Today marks a significant milestone at Perennial with the launch of our first FOREX market featuring the Japanese Yen (JPY) — an exciting addition to a new asset class. You can now access JPY trading directly on Perennial and through partner platforms like Kwenta.
In celebration of this launch, we’re excited to offer ARB rewards to both traders and liquidity providers participating in the JPY market, thanks to our recent ARB grant. Discover more about these rewards below.
Trade the new JPY market here.
JPY Market Details
The new JPY market is made possible by Pyth’s expansive selection of feeds that allow Perennial markets to operate at ultra-fast speeds.
- Price feed: USD/JPY provided by Pyth
- Maker/Taker Fees: 0.01% / 0.03%
- Min Collateral: 50 USDC
- Leverage: Up to 100x
- Min Maintenance: 0.80%
For detailed market parameters, please refer to: Perennial Market Details
ARB Rewards 💰
As part of the recent partnership with Kwenta and Arbitrum, 1.9 million ARB in incentives were allocated to traders and liquidity providers (LPs) of Perennial markets. The specifics of this ARB reward program are outlined in the announcement article here.
Trader Rewards: Traders on Kwenta can earn ARB rewards by actively trading Perennial’s new JPY market.
Liquidity Provider Rewards: LPs in Perennial’s (currently selected) rewards program will also earn ARB rewards for providing liquidity to this new market. An allocated 3% of total LP rewards will be distributed to the JPY market as part of this month’s reward distribution.
Why JPY 💴
The Japanese yen has recently been at the center of a financial storm, largely due to the unwinding of the yen carry trade. This strategy, popular among global investors, involves borrowing yen at low rates to fund investments in higher-yielding assets elsewhere. However, the surprising rate hike by the Bank of Japan — the first in many years — coupled with potential rate cuts in the U.S., has strengthened the yen unexpectedly. The shift prompted investors to rapidly exit their trades, triggering a sell-off of assets that had been financed with inexpensive yen. This unwinding has injected significant volatility into global markets and marks one of the largest in history. As the markets continue to adjust to this new dynamic, further volatility is expected. Perennial is here to provide for trader’s needs.
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