RabbitX Decentralised Perpetuals DEX on StarkNet Review
RabbitX is a global permissionless perpetuals DEX built on Starknet with orderbook liquidity.
What is RabbitX?
Established in 2021, RabbitX is the culmination of efforts by seasoned derivatives traders, and managers of billion-dollar portfolios. Initially introduced as Strips Finance, a decentralized interest rate swaps exchange on the Arbitrum platform, the group soon broadened their scope and underwent a transformation to become RabbitX. This transition marked a shift in focus from solely concentrating on decentralized interest rate derivatives to the development of a diverse range of derivatives covering all global asset classes.
Since its establishment, RabbitX has consistently adhered to a foundational strategy in product development, prioritizing a solid risk management system, a design centered around traders, and providing traders with advanced and groundbreaking tools.
RabbitX enjoys the support of some of the world’s most renowned and successful investors, including names like Sequoia Capital US, Peak XV Partners (formerly Sequoia India), Multicoin Capital, Crypto.com, OKX Ventures, among others.
RabbitX operates as a worldwide, unrestricted perpetuals and derivatives exchange, tailored for traders. It aims to establish the most secure and liquid international derivatives network, offering round-the-clock access to global markets from any location.
The platform combines cutting-edge ZK technology with a top-tier risk engine and an appealing user interface. With RabbitX, traders can engage in 24/7 market trading, leveraging up to 20x, with the security provided by Ethereum. The derivatives DEX is crafted with the latest, low-latency ZK-STARK technology on the Ethereum network, ensuring fast speeds, optimal security, and elimination of gas fees.
RabbitX is on a mission to enhance the financial system by introducing transparent pricing, immediate settlements, and automated clearing in derivatives trading.
What Does RabbitX Offer?
- Milliseconds of latency
- Zero-cost trading in terms of gas fees
- Up to 20x leverage
- Orderbook liquidity
- 24/7 customer support
- Access to global markets including stocks, foreign exchange, commodities, and soon, interest rates
- A user interface designed with traders in mind.
Beyond their renowned perpetual futures, RabbitX is also planning to introduce unique crypto-native derivatives, FX trading, and more.
How to Trade on RabbitX
Since RabbitX use StarkNet, you need a network compatible wallet.
If you want to use MetaMask, first connect and sign a transaction to verify ownership.
To use StarkNet with MetaMask, you have to use the Snap.
Once installation is completed, a StarkNet address will be generated.
You can now fund your StarkNet address. You can also select the markets you wish to trade.
From my experience trying to use RabbitX, it is still a work in progress. The platform is not as user friendly or intuitive at the time of this review. It does however have potential to be a top DEX on StarkNet.
Key Features of RabbitX
Unmatched Speed ⚡
RabbitX stands out as one of the fastest decentralized exchanges globally, featuring a novel hybrid orderbook structure. This combination of an offchain orderbook’s rapidity and efficiency, paired with onchain settlements’ security, achieves latencies in the milliseconds, up to 50 times quicker than many other onchain derivatives platforms.
RabbitX is powered by Starknet, a highly scalable blockchain utilizing ZK-rollup technology. Operating as a layer-2 network on Ethereum, Starknet allows decentralized applications to scale computations limitlessly. Starknet ensures the cryptographic impossibility of fraudulent transactions (a limitation with Optimistic Rollups) and benefits from the comprehensive security of Ethereum’s layer 1.
Security 🔒
RabbitX is anchored on Ethereum, known for being one of the most secure networks in the cryptocurrency realm. Transactions on RabbitX are initially settled on the layer-2 Starknet before being securely relayed to layer-1 Ethereum. This approach allows for scaling without compromising security.
No Front Running 🏃♂️
Operating independently and free from any market-making firm ownership, RabbitX assures users of a front-running-free trading environment.
Zero Gas Fees 0️⃣
Trade in real-time without the burden of gas fees using RabbitX’s revolutionary hybrid exchange model. Execute limit, market, and stop orders instantly and without cost.
Risk Management
With one of the industry’s most robust risk engines, RabbitX ensures the protection of both traders and the exchange against financial instability.
