On-Chain Perps on SorooshX: A Guide for Traders Coming From a CEX
On-chain perps on SorooshX: you keep custody, fund with USDC and pay funding every hour. What changes when you move from a centralised exchange, with fees and our data.
By SorooshX R&D Team4 min read
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On-chain perps on SorooshX look familiar if you come from a centralised exchange: the same chart, the same order types, the same long and short. What changes is underneath. You trade from your own wallet with USDC as collateral, funding is paid every hour, and every order and liquidation is public. This guide walks through what that means in practice, with numbers from our market radar.
On Monday 26 October 2026, BTC perps traded $1,882M in 24 hours on the order book SorooshX settles on, and a US tech index perp traded $218M (SorooshX radar, 11:14 UTC). That is deep, two-sided liquidity, not a test venue.
1. You keep custody, and that cuts both ways
On a CEX you deposit coins and the exchange holds them. On SorooshX you connect a wallet, deposit USDC, and your margin sits in an on-chain account that only your keys can move.
What you gain: no withdrawal queue run by a company, no account freeze, and no exchange balance sheet you have to trust.
What you take on: if you lose your seed phrase or sign a malicious transaction, nobody can reverse it. Treat your SorooshX trading wallet the way you would treat a hot wallet: fund it with what you trade and keep the rest elsewhere. Our School course on wallet security covers the setup.
2. Hourly funding and the 11% baseline
Most CEXs charge funding every 8 hours. On SorooshX it is paid every hour, and the rate has two parts:
- Interest: a fixed 0.01% per 8 hours, paid in hourly slices. That is about 10.95% a year.
- Premium: the gap between the perp price and the oracle price. It turns positive when longs crowd in and negative when shorts do.
That is why our radar showed BTC, SOL, XRP, BNB and DOGE all at +11.0% APR on 26 October: their premium was close to zero, so only the interest part was left. The signal is the deviation from 11%:
| Asset | Funding APR (26 Oct) | What it says |
|---|---|---|
| BTC | +11.0% | Neutral, baseline only |
| Gold | +25.6% | Longs paying a large premium |
| COMP | -32.6% | Crowded short; shorts pay longs |
The rule: on a CEX, +11% APR funding looks like a crowded long. On SorooshX it is the resting state. Read funding against the baseline, and watch it next to price on the BTC chart. Our funding rate guide goes deeper.
3. Fees and the $10 minimum
Fees use volume-based tiers, like a CEX. Taker orders cost more than maker orders, so resting limit orders are the cheaper way in. There is no gas fee per trade.
The number to remember is $10 notional per order. It matters most when you close: if a partial close would leave less than $10 open, the order can be rejected. Close the whole position, or keep the remainder above $10.
4. Everything is public
Every order, fill and liquidation is on-chain. Three things follow that you will not have met on a CEX:
- Large positions are visible. Anyone can see a wallet's open positions and liquidation price, so big traders get watched.
- Liquidations are verifiable. The maths is the same as on a CEX (entry, leverage, maintenance margin), and you see the liquidation price in the SorooshX order panel before you trade. Our liquidation price guide shows the formula.
- Copy trading needs no custody. Because positions are public, SorooshX copy trading follows a trader's wallet without you handing anyone your funds.
5. Leverage, margin modes and order types
Maximum leverage is set per market: highest on BTC and ETH, lower on small caps and TradeFi markets. Both cross and isolated margin are available. Cross shares margin across positions; isolated keeps each position's risk separate. Check the mode before your first order.
Order types are what you would expect: market, limit, stop-market, stop-limit, take-profit and reduce-only. TP and SL can be attached after entry.
6. More than crypto: TradeFi on the same wallet
SorooshX also lists perps on indexes, metals, energy, FX and single stocks, all trading 24/7 and settled in USDC. On 26 October oil traded $154M, NVDA $47M, silver $41M and gold $35M. These markets keep trading through weekends, so a Monday gap shows up as a weekend move instead. You can trade gold on SorooshX with the same wallet and margin you use for BTC.
7. A checklist for your first week on SorooshX
- Fund a separate trading wallet with USDC, and only with what you plan to trade.
- Start with isolated margin and the leverage you would use on a CEX, not the maximum.
- Read funding against 11% APR, and check it before holding overnight; hourly payments add up.
- Keep every position and partial close above $10 notional.
- Put a take-profit and a stop-loss on every position. Liquidations still run in real time.
What this guide will not tell you
Whether on-chain trading is "safer" than a CEX. It removes the risk of a company holding your money and replaces it with smart-contract, oracle and key-management risk. Which risk you would rather hold is your call. We think the trade-off suits active traders who manage their own keys well, and not anyone who would rather call support to recover a password.
Already trading a strategy by hand? You can automate it with an agent on the same wallet, or build a watchlist first on SorooshX Markets.
Market commentary, not investment advice. Leveraged products can lose more than your margin.
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Frequently asked questions
What are on-chain perps?
Perpetual futures whose order book, matching, margin and liquidations run on a blockchain instead of inside a company's servers. On SorooshX you trade them from your own wallet, so no exchange holds your funds, and every fill is publicly verifiable.
Is SorooshX a centralized exchange?
No. SorooshX is a non-custodial trading interface: you connect your own wallet, your USDC margin stays in an on-chain account only your keys can move, and orders settle on a public on-chain order book. You are responsible for your keys.
Why does funding on SorooshX often show about 11% APR?
Funding has a fixed interest part of 0.01% per 8 hours, paid in hourly slices, which is about 10.95% a year. When longs and shorts are balanced only that part is left, so roughly +11% APR is the resting level, not a crowded long.
What is the minimum trade size on SorooshX?
The minimum order value is $10 notional. A partial close that would leave less than $10 open can be rejected, so close the full position or keep the remainder above $10.