The world’s first combination of 100x leveraged perpetual futures and perpetual options with no liquidation.
DoublePerpetual
The first combination of Perpetual Futures and Perpetual Options!
Summary
The world’s first on-chain trading market offering a 100x leveraged combination of perpetual futures and perpetual options, ensuring that users are never liquidated.
What's DoublePerpetual?
User pain points
In traditional perpetual futures markets, users need to be cautious when choosing leverage, mainly because they worry that too high a leverage could lead to rapid loss of principal, even liquidation.
Moreover, users must commit a large portion or even all of their principal as margin, which increases the risk of losing the entire principal.
Currently, mainstream futures exchanges offer up to 100x leverage for perpetual contracts. If a user trades with 100x leverage, a 1% price fluctuation in either direction could lead to liquidation.
It becomes extremely difficult for users to open positions safely, or to choose the correct/safe entry price, due to the excessive market fluctuations, especially as token assets themselves are highly volatile.
For users who wish to trade with high leverage, the biggest pain point is that even if they predict the general market direction correctly, if they cannot enter the market at the peak or the trough, they are likely to lose most of their principal in the price fluctuations, or even face complete liquidation and lose their entire principal.
Our solution
On the Double platform, with the 24-hour no-liquidation protection mechanism, users no longer need to worry about erratic market fluctuations or large price swings. They can trade confidently.
Now, with just 1% of the principal, users can open a position worth 100% of their funds. Since it’s isolated margin trading, it won’t affect the majority of other principal, significantly increasing capital efficiency and greatly reducing the risk of total principal loss.
In other words, users can invest a small amount of money, go long or short, and with just a 1% price change, they can earn 1x profit.
Even Bitcoin has seen nearly a 100% price increase in the past two months. With our mechanism,users could earn 100x profit in two months.
XRP, which is among the top 3 cryptocurrencies by market cap, surged 6x from November 5 to December 2 in less than a month, reaching a market cap of $150 billion. This means lucky users could have achieved a 600x profit in just one month!
Moreover, even if the price moves against the position after opening, as long as the price returns within 24 hours, the position remains intact, and users can still make a profit.
In such a highly volatile crypto market, this no-liquidation mechanism is a huge attraction for users.
On one hand, it offers extreme security; on the other, it provides extreme profits!
Product Core
Within 24 hours: a combination of Perpetual Futures and Perpetual Options!
If the current price has not deviated more than 1% from the opening price, it will be treated as a perpetual contract, and the user can close the position at any time.
If the price deviates more than 1% from the opening price, it will be treated as a perpetual option.
At this point, the user’s loss reaches 100% of the principal, but the maximum loss is limited to the principal amount, so there will be no excess loss.
Even though the position value is zero, the position will not be forcibly closed, meaning it still exists.
If the price returns within 24 hours, the user can recover the principal and make a profit.
After 24 hours: Perpetual Futures
If the price deviates more than 1% from the opening price, the position will be automatically closed. Otherwise, the position will remain indefinitely until the user closes it.
For trading users, the 24-hour protection mechanism is more than sufficient.
Due to the high volatility of crypto assets, daily price fluctuations often exceed several percent.
This means that within a day, there is a high opportunity to achieve significant profits.
At this point, users only need to set stop-loss and take-profit orders to ensure their positions are safe, protecting the principal and locking in profits.
User Experience
The Double platform offers only one leverage option: 100x leverage.
This approach completely eliminates the complexity and necessity of choosing leverage in traditional perpetual contracts, greatly enhancing the user experience.
Previously, leveraged trading was something only professional or heavy traders dared to engage in, as the risk was extraordinarily high once leverage was applied. Low- to medium-risk users would avoid leveraged trading, let alone high-leverage trading.
However, on the Double platform, because liquidation will not occur within a day, low- and medium-risk users, even beginners, can confidently participate in trading or hedging, significantly expanding the target user base.
Competitive Analysis
Centralized Perpetual Futures Exchanges
Binance / OKX / Bybit
Centralized perpetual futures contribute the majority of profits for exchanges, and their profit-generating capacity is unquestionable.
Centralized Options Exchange
Deribit
Deribit, founded in 2016, currently holds over 85% of the global crypto options market share.
Total Trading Volume in 2023: $600 billion
Revenue in 2023: $300 million
The current trend is that users are migrating from centralized exchanges (CEX) to decentralized exchanges (DEX) .
On one hand, this shift is driven by users’ concerns about the security and insider risk on centralized platforms. On the other hand, the infrastructure and user experience of on-chain trading have significantly improved compared in the recent years.
In other words, the market for on-chain trading will continue to expand, with great potential ahead.
Decentralized Perpetual Future Exchanges
DYDX
Cumulative Trading Volume (V3 + V4): $1.5 trillion
DYDX Chain (V4) Latest Data:
Total Trading Volume: $270 billion
TVL: $440 million
Cumulative Revenue: $55.3 million
Total Users: 22,000
Data as of December 18, 2024
It’s impressive that just 22,000 users have contributed $270 billion in trading volume and $55.3 million in revenue, showing that leveraged trading users have a very high output value.
Double platform aims to significantly expand the target user base for leveraged trading to tens of millions of users, and the platform’s growth potential is virtually limitless.
GMX
Pioneer of the liquidity pool mechanism.
Cumulative Trading Volume: $250 billion
Cumulative Revenue: $356 million
TVL: $700 million
Total Users: 680,000
Data as of December 18, 2024
Hyperliquid
One of the hottest projects, with a fully diluted valuation (FDV) already reaching $25 billion.
Hyperliquid has developed its own high-performance blockchain specifically designed to support perpetual future trading.
Decentralized Options Exchanges
Aevo
Aevo is known for its on-chain options, offering daily, weekly, monthly, and quarterly options.
Aevo uses European-style options, which can only be settled on the expiration date.
For users, European-style options, which cannot be traded before the settlement date, greatly impact the user experience.
However, on the Double platform, users can trade at any time, significantly enhancing the user experience.
Deri Options
A perpetual options trading platform offering BTC, ETH, SOL, BNB, TON, and SUI perpetual options.
Comparative Analysis
Assume the current price of Bitcoin is $100,000, and the user believes that in six months, Bitcoin will rise to $150,000 or fall to $50,000. The user places an order at the current price. In traditional options, the user must pay the premium upfront or be required to add margin daily to maintain the options position.
The advantage is that, regardless of how the price fluctuates during this period, the user can keep the options position open until settlement in six months without the risk of liquidation.
However, there are also several disadvantages:
1.High Complexity: Long-term options with strike prices are too professional and complex for most users, making the transaction unintuitive and difficult to execute.
2.Non-Linear Pricing: The pricing of traditional options is non-linear, which can cause significant price distortion, deviating too much from the actual price, and increasing the user’s calculation workload.
3.Low Liquidity: Many contracts have low liquidity, making it difficult for users to trade effectively.
4.Limited Selection: There are only a few mainstream options, and the user’s choice is very limited.
In fact, predicting the price at a specific time in the future is a very difficult task for traders,because people are more easily able to understand and recognize the current price and the immediate changes in profit and loss. This is why options are considered the pinnacle of the derivatives market, mostly used by professional and institutional players.
The Double platform aims to design an easy-to-use option that even novice users can easily understand and participate in.
The solution offered by the Double platform is as follows:
Assume the current price of Bitcoin is $100,000. If a user believes Bitcoin will rise to $150,000 within the next six months, they can open a long position with a 24-hour liquidation protection period.
If after one day, Bitcoin rises above $100,000 and never falls below $100,000 again, the user can safely hold their position until BTC reaches $150,000. They can take profits and close the position at any time during this period. If BTC reaches $150,000 (a 50% increase), with 100x leverage, the user can earn a 50x return!
Another scenario is if Bitcoin drops below $100,000 after one day, falling to $95,000. In this case, the user’s position will be closed. However, if the user still believes BTC will rise to $150,000 within the next six months, they can open a new long position at the $95,000 price again.
If, after another day, the BTC price does not fall below $95,000, the user can continue to hold their position, waiting for BTC to rise to $150,000.
If the price drops again to $90,000, the user can continue to open long positions at $90,000. If the user continues to buy at a lower price, and eventually, the user will buy at the lowest point, and the price will never drop back down. When BTC rises, the user can earn tens or even hundreds of times the return.
The same logic applies if the user wants to short Bitcoin to $50,000.
Through this method, the platform effectively implements the same functionality of the options products in the current market, while addressing the issues of professionalism, complexity, low liquidity, non-linearity, and limited options offerings.
Product Design
1.Multi-Chain Deployment
The platform is deployed across multiple blockchains including Solana, Arbitrum, Base, Ethereum (ETH), BNB Chain,Aptos/SUI and others.
2.Deposit/Withdraw
Deposit: Users deposit USDT into the trading pool. The smart contract will mint dUSDT according to the real-time exchange rate and give them to users.
For example, if users want to trade $BTC futures and options with $USDT, after depositing $USDT, they will receive $BTCUSDT.
Similarly, if users want to trade $ETH futures and options with $USDT, after depositing $USDT, they will receive $ETHUSDT.
Withdraw: If users want to retrieve their USDT, they can simply sell their dUSDT(e.g., $BTCUSDT or $ETHUSDT) on Uniswap V3.
3.Trading
Users can engage in long/short trades using dUSDT ,such as $BTCUSDT or $ETHUSDT.
The trading process is very simple with just two steps:
• Select long/short direction
• Set the order amount and place the order
Isolated Margin Trading
Each trade is independent and does not affect others.
4.Trading Pairs
No permission is required to add the trading pairs.
The coin on the other side of the trading pair can be any coin, and anyone can create a new pair.
For each project listing its token, 30,000 $Double tokens must be destroyed, a process automatically handled by the smart contract.
5.Order Mechanism
• Market Orders: No slippage, immediate execution, providing a smoother trading experience.
• Limit Orders: Wait for a better price, offering the opportunity to make higher profits.
6.Take Profit and Stop Loss
After placing an order, users can set take profit and stop loss prices.
Once the price reaches the set level, the trigger will be automatic, ensuring no slippage and a smooth trading experience.
7.Profit and Loss Calculation
The profit and loss are calculated based on 100x leverage, with the unit of profit and loss being the trading token.
If the token price does not fluctuate, there will be no loss. If the price increases or decreases by 1%, users will earn 1x profit.
8.Position Liquidation
Liquidation is based on the Dtoken.
9.Leaderboard
• Profitability Ranking
• Total Earnings Ranking
• Win Rate Ranking
10. Copy Trading
Users can choose to follow and copy the trades of top-performing traders and share a percentage of the profits with them.
11.Referral Program
Users who invite others can earn transaction fee rewards.
• Step 1: Bind the referral relationship on-chain.
• Step 2: Every time the referred user trades, the transaction fees are automatically allocated by the smart contract. A portion is given to the referrer, and a portion is allocated to the Double treasury.
Product Features
1.Free Trading: Trade and withdraw at any time, offering an extremely user-friendly experience.
2.High Leverage: Achieve doubled returns in minutes, with the potential for dozens or even hundreds of times the profit—strong profit potential.
3.Lower Capital Requirement: Only 1% Margin Needed.
3.Secure Position Opening: Positions never get liquidated.
4.No Option Premium: A distinct advantage over traditional options.
5.No Funding Fees: No funding costs for long or short positions, making it superior to most perpetual contracts.
It doesn’t align with traditional derivatives commercial logic, but it completely meets what users want.
It’s time to forget all the traditional rules and design the next generation of great derivatives protocol.
Liquidation Mechanism
Industry Solution Analysis
1.Order Book Model
Examples:DYDX/Hyperliquid
The order book model requires the involvement of market makers with substantial capital, which can be challenging to implement.
Additionally, slippage is always a concern, and high slippage situations often arise, which can negatively affect the user’s trading experience.
2.Liquidity Pool Mechanism
Example:GMX
Advantages: No slippage.
However, attracting significant liquidity pool can be difficult. In cases where the liquidity pool is small, users might worry about not being able to receive sufficient payouts despite making profits, leading to a lack of confidence in placing orders.
Double Platform Liquidation Mechanism
dToken Mint,Issuance&Burn
The Double platform uses the mint,issuance and burn of Dtokens(e.g., BTCUSDT) as a solution for liquidation.
• Dtoken Mint: When users deposit USDT,the smart contract will mint dTokens(e.g., BTCUSDT) according to the real-time exchange rate and give them to users.
• Dtoken Issuance: When users close their position with a profit, the platform issues an equivalent number of Dtokens(e.g., BTCUSDT) to the profit-making users.
• Dtoken Burn : When users close their position with a loss, the platform burns the Dtokens corresponding to the user’s loss.
Solution 1:Double smart contracts
We use smart contracts to store the dTokens and handle liquidation.
Only one price:Since the issuance and burn of Dtokens occur in real-time, the price of Dtokens changes in real-time as well.
When users deposit USDT,the smart contract will mint dTokens(e.g., BTCUSDT) according to the real-time exchange rate and give them to users.
Mint price=The real-time exchange rate=(Total dTokens minted-Total dTokens burned+Total real time profit of dTokens-Total real time loss of dTokens)/The amount of USDT in liquidity pool on Double smart contracts
For example,if users use USDT to trade BTC futrues and options:
Mint price=(Total BTCUSDT minted-Total BTCUSDT burned+Total real time profit of BTCUSDT-Total real time loss of BTCUSDT)/The amount of USDT in liquidity pool on Double smart contracts
Solution 2:Uniswap V3
dToken Prices
There will be two kind of dTokens price:
1.DEX price
It’s the price users buy and sell dTokens on Uniswap V3.
2.Mint price
When users deposit USDT,the smart contract will mint dTokens(e.g., BTCUSDT) according to the real-time exchange rate and give them to users.
Mint price=The real-time exchange rate=(Total dTokens minted-Total dTokens burned+Total real time profit of dTokens-Total real time loss of dTokens)/The amount of USDT in Uniswap V3 liquidity
For example,if users use USDT to trade BTC futrues and options:
Mint price=(Total BTCUSDT minted-Total BTCUSDT burned+Total real time profit of BTCUSDT-Total real time loss of BTCUSDT)/The amount of USDT in Uniswap V3 liquidity
dToken Liquidity
After users deposit USDT,the protocol will use the dTokens(e.g., BTCUSDT) to add liquidity on Uniswap V3.
For example, if users want to trade BTC futures and options with USDT, they first deposit USDT to receive BTCUSDT. Then, the smart contract creates a BTCUSDT/USDT pair on Uniswap V3 and adds the USDT to the liquidity pool.
Notes: It must be Uniswap V3, not Uniswap V1/V2. This is because, with Uniswap V1/V2, contracts must add liquidity at the current market price and cannot set the real-time exchange rate as the price. Uniswap V3 allows precise control over the price range, ensuring the liquidity is added at the exact real-time exchange rate.
Liquidity Sources
1.The buyers and sellers provide liquidity to each other
Long and short positions provide liquidity for each other.
In trading markets, especially in crypto markets with significant volatility, there is always a divergence between the long and short sides, ensuring a basic source of liquidity.
Moreover, when a trading user closes a position and does not sell the dTokens for USDT/ETH/SOL/BNB, they also become a liquidity provider.
2.Third-party Liquidity Providers
For users who do not wish to trade but have funds available, they can choose not to exchange their funds for Dtokens, potentially gaining profits during the liquidation process.
The profits they gain are reflected in the rise of Dtoken prices.
Liquidity Provision Risks
Providing liquidity carries certain risks.
If the total profit of profit-making users exceeds the total loss of loss-making users, liquidity providers will bear part of the compensation responsibility, which may result in losses.
However, the entire process is transparent, and as the trading volume increases, the price/exchange rate of Dtokens will stabilize, allowing users to make decisions based on historical data.
Revenue Model
• Opening Fee: 2.5%
• Closing Fee: 2.5%
Tokennomics
Token symbol: $Double
Total Supply: 1 billion
Pre-mining: 0.1%, 1 million tokens
Used to create initial liquidity. With a valuation of 100 million USD, 100,000 USDT and 1 million $Double tokens will be used to add initial liquidity on Uniswap.
Mining Mechanism:
The remaining 99.9% of tokens will be generated through trading mining.
Every time an automatic liquidation occurs, meaning the user has incurred a loss, the smart contract will mint a certain number of tokens. Of these, 70% will be sent to the user’s wallet, and 30% will go to the platform treasury.
This is called “loss mining” or “loss subsidy”. For users, profits can be withdrawn as real profits, and losses can be compensated with $Double tokens.
Output Distribution
70%: Trading Mining
30%: Marketing/Listing/Investment Institutions/Team
$Double Empowerment
Transaction Fee Discounts
Holding 20,000 tokens: 20% discount. With a total supply of 1 billion tokens, this can support up to 50,000 users with a 20% transaction fee discount.
Holding 100,000 tokens: 50% discount. With a total supply of 1 billion tokens, this can support up to 10,000 users with a 50% transaction fee discount.
This is implemented fully on-chain, where the smart contract automatically checks the user’s wallet address to determine the applicable fee discount for each transaction.
This method significantly encourages users to buy and hold $Double tokens long-term.
Listing Fee Burn Mechanism
For every project listing on the platform, 30,000 $Double tokens must be burned, and the entire process is automatically handled by the smart contract.
This mechanism encourages project teams to buy $Double tokens on the secondary market, and after burning, it will contribute to the deflation of $Double tokens.
For example, if 10,000 tokens are listed on the Double platform in the future, it will lead to the burning of 300 million $Double tokens, which is 30% of the total supply of 1 billion tokens.
In the current environment where several thousand Meme coins are being launched every day, this listing fee burn mechanism will greatly empower $Double tokens in the long run.
On the other hand, it helps prevent the listing of low-value, small-market-cap tokens, thereby reducing disruptions to the platform and its users.
Timeline
December 2024: Project initiation and development
January 2025: Test version launch
February 2025: Mainnet version launch and token launch
Fundraising
Seed round valuation: $5 million, raising $250,000
Token distribution:
70% for Trading Mining
25% for Marketing/Listing/Team
5% for Investment Institutions
Token release: Gradually released based on mining output process.
Profit Expectation
Expected to achieve profitability within 2 weeks to 1 month after launch.
https://drive.google.com/file/d/19cXC1kO9p8BSfAZYMPjqItQVXLpbsPtG/view
We are developing the product.