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Get Early Access to Spin’s Perpetual Contracts on NEAR’s Mainnet

After a few weeks on the NEAR Protocol testnet, the Spin team is thrilled to announce that we’re ready to launch the FIRST on-chain Perpetual Contracts on NEAR Protocol’s mainnet. The release is scheduled for September 6, 2022 and the mainnet access will be granted to the whitelisted community members only. Over the next 4 weeks, we will whitelist 100 new addresses weekly to try out Perpetuals trading and share feedback with us. So a total of 400 traders will be able to join the event and win a share of the $5,000 prize pool for Mainnet Testers.

Spin Perpetuals: What is there in the mainnet release?

Starting from September 6, the NEAR community is invited to trade NEAR-PERP contract on the mainnet with USDC used as a collateral. At this stage, we will have quite strict limits to protect the early participants from potential losses: 10 USDC for a deposit and 100 USDC for the position size.

The Perpeuals trading features will include:

  • Entering long and short positions;
  • Cross-margining;
  • Funding and liquidations;
  • Limit and market orders;
  • Post-only and fill-or-kill (FOK) orders;
  • Fees: -0.04% / 0.08% for makers / takers;
  • Orders history and trades history.

In the future releases, Spin will also add liquidation notifications, equity history and will also publish the dev & bots documentation: API, JS SDK, liquidation bot, and a simple market maker bot.

How to get access to the Early Beta Release?

To be able to trade Perps, users will need to apply to be whitelisted using this form: https://0gocck54pqn.typeform.com/perps-wl — before September 4, 15:00 UTC. The first 100 people to get access to the Early Beta Release will be randomly selected from the list of people who will meet the necessary requirements. The user needs to:

Users who own a Freaky Elves NFT will also have a priority in being whitelisted. Note that the NFT should belong to the address used to apply for the whitelist.

Why join the Perpetuals Early Beta Release?

This closed beta release is very important for the Spin team in terms of real data collection, so it will be incentivized in several ways.

First of all, all members of the Early Beta Release who make at least 5 trades within the 4 weeks (from September 6 to October 4) will get a 10 USDC reward from the team for participating in the event.

Secondly, 10 traders with the largest weekly trading volumes within these 4 weeks will get 100 USDC each.

And — last but not least — users who will share valuable feedback on the operation of Perpetual contracts on the mainnet will get extra rewards from the team ranging from 5 to 100 USDC for their findings and suggestions. The prize pool for this part of the event is not capped.

Eager to join? Then why wait!

Fill out the form to apply for the WL. The list of whitelisted users will be published across our socials: Twitter, Discord, and Telegram — and also available on the website.

So stay tuned for the announcements and good luck!

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Spin

Spin is the first decentralized trading platform allowing for both futures and options trading built on Solana.