makers that provide the most liquidity on the exchange will share a monthly reward of 1 BTC, with earnings proportional to each trader’s passive volume. The monthly reward will become greater as volume on the exchange rises.

Suppose a participant of the program fills $20 million worth of passive orders (excluding battle accounts) and Interdax’s total monthly volume is $100 million. Once the market maker passes KYC, they will receive 0.20 BTC to their account as a reward the following month.

More details on the program are coming soon.

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